gin_nose
kiwifarms.net
- Joined
- Dec 15, 2018
Phil's plan is fucked:
www.nolo.com
"In Connecticut, if the foreclosure sale price of your home is not enough to cover the balance of your mortgage, your lender can come after you for the "deficiency.""
Also.......
"One thing many people don't realize is that there is often a tax penalty that goes along with foreclosure. What happens is, if the house sells for less than the amount owed, the rest of the loan balance is considered "forgiven."
The IRS looks at this as income because it is something you would have had to paid but are getting out of. As a result, you may be taxed on the difference between the amount you owed and the amount the house sold for."
Deficiency Judgments After Foreclosure in Connecticut
In Connecticut, if the foreclosure sale price of your home is not enough to cover the balance of your mortgage, the lender can come after you for the deficiency

"In Connecticut, if the foreclosure sale price of your home is not enough to cover the balance of your mortgage, your lender can come after you for the "deficiency.""
Also.......
"One thing many people don't realize is that there is often a tax penalty that goes along with foreclosure. What happens is, if the house sells for less than the amount owed, the rest of the loan balance is considered "forgiven."
The IRS looks at this as income because it is something you would have had to paid but are getting out of. As a result, you may be taxed on the difference between the amount you owed and the amount the house sold for."