My friend foreclosed his primary home and moved to his second home, foreclosed it too. Any issues with that?
mandy asked:
My friend foreclosed his primary home. He lived there for 2 years.
He also had a second home which he has owned for last 5 years. He had rented out his second home for last 2 years and now he moved to his second home. so technically has has stayed in his second house for 3 years in last five years. Would this be counted as his primary residence now, once he is living there for the Mortgage Forgiveness Debt Relief Act of 2007.
My friend foreclosed his primary home. He lived there for 2 years.
He also had a second home which he has owned for last 5 years. He had rented out his second home for last 2 years and now he moved to his second home. so technically has has stayed in his second house for 3 years in last five years. Would this be counted as his primary residence now, once he is living there for the Mortgage Forgiveness Debt Relief Act of 2007.
I assume the first house also qualified for Mortgage Forgiveness Debt Relief Act of 2007.
Angel
Tags: Debt Relief, First House, Forgiveness
July 31st, 2009 at 4:26 am
Beverly
you friend is dangerous with money & credit. avoid him till he can take better responsibility for his actions.
August 1st, 2009 at 6:21 pm
Doris
yes. i think so too. sounds like he lost 2 homes to me…this economy is a hot mess!