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How Can Debts Not
Paid Equal Taxable Income?For some, foreclosure is the worst
possible thing that could happen to them. The loss of one's home
can be a devastating experience. On the other hand, there are
people who view foreclosure as an easy way out. Unbelievably,
some homeowners are simply walking away from their existing home
to purchase a similar home across the street for a much lower
price, deciding in advance to allow their original home to go
into foreclosure.Whether
foreclosure is by choice or by happenstance, many homeowners are
not aware of the hidden tax consequences of foreclosure. When
homeowners lose their property to foreclosure, the mortgage
lenders will likely try to sell the property to pay off the
loans. In many cases, the properties will be up side down. In
other words, the debtor owes more on the mortgage than the
property is worth. The banks will then have no choice but to
sell the properties at a loss. The original homeowner,
technically, will still owe the bank for the residual balance.Read rest of article |
