luna

Foreclosure & taxes

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So my house into foreclosure last year and now that its tax time I'm clueless to what will happen. I'm hoping with everyone thats dealt with this that I can get some advice.

I did get some paperwork from CW stating the balance that was due and the fair market value of the property (which is a joke). I know that there was a ruling passed that my loss won't be seen as income but I have no idea what other penalties etc I face.

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There's got to be one helpful soul who's been to the tax man this year? C'mon help a girl out. Unles the foreclosure crisis isn't as bad as they say :)

~bump

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Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.

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Personal Bankruptcy

Edited by Loverde

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This is such a nice thread from where we can learn a lot about the frauds that are relate to the mortgage...!! By this , we can avoid a lot of threats that could be confronted!!

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