I filed Chpt 7 in Sept 2012. Thought house was Reaffirmed but in fact was not (lawyer died during proceeding and new lawyer did not follow thru.) I received a loan modification in 2015 (HUD loan $30k). Lost job later in 2015 and foreclosure began. made it to 2017 and received second Loan Modification in early 2017 (second HUD loan $30k; now $60k in total.) House Value $235,000 Mortgage $195,000 + 2 HUDS secondary of $60,000 = $255,000 Wife files for divorce summer 2018 doesnt pay bills and house in foreclosure again. I know mortgage company cannot come after me personally but question is on HUDS two loans and tax consequences for a 1099C from HUD... Question: Is it better tax wise - regarding HUD loans - to: 1) let them foreclose 2.) short sale 3.) deed in lieu foreclosure. Thanks.
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Good luck, I hope everything works out for you.
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