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

To: Travis_Bickle who wrote (85175)	8/14/2007 11:21:35 AM
From: Think4Yourself	Respond to of 306849

My wife works as personnel and payroll director at a firm outside Detroit. She has processed more than a dozen wage garnishment orders this year, more than in the entire prior 5 years on the job. People are trying to hide it but they are in serious financial pain. Can't tell what the garnishments are for, or who the people are. She can't tell me so I won't ask. I am sure I know many of the people.

To: Travis_Bickle who wrote (85175)	8/14/2007 11:27:45 AM
From: ChanceIs	Read Replies (2) \| Respond to of 306849

>>>The IRS lien attaches to all property regardless of when the property is acquired for a period of ten years after the tax is assessed.<<< Hmmm. We may not be on the same wavelength. I am well aware that if one buys a property at foreclosure - and I assume through a short sale as well - that the local taxes (eg real estate) in arrears are the responsibility of the new owner. Those taxes are levies against the property, not the owner. I think it a leap to transfer federal income tax obligation to a piece of real estate AFTER IT HAS BEEN SOLD TO A THIRD PARTY, although I could be wrong. I don't think that the COD liability exists until after the property has been sold and a portion of the debt forgiven by the bank. I would love to hear more - I am somewhat in the dark here. The mortgage insurers will be in an interest position for a couple of years. Remember the Street hates uncertainty, and there will be plenty of that.