If I’m planning a short sale and getting married in the same year, shouldI wait until next year?
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If I’m planning a short sale and getting married in the same year, shouldI wait until next year?
I am in the middle of selling my principal residence through short sale. I’ve been told that the lender cannot come after me because both loans were purchase money. Also, there’s the mortgage debt forgiveness act that will protect me from paying taxes on the debt. I’m planning on getting married this year and was wondering if there is any financial risk to my fiance? Our plan is to file separately next year. We live in a community property state.
Asked on February 22, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I suggest that you first consult with a tax advisor about your situation about getting married this year or not due to the short sale issue. From what I see, it really does not matter if you get married or nor this year or next with respect to the short sale issue for the simple fact that the property you are selling presumably is not in the name that the person who you will be marrying (and neither is the loan concerning the property).
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