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  • September 23, 2008 at 3:58 PM #13930
    gn
    Participant

    Let’s say a John Doe purchased a house as an investment. He never refinanced & walked away & let the lender foreclose. So the loan in question is a purchase loan & is non-recourse. Will he get a 1099 ?

    September 23, 2008 at 4:24 PM #274393
    (former)FormerSanDiegan
    Participant

    I don’t believe that a loan on investment property is non-recourse. I thought that non-recourse only applied to a personal residence.

    September 23, 2008 at 4:24 PM #274641
    (former)FormerSanDiegan
    Participant

    I don’t believe that a loan on investment property is non-recourse. I thought that non-recourse only applied to a personal residence.

    September 23, 2008 at 4:24 PM #274645
    (former)FormerSanDiegan
    Participant

    I don’t believe that a loan on investment property is non-recourse. I thought that non-recourse only applied to a personal residence.

    September 23, 2008 at 4:24 PM #274692
    (former)FormerSanDiegan
    Participant

    I don’t believe that a loan on investment property is non-recourse. I thought that non-recourse only applied to a personal residence.

    September 23, 2008 at 4:24 PM #274713
    (former)FormerSanDiegan
    Participant

    I don’t believe that a loan on investment property is non-recourse. I thought that non-recourse only applied to a personal residence.

    September 23, 2008 at 6:57 PM #274429
    seattle-relo
    Participant

    Did John Doe live in the house with the intention of it being his personal residence? If he did, then it might be nonrecourse. Or did he purchase the house as an investment and rented it right away? I believe FormerSD is right about an investment property being recourse. I think John Doe should talk to a real estate attorney about his protections before he stops making payments.

    September 23, 2008 at 6:57 PM #274676
    seattle-relo
    Participant

    Did John Doe live in the house with the intention of it being his personal residence? If he did, then it might be nonrecourse. Or did he purchase the house as an investment and rented it right away? I believe FormerSD is right about an investment property being recourse. I think John Doe should talk to a real estate attorney about his protections before he stops making payments.

    September 23, 2008 at 6:57 PM #274680
    seattle-relo
    Participant

    Did John Doe live in the house with the intention of it being his personal residence? If he did, then it might be nonrecourse. Or did he purchase the house as an investment and rented it right away? I believe FormerSD is right about an investment property being recourse. I think John Doe should talk to a real estate attorney about his protections before he stops making payments.

    September 23, 2008 at 6:57 PM #274727
    seattle-relo
    Participant

    Did John Doe live in the house with the intention of it being his personal residence? If he did, then it might be nonrecourse. Or did he purchase the house as an investment and rented it right away? I believe FormerSD is right about an investment property being recourse. I think John Doe should talk to a real estate attorney about his protections before he stops making payments.

    September 23, 2008 at 6:57 PM #274749
    seattle-relo
    Participant

    Did John Doe live in the house with the intention of it being his personal residence? If he did, then it might be nonrecourse. Or did he purchase the house as an investment and rented it right away? I believe FormerSD is right about an investment property being recourse. I think John Doe should talk to a real estate attorney about his protections before he stops making payments.

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