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Strategies & Market Trends : YellowLegalPad

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From: John McCarthy	7/11/2006 10:54:02 AM
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Sunday, July 09, 2006 Foreclosures Will Be Different This Time The Orange County register delivers the bad news: Homeowners with little of their own money in their homes may think they will do what strapped homeowners in the ’90s did: turn over the keys to their lender if things get really bad and walk away. But...financial experts warn that things may be different this time because so many people have refinanced. The difference is the recourse loan. In California, refinanced loans, second trust deeds and home equity lines of credit are generally considered recourse loans. In these cases, a lender can file suit and go after almost any of the borrower’s assets once they obtain a court judgment. "They can literally go after everything you have,"... Oh yeah, and don't forget about the IRS: A foreclosure may mean a big tax bill from the IRS and state Franchise Tax Board for any shortfall between what the bank gets for the sale of the owner’s home and the value of the loan. "This is going to become a hot topic," predicts Bradford L. Hall, managing director of Hall & Co., CPAs in Irvine. posted by Raymond Nize at 1:35 PM nizenotes.com posted by MISH Message 22612665

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