Tuesday, August 21, 2007

Taxes Due on Foreclosed and Short Sale Properties

I found this Union Tribune article very insightful on the short sale issues surrounding foreclosed and short sale properties.


Downturn said...

Interesting article. Little Billy Stout got a tax bill for over $34,000.00 when his $106,000 mortage was forclosed on. This was in PA.

Multiply the numbers by 4X and you'll have San Diego's senerio.

I'm buying popcorn!

Anonymous said...

Yeah and so these dudes who had loans forgiven by the bank were surprised when they had to pay taxes on the forgiven amount? Umm..seems to me that this fact just confirms that they are in fact, stupid. Yes, there really are stupid people. No wonder they got themselves into a loan they couldn't pay.