 |
06-25-2008, 06:57 AM
|
|||
|
|||
In foreclosure situation: can bank take less
of original loan balance? It is not foreclosure yet, but probably possible. I had 2 surgeries, lost business . Situation.
Is any chance to negotiate with bank amount of original loan ? Can somebody give me advise, please.     |
|
06-25-2008, 08:25 AM
|
|||
|
|||
|
Start here
|
|
06-25-2008, 09:42 AM
|
|||
|
|||
|
i was in a similar situation. My house was forclosed and yes, the bank took less than what was owed on the house- about $30,000 less. But here's the catch. Come tax time, they tacked that $30,000 on to my income. So I was going to end up owing taxes, for both federal and state. But I ended up getting out of it because when I went to have my taxes done, there was a special form that the tax lady filled out to show that I couldn't pay it or something. I don't remember what form it was, but ask a tax specialist come tax time about it. I ended up getting something in the mail about adding the money to my income around tax time.
|
Linear Mode
