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Reply #20: I'm talking about owing tax on a "short sale". [View All]

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PassingFair Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-06-09 09:04 AM
Response to Reply #19
20. I'm talking about owing tax on a "short sale".
The difference is taxed.

At least it is here in Michigan.
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  -About half of U.S. mortgages seen underwater by 2011 Newsjock  Aug-05-09 05:46 PM   #0 
  - Well, That's Just Lovely  Demeter   Aug-05-09 05:52 PM   #1 
  - LMAO! Your response summed up my feelings exactly.  glinda   Aug-05-09 10:54 PM   #14 
  - If they don't have to sell their houses, it won't matter.  pnwmom   Aug-05-09 06:19 PM   #2 
  - In quite a few states, a homeowner who is underwater can just walk away from the property  FarCenter   Aug-05-09 06:48 PM   #3 
  - Interesting. I didn't know that. nt  pnwmom   Aug-05-09 07:18 PM   #4 
  - And by some miracle, that "Depression legislation" was never repealed.  JDPriestly   Aug-05-09 10:21 PM   #9 
  - What if you take a home equity boat and buy a boat...  WriteDown   Aug-05-09 10:46 PM   #12 
  - What are you talking about? I don't understand your question.  JDPriestly   Aug-06-09 02:58 AM   #15 
     - Sorry...  WriteDown   Aug-06-09 08:18 AM   #16 
        - It's up to the bank to figure before it loans you money what its risk will be if it lends to you.  JDPriestly   Aug-06-09 11:52 AM   #21 
           - A lot of fallacies here.  WriteDown   Aug-06-09 11:56 AM   #22 
              - I assure you, the poor do not cause booms or busts.  JDPriestly   Aug-06-09 10:16 PM   #30 
  - After finding out about "non-recourse" mortgages  FarCenter   Aug-06-09 12:08 PM   #23 
     - The bank DID mis-represent, and the rating companies have been charged  dixiegrrrrl   Aug-06-09 06:57 PM   #28 
  - Not all states allow you to avoid the tax burden though...  WriteDown   Aug-05-09 10:45 PM   #11 
  - But the difference is still taxed, yes?  PassingFair   Aug-06-09 08:44 AM   #18 
     - I believe property tax is appealable in all states  slackmaster   Aug-06-09 08:59 AM   #19 
     - I'm talking about owing tax on a "short sale".  PassingFair   Aug-06-09 09:04 AM   #20 
     - Because the forgiven deficiency is taxed as income, that is an incentive to walk away sooner  FarCenter   Aug-06-09 12:12 PM   #24 
        - Same with your car...  WriteDown   Aug-06-09 12:16 PM   #25 
           - With an auto loan, the lender can come after your assets and income  FarCenter   Aug-06-09 03:05 PM   #26 
              - The same can be done with a mortgage in many states..  WriteDown   Aug-06-09 05:55 PM   #27 
                 - Correct, but the states of CA, AZ, NV and FL are "non-recourse" mortgage states  FarCenter   Aug-06-09 09:01 PM   #29 
  - If you lose your job, you will likely lose your house.  PassingFair   Aug-06-09 08:42 AM   #17 
  - I am not sure I buy this  quaker bill   Aug-05-09 07:53 PM   #5 
  - I beleive the "Economic Doom & Gloomers" less each day  FreakinDJ   Aug-05-09 08:19 PM   #6 
  - It feels like prison.  tridim   Aug-05-09 08:40 PM   #7 
  - You're not underwater until you sell...  WriteDown   Aug-05-09 10:47 PM   #13 
  - First sentence of the article is misleading.  spooky3   Aug-05-09 08:45 PM   #8 
  - Eff them and their crystal ball  Blandocyte   Aug-05-09 10:40 PM   #10 

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