September 2010 U.S. Foreclosure Heat Map

A place where you can find out the latest real estate trends, comment and ask questions based on your experiences with the foreclosures market. In addition, we want this blog to develop into a community where you can connect and share ideas with others interested in the foreclosures market.

Posted: Thu, October 28 2010 5:16 PM by darenb

Filed under: foreclosure rates, foreclosure heat maps

Comments

Michel said:

The mortgage on her home and the IRS are two stparaee entities. Are you talking about the profit/loss on the home or income taxes she owes? If you're talking about income taxes, those are not forgiven in bankruptcy.There's a good article here about tax issues when a home is surrendered in bankruptcy:Short answer is that she will receive a 1099 from the bank or mortgage company showing the home as a loss which she will need to report, and she will have to file a form 982 to advise the IRS that the debt forgiveness occurred in bankruptcy and it will have no tax consequences (she won't have to pay taxes on it).

# March 12, 2012 9:43 PM

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