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Real Estate - Foreclosed? Here comes the tax man
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post Apr 8 2010, 06:21 AM
Post #1


Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because you sold it for less than it was worth? If so, you could be facing a big tax hit.

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post Dec 9 2010, 12:06 AM
Post #2

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In this day and age of mortgage settlements and mortgage short sales, make sure you understand what is going on. Make sure you understand if you have a deficiency aka a "note" if you sell for less. DON'T GET INTO A CONTRACT YOU DON'T UNDERSTAND! You may not like what is told to you, but do not sign any contract if you do not 100% understand. You may piss off a buyer, but it's your butt on the line.

A random act of kindness gives you more time
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