Foreclosure consequences
Written by admin on August 23, 2010 – 7:47 pm -
This video is from the show Open House on CNN. This video briefly explains what some tax & credit consequences homeowners may face after a short sale or a foreclosure. Consult with a CPA or your attorney for specifics. More information at: sccrealestateuncensored.com/2007/shortsale-foreclosure-pt4/ micasamidinero.com/2007/shortsale-foreclosure-pt4/
Tags: Consequences, foreclosure
Posted in Mortgage | 25 Comments »
By dave4tampabay on Apr 23, 2010 | Reply
let me get this you gave the lender your ss number signed the contract. your screwed banks will slap you with a judgement thay dont need to do it today in 10 years they will take it out of your pay like child support it you think you can just go bankrupt you are a fool. there is one way around this you can sell apples for cash so your ss number does not report income 912 jumper deadbeat
By dontloseyourhouse on Apr 23, 2010 | Reply
Don’t lose your house, less than $200 in paperwork, can persuade your lender to work with you and to cut your payments by 50% for 5 years. You can find the info online at delayorstopforeclosure. Use your discount code 7128098. This site is run by a DC agency and subsidized by big business to help the average homeowner who cant afford $5000 for a lawyer to save their home. Your subsidized discount code is 7128098 , online at delayorstopforeclosure with the usual beginning and end to the address
By 407buddy on Apr 23, 2010 | Reply
WARNING! Comex and LBMA are frauds, their gold and silver certificates are frauds, there is no physical gold and silver in their vaults, demand physical delivery immediately or at your next contract expiry date.
Source: GATAorg, Andrew Maquire whisleblower interview on KWN, emails to the CFTC regarding the naked short positions and gold sliver market rigging, by JPM, HSBC, and likwise scam artists.
By MrBigPoppa43 on Apr 23, 2010 | Reply
Here’s A Great Course For Agents On Bank REO’s
moneywithbankreos (dot) blogspot (dot) com
By careymahoney1974 on Apr 23, 2010 | Reply
@tacoma203
second mortgage goes as unsecured debt, so its like a credit card debt.
You might want to look into BK 7, especially if you have lots of credit card debt. You will have to qualify for a 7, which impacts credit for 10 years (income test determines if you qualify). If you make too much, then you can do a 13 (repay you debt over time 3-5 years), effects credit for 7 years.
Know you rights! Don’t get screwed. File if you have to. Its your right!
By careymahoney1974 on Apr 23, 2010 | Reply
@912jumper
Bingo!
You are absolutely correct. If you are going to have the banks on your back for a large amount of money because of a foreclosure, then you are dumb to NOT file for a 7.
If you want to keep the home, a 13 will get rid of the second mortgage (if you are underwater), and keep you from foreclosure.
7 years is not a long time. These 2 are such losers. LOL. Fake, corporate shills. but, i’d bang the both of them easy.
By ghostlaw1980 on Apr 23, 2010 | Reply
R we only capable of passing greed laws at this point. I want a mortgage that is adjustable. Adjustable to fair market value. My grandfather took out a loan 50 years ago to start a business. They gave him ten years to repay it. He repaid it in one year. The next year he bought a house free and clear. To all the BMW driving pinto owners, your getting what you bought. Insecurity. I want what I pay for.
By tacoma203 on Apr 23, 2010 | Reply
what happens to the 2nd mortgage once i foreclose? anyone know?
By farmboycarl on Apr 23, 2010 | Reply
Great, let’s tax the victims of bank fraud! For the Obama administration to continue ignoring this crisis is a national disgrace. I can hardly wait to undo my vote for him in the next election.
By MiCasaMiDinero on Apr 23, 2010 | Reply
912jumper,
Yeahh….ok. Smart choice!
By 912jumper on Apr 23, 2010 | Reply
@MiCasaMiDinero
It doesn’t matter what you think. I am going to fuck this house up and walk away and file bankruptcy so they cannot collect. They wont get shit from me hahahahah
By MiCasaMiDinero on Apr 23, 2010 | Reply
912jumper,
Knowing several people who have filed for bk does not make your first comment true. I suggest you google bk law or even use wikipedia so you can understand it better and you will see how inaccurate your comment is.
By 912jumper on Apr 24, 2010 | Reply
@MiCasaMiDinero
I know several people who have done it. So I am accurate. Walk away and let them have it. Then file bankruptcy. Fuck the banks.
By MiCasaMiDinero on Apr 24, 2010 | Reply
Do you know how the bankruptcy law works in the US with regards to mortgages? Your comment is far from accurate
By MiCasaMiDinero on Apr 24, 2010 | Reply
It is not as simple as that. You have to work on paying everything else on time, pay off your debts so that you can minimize the negative effect the BK had on your FICO score. Also the interest rate you will get will be very high
By MiCasaMiDinero on Apr 24, 2010 | Reply
That is not true in all cases for primary homes. Go to:
SCCRealEstateUncensored(.)com and search for the H.R. 3648 Mortgage Forgiveness Debt Relief Act.
There you will see that even if it is a primary home, you may still end up paying taxes.
By 912jumper on Apr 24, 2010 | Reply
Walk away and file bankruptcy. The bank will not get shit!
By banjojambo on Apr 24, 2010 | Reply
when the soviet union collapsed people where not displaced
By banjojambo on Apr 24, 2010 | Reply
DO NOT LEAVE YOU HOMES!
By Komelotstar on Apr 24, 2010 | Reply
Good interview but not enough information.
By PreCurSeD on Apr 24, 2010 | Reply
just lost our house
By careymahoney1974 on Apr 24, 2010 | Reply
Foreclosure makes sense sometimes.
I would only stay in the home if you like the home, like the neighborhood, it is still cheaper than renting, and you plan to stay in that area for a long time.
Banks are fucked themselves, because they can’t make money without lending, and with many people foreclosed, they will have to give them another chance.
Never chase good money after bad, and don’t be a slave to the bank.
Go away Gerri, and your guest, both corporate shills and nonsense.
By UVpirate on Apr 24, 2010 | Reply
Same here. She’s a book of misinformation. She is still at it Dont watch CNN or CNBC or any mainstream media for that matter.
By antiforeclosurearmy on Apr 24, 2010 | Reply
Stop paying your mortgage altogether! All people have to do is form groups and run on the banks if threatened with foreclosure! Watch my video!
By careymahoney1974 on Apr 24, 2010 | Reply
Gerri is such a shill for corporate banks.
She has no crediability with me.