3 Properties in foreclosure and tax complications!?

[Chavdar Kehayov]

Hi guys, Here is my situation. I have 3 properties i stopped paying for and soon or later the bank is going to take them. Between all 3 of them the mortgages and missed payments are about 1.2m. The real market value of all 3 together is about half a mil. It looks like if the banks get them and sell them they will hit me with 1099c and this will be a total disaster for me. One of them have a FHA loan and i might be able to get away since i can claim it as a primary residence. The problem is that i have a coop in a different state and i live there.

Could you please advise me what my options are?

Thank you very much in advance.