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Foreclosure of Rental Property

 
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jackdiwa

Joined: 31 May 2013
Posts: 5
PostPosted: Fri May 31, 2013 11:24 am    Post subject: Foreclosure of Rental Property Reply with quote

We are having anxiety over beginning our walk away from our rental property in Washington state. My question has probably been asked/answered somewhere on this blog but I need to ask for myself again.

Although we think we have a pretty good understanding of the tax implications after a foreclosure, we are still confused over the whole defiency issue and whether the lender can or will come after us for a deficiency. We have heard conflicting information on this: 1) foreclosures in WA state are almost always done non-judicially and lenders cannot come after us for any deficiency; 2) since this is an investment property the loan is automatically considered recourse which means the lender can and will come after us for the defiency; and 3) even though it is an investment property our loan is non-recourse because we have the power of sale language in the deed of trust and while the lender can, in most instances in WA state they will not come after us for deficiency.

What is the opinion of anyone on this board with regards to deficiency. And, does anyone know if lenders are coming after owners for deficiencies for rental/investment property loan foreclosures in WA state?
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