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I am facing foreclosure on my VA primary home. I am worried I will be liable for tax income, will I?I am facing foreclosure on my VA primary home. I am worried I will be liable for tax income, will I? The bank won't lower my interest rate becasue of my lack of income or do a deed in lieu. I am now 90 days late. My house is worth about 320,000.00 and my original loans are paid down to 411,000.00 (Was 421,700). Or will I be sued...I am making 20% of what I was making when I bought my home and need to walk away- please help me. I have no money!!! Thank you! Attorney answers (1)
Reputation Level 10
Answered over 3 years ago.
Real Estate Attorney in Fort Lauderdale, FL.
There is no income tax liabilty as a result of a foreclosure.
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