I have been contemplating letting my house go into foreclosure. If i do, what are my responsibilities to the lender or the irs in paying off the difference of the sale price at auction and the difference of my loan? Also what about capital gains from appreciation of the home? It is my understanding that there are laws that could protect me, is that true? Thanks.
Keep in touch with your homeowner's association, they would be more than eager to help you with the prevailing rules in the area.
In what country are you located? There are different requirements and expectations depending on location. Here is a website that offers some basic guidelines: http://www.newhomeownerguide.com/ Best of luck!
Did you purchase a single family home, a condo or some kind of cooperative? The rules are different depending on what kind of home you've purchased. But in general, you have to maintain the property, make your mortgage payments and pay property taxes. Oh, and enjoy your new home
