Foreclosure consequences
November 19, 2009
MiCasaMiDinero asked:
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: sccrealestateuncensored.com/2007/shortsale-foreclosure-pt4/ micasamidinero.com/2007/shortsale-foreclosure-pt4/
25 Comments
by immafreemann on November 21, 2009 at 8:32 am
All foreclosures are based on fruad. See paperwork you can file that the bank can’t answer and will get a default by the bank. See:
scribd(dot)com/AndyJackson
by farmboycarl on November 23, 2009 at 8:15 pm
Great, let’s tax the victims of bank fraud! For the Obama administration to continue ignoring this crisis is a national disgrace. I can hardly wait to undo my vote for him in the next election.
by MiCasaMiDinero on November 24, 2009 at 11:52 am
912jumper,
Yeahh….ok. Smart choice!
by 912jumper on November 26, 2009 at 8:58 pm
@MiCasaMiDinero
It doesn’t matter what you think. I am going to **** this house up and walk away and file bankruptcy so they cannot collect. They wont get **** from me hahahahah
by MiCasaMiDinero on November 27, 2009 at 2:04 am
912jumper,
Knowing several people who have filed for bk does not make your first comment true. I suggest you google bk law or even use wikipedia so you can understand it better and you will see how inaccurate your comment is.
by 912jumper on November 27, 2009 at 2:35 pm
@MiCasaMiDinero
I know several people who have done it. So I am accurate. Walk away and let them have it. Then file bankruptcy. **** the banks.
by MiCasaMiDinero on November 28, 2009 at 11:44 pm
Do you know how the bankruptcy law works in the US with regards to mortgages? Your comment is far from accurate
by MiCasaMiDinero on December 1, 2009 at 12:04 am
It is not as simple as that. You have to work on paying everything else on time, pay off your debts so that you can minimize the negative effect the BK had on your FICO score. Also the interest rate you will get will be very high
by MiCasaMiDinero on December 3, 2009 at 6:03 pm
That is not true in all cases for primary homes. Go to:
SCCRealEstateUncensored(.)com and search for the H.R. 3648 Mortgage Forgiveness Debt Relief Act.
There you will see that even if it is a primary home, you may still end up paying taxes.
by 912jumper on December 4, 2009 at 6:36 am
Walk away and file bankruptcy. The bank will not get ****!
by banjojambo on December 4, 2009 at 9:46 pm
when the soviet union collapsed people where not displaced
by banjojambo on December 7, 2009 at 10:49 am
DO NOT LEAVE YOU HOMES!
by Komelotstar on December 9, 2009 at 10:32 am
Good interview but not enough information.
by PreCurSeD on December 11, 2009 at 6:39 am
just lost our house
by careymahoney1974 on December 13, 2009 at 12:18 pm
Foreclosure makes sense sometimes.
I would only stay in the home if you like the home, like the neighborhood, it is still cheaper than renting, and you plan to stay in that area for a long time.
Banks are fucked themselves, because they can’t make money without lending, and with many people foreclosed, they will have to give them another chance.
Never chase good money after bad, and don’t be a slave to the bank.
Go away Gerri, and your guest, both corporate shills and nonsense.
by UVpirate on December 15, 2009 at 3:07 am
Same here. She’s a book of misinformation. She is still at it Dont watch CNN or CNBC or any mainstream media for that matter.
by antiforeclosurearmy on December 17, 2009 at 6:33 pm
Stop paying your mortgage altogether! All people have to do is form groups and run on the banks if threatened with foreclosure! Watch my video!
by careymahoney1974 on December 20, 2009 at 6:13 pm
Gerri is such a shill for corporate banks.
She has no crediability with me.
by desertr0se2007 on December 22, 2009 at 2:03 pm
My lawyer said you better leave the property in good condition and take nothing out of the home. They can come after you for distroying something that doesn’t belong to you. If you owe money on the home, you do not own it, the bank owns it.
by desertr0se2007 on December 24, 2009 at 6:52 am
If it’s your primary home, my CPA said there is nothing the bank can do and you will not have to pay taxes on it either.
by desertr0se2007 on December 26, 2009 at 5:19 pm
My stepson declared bankruptsy and within 3 years he was able to buy a home.
by sandroeleven on December 28, 2009 at 2:21 am
true…i couldnt get more info b/c she kept interrupting.
by misterwipedown on December 29, 2009 at 2:21 am
the interviewer is exactly why people **** the mainstream media. Just trying to sell the story, but no real info.
by MiCasaMiDinero on January 1, 2010 at 4:21 am
Although it’s true that GWB passed HR3648 to reduce tax consequences in a forgiven mortgage debt, this new law is not inclusive. It has various exclusions.
However, this law will definitely help reduce the tax consequences for many. My video explaining about HR3648 is titled “New Tax Rules for ShortSales”. You can also read about it at SCCRealEstateUNCENSORED com and search for HR 3648. A similar law which helps with state taxes in California is SB1055 also find it at the same website
by hotftuna on January 2, 2010 at 10:57 pm
are you sure about the taxes?