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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: jpk1 who wrote (74625)	3/23/2007 2:55:50 PM
From: John Vosilla	Read Replies (1) \| Respond to of 306849

Excellent point you make. How does any potential IRS tax hit down the road for the insolvent borrower get impacted if any of the following occurrs? 1)signs a deed in lieu of foreclosure and is released of any obligation to the lender who eventually resells the REO for a huge loss 2) bank completes foreclosure, gets certificate of title at courthouse auction and sells the REO several months later for a big loss 3) bank completes foreclosure and lets a third party bidder get the property at the courthouse auction and takes a huge loss.. or a short sale at the courthouse steps