Colli Real Estate

Mortgage default in Idaho-tax consequences,please?

I just don’t understand this whole process. So, we have defaulted (after trying in vain to get a payment arrangement,etc), the company would not send us deed in lieu of foreclosure papers.This all started with husband losing his job, and wife’s hours getting cut. Now, I am told the mortgage company can write off the difference between what we owe, and the fair market value, but that we ALSO have to pay the difference as income on our taxes…would it not seem that one OR the other should be done, but not both? We now live in Texas, and currently owe the IRS and state of Idaho for taxes (income and state). Can this mortgage company also try to sue us or garnish our wages over this?? We lost everything we had, and now live week to week. Please no insulting answers.

Chill out.

Read IRS publication 4681.
If your loan is NON-recourse (generally the original mortgage), you won’t have cancelled debt income.

If your loan is recourse, you could get a 1099-C (or pursue you for the difference), but unless you refinanced and used the money to pay off credit card debt, you will be able to exclude it using form 982.

Amazing Bargains- Emmett Idaho HUD Foreclosures Oct 4th

IDAHO State Guide To Buying Tax Deeds For Real Estate Investors NEW! $9.99 State of IDAHO Tax Deed GuideThe #1 Way To Make BIG Money As An Investor ~ Buy Real estate For PENNIES ON THE DOLLAR!! Are You Looking To Become An Investor In Real Estate? Or Are You A Seasoned Investor Already Looking To Expand Your Portfolio Of Properties? All across the United States MILLIONS of homes are being sold for what is owed in back taxes. Some states sell the personal tax at auctions …

Special Report Of Idaho Tax Commission On The Tax Situation In The State Of Idaho… $12.88 Special Report Of Idaho Tax Commission On The Tax Situation In The State Of Idaho…

Goldmining in Foreclosure Properties $3.95 Start Building Wealth Today by Investing in Distressed Properties Combining proven strategies with nearly thirty years’ experience in real estate, author George Achenbach takes you step by step through the entire foreclosure process-from the first notice of default to the foreclosure sale or auction to the final disposition of the property. Everything you need to know to purchase and profit from distress properties is here, including sample forms, worksheets, checklists, and real-life examples, as well as procedures to follow, evaluation techniques, and negotiating tips. There are even suggestions on leasing homes, creating rental income, saving on taxes, and avoiding pitfalls. Additionally, a new chapter covers the pros and cons of bankruptcy and highlights the latest proposed changes in the law such as the homestead exemptions and needs-based rules. Goldmining in Foreclosure Properties shows investors and first-time buyers how to take advantage of one of the most profitable investment opportunities in the world with expert guidance on: * Procedures for locating distressed properties * Financial analysis techniques for evaluating property and making the right offer * Bidding successfully at auctions * Effectively dealing with lenders when the property goes REO * How you can benefit from reselling property quickly * Negotiating tips for dealing with new purchasers and profitably transferring titles * Generating rental income, capital appreciation, and tax savings through property leasing

Avoid Foreclosure $20.5 Avoid Foreclosure

The Foreclosure Game $29.95 The Foreclosure Game

Idaho $14.4 Idaho

Tags: No Comments