Comments on: What Are The Requirements To Be Sued For A Foreclosure Deficiency Judgment? http://www.expertforeclosurehelper.com/2008/05/25/what-are-the-requirements-to-be-sued-for-a-foreclosure-deficiency-judgment/ Discover the Inside Secrets Foreclosed Homes Tue, 02 Dec 2008 13:26:51 +0000 http://wordpress.org/?v=2.0.3 by: Greg Vinson http://www.expertforeclosurehelper.com/2008/05/25/what-are-the-requirements-to-be-sued-for-a-foreclosure-deficiency-judgment/#comment-264 Mon, 01 Sep 2008 13:26:31 +0000 http://www.expertforeclosurehelper.com/2008/05/25/what-are-the-requirements-to-be-sued-for-a-foreclosure-deficiency-judgment/#comment-264 Other factors that the bank will consider in deciding whether or not to pursue a deficiency judgment are whether the house is a primary residence or secondary (vacation or investment), also whether the property owner in default has other assets, and the amount of the deficiency. Even if the bank does not pursue a deficiency judgment and instead forgives the unpaid debt, this can cause tax liabilities to the homeowner. Ordinarily, if debt is forgiven, the amount forgiven constitutes taxable income to the debtor. Recent legislation exempts some (but not all) homeowners from this tax liability through 2009. Other factors that the bank will consider in deciding whether or not to pursue a deficiency judgment are whether the house is a primary residence or secondary (vacation or investment), also whether the property owner in default has other assets, and the amount of the deficiency. Even if the bank does not pursue a deficiency judgment and instead forgives the unpaid debt, this can cause tax liabilities to the homeowner. Ordinarily, if debt is forgiven, the amount forgiven constitutes taxable income to the debtor. Recent legislation exempts some (but not all) homeowners from this tax liability through 2009.

]]> by: Patrick - Orange County Real Estate Voice http://www.expertforeclosurehelper.com/2008/05/25/what-are-the-requirements-to-be-sued-for-a-foreclosure-deficiency-judgment/#comment-10 Mon, 26 May 2008 18:17:16 +0000 http://www.expertforeclosurehelper.com/2008/05/25/what-are-the-requirements-to-be-sued-for-a-foreclosure-deficiency-judgment/#comment-10 Hi Tony, Some great information regarding foreclosures. Also the sites people in trouble can access. Will be back for more. Hi Tony,

Some great information regarding foreclosures. Also the sites people in trouble can access. Will be back for more.

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