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what you need to know before walking away from your underwater property

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BEFORE Walking Away From Underwater Property WHAT YOU NEED TO KNOW Law Office of Hilton M. Wiener

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If you own property valued at less than the amount you owe on it, you are 'underwater' or 'upside down' Get the knowledge you need before just walking away.

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Page 1: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

BEFORE Walking

Away From Underwater

Property

WHAT YOU NEED TO KNOW

Page 2: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

DEFINITION: When the mortgage balance is greater than the value of the property

UNDERWATER OR UPSIDE DOWN PROPERTY

Page 3: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

There are many different rules state by state

If not in a no-deficiency state, you remain personally liable for the loan balance  

Will the lender pursue that claim?

ARE YOU IN A “NO-DEFICIENCY” STATE?

Page 4: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

“A short sale is far preferable to simply walking away”

REALTORS SAY…

Page 5: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

If not…

the only parties BENEFITTING from the short sale are the realtor and the buyer

TRUE: IF THE AGREEMENT CONTAINS AN EXPRESS WAIVER

OF DEFICIENCY

Page 6: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

an attorney who fails to

negotiate a deficiency

waiver in a foreclosure

settlement…

is just as remiss as

the realtor who fails to

insist on its inclusion in a

short sale

GET A QUALIFIED AND KNOWLEGEABLE ATTORNEY

Page 7: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

Thinking your problems are over... Think again about those

obligations that linger

HOA dues

Club dues

second mortgage or HELOC

tax liability for forgiveness of indebtedness upon receipt of a 1099-C

Thankfully, real estate taxes are rarely a personal obligation

OBLIGATIONS THAT LINGER AFTER THE OWNER LEAVES

Page 8: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

Tax liability can be much more complicated (especially for real estate

investors)

A SHORT SALE DONE PROPERLY TIES UP THE LOOSE ENDS

Page 9: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

Provides that the cancelled debt is not taxable for the owner of a primary residence

there is no such exclusion for owners of second homes or investment property

MORTGAGE FORGIVENESS DEBT RELIEF ACT

Page 10: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

It requires the fi ling of Form 982

 THERE IS AN INSOLVENCY EXCLUSION

Page 11: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

 relief from the 1099 income

is still possible

 IF YOU ARE NOT INSOLVENT

Page 12: What you need to know BEFORE walking away from your underwater property

Law Office of Hilton M. Wiener

Get more information on how we might help you save money on an investment gone wrong…

CALL 561-750-6672 NOWfor a complimentary consultation

CPA and Tax Attorney


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