I am 83 years old; received a summons for judgment for $30K+ for deficit on short sale of home. Help.?

I bought the home with the understanding that my daughter would live with me and pay at least half the mortgage. She took a job in TX last fall and I could not live alone nor afford the mortgage. The bank put the double wide mobile home out for short sale (I didn't understand the paperwork) and now I owe them $30K. I only have Social Security income and a small pension. I have no other assets and do not have the money to pay this debt. I have received a summons but do not know how to respond. Please help. I live in Georgia but the summons came from a Florida court.I am 83 years old; received a summons for judgment for $30K+ for deficit on short sale of home. Help.?
As the other poster stated, you may only owe the income tax, but it sounds like you had a recourse loan.



You did not repay the money, there isn't much you can do. They will attach this as a lien to you, but they can't touch your social security, only your pension.



Once you have passed your estate will handle this just like any other debt you have left behind.



Unless you need credit this should not really hinder you in any way. You will not be able to borrow any money in the future.I am 83 years old; received a summons for judgment for $30K+ for deficit on short sale of home. Help.?
You might just owe the taxes on the $30,000.

Please re-read that paper work.

If you do a short sale, you have to pay taxes on the ';gift'; the bank made to you.

Ex: Your home mortgage was 100K, but the home sold for 70K.

You will owe taxes on the 30K they wrote off.



If I'm wrong, I hope you get the correct answer.

Short sales can be complicated.

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how did you buy a home in the first place for that much money with only a small pension and soc sec income?