My friend foreclosed his primary home and moved to his second home, foreclosed it too. Any issues with that?
Wednesday, July 29th, 2009
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