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This video is from the show Open House on CNN. This video briefly explains what some tax & credit consequences homeowners may face after a short sale or a foreclosure. Consult with a CPA or your attorney for specifics.
More information at:
http://sccrealestateuncensored.com/2007/shortsale-foreclosure-pt4/
Amen
By 666XZ [Affiliate User] 1217948551From what I see it's just the people in the rich neighborhoods getting forclosed. I know this sounds cold, and I'm probably gonna get blasted for saying, but foe once, I'm actually thankfull I live in crime infested trailer park.
By athfcoz [Affiliate User] 1217699720Ha Ha ha
By moniequa [Affiliate User] 1217543080Prime example of why fixed rate mortgages are essential.
On another note, buy low and sell high. If you have the means, these foreclosures present an ideal time to buy. Make sure to sell during the next housing boom!
Credit is a joke and robs people of free will and the right to pursuit happiness. Given I have no reason to have a bunch of stupid open credit accounts, my decision to not create accounts will cause me to pay more for the exact same items than others would. Beyond all logic and reason stupid as hell.
Don't have so many. Don't have so few. Don't have them empty. Don't have them near full. Don't inquire on your credit. The list of childish disgrace goes on and on.
ya the fact is its still your house untill they take it from you. So you can do what you what with your property. By the way that wasnt advise. it was merly a thought. you know freedom of thinking. think about it
By YouChooseASide [Affiliate User] 1216229354Threatening criminal action will get you in even bigger trouble. That's really bad advice.
Figuring out your a way - any way - to meet your obligations is what you should do. Work three jobs if you have to.
Just tell the lender that IF they make you pay the taxes on it you will just destroy the property before you leave. If he gives you a letter that lets you of the tax part you will leave the house in good condition, if not tell them good luck in trying to resell the house
By YouChooseASide [Affiliate User] 1215727090