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/
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@tacoma203
second mortgage goes as unsecured debt, so its like a credit card debt.
You might want to look into BK 7, especially if you have lots of credit card debt. You will have to qualify for a 7, which impacts credit for 10 years (income test determines if you qualify). If you make too much, then you can do a 13 (repay you debt over time 3-5 years), effects credit for 7 years.
Know you rights! Don’t get screwed. File if you have to. Its your right!
@912jumper
Bingo!
You are absolutely correct. If you are going to have the banks on your back for a large amount of money because of a foreclosure, then you are dumb to NOT file for a 7.
If you want to keep the home, a 13 will get rid of the second mortgage (if you are underwater), and keep you from foreclosure.
7 years is not a long time. These 2 are such losers. LOL. Fake, corporate shills. but, i’d bang the both of them easy.
R we only capable of passing greed laws at this point. I want a mortgage that is adjustable. Adjustable to fair market value. My grandfather took out a loan 50 years ago to start a business. They gave him ten years to repay it. He repaid it in one year. The next year he bought a house free and clear. To all the BMW driving pinto owners, your getting what you bought. Insecurity. I want what I pay for.
what happens to the 2nd mortgage once i foreclose? anyone know?
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.
912jumper,
Yeahh….ok. Smart choice!
@MiCasaMiDinero
It doesn’t matter what you think. I am going to fuck this house up and walk away and file bankruptcy so they cannot collect. They wont get shit from me hahahahah
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.
@MiCasaMiDinero
I know several people who have done it. So I am accurate. Walk away and let them have it. Then file bankruptcy. Fuck the banks.
Do you know how the bankruptcy law works in the US with regards to mortgages? Your comment is far from accurate
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
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.
Walk away and file bankruptcy. The bank will not get shit!
when the soviet union collapsed people where not displaced
DO NOT LEAVE YOU HOMES!
Good interview but not enough information.
just lost our house
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.
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.
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!
Gerri is such a shill for corporate banks.
She has no crediability with me.
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.
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.
My stepson declared bankruptsy and within 3 years he was able to buy a home.
true…i couldnt get more info b/c she kept interrupting.