Foreclosure consequences

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/

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[dandm2003]

OMG this woman is an idiot. they can't collect on taxes thru 2012. also, if u can prove your liabilities were higher than assets at the time of foreclosure, tax law also will forgive the 1099. Nothing but scare tactics by the media who are on the same side as the banks....

[MiCasaMiDinero]

@dandm2003 I hope you are aware this video was posted before Emergency Economic Stabilization Act of 2008 H.R. 1424 was passed

see the attached link:

sccrealestateuncensored . com/2007/mortgage-forgiveness-­debt-relief-act-2007/

[careymahoney1974]

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.

[johnnycmajor]

Beer and Canadian Bacon, damn case of beer is 30 bucks now, Bacon is way up and gas $1.29 a liter for my skidoo , you banker bastards. Get O B O M B M A's impeachment papers together, put some kind of legal papers in order to END the FED or just march down and take it over burn it down. Eat some bacon and drinks some beer. One more thing Bush and Cheney do the right thing just turn yourself in for War crimes and have them throw away the key for you.

[troybrownrigg]

@MiCasaMiDinero Just thought of something if it only goes through 2012, people should walk away well before that date!

[powerstuffup]

** Its ridiculous Banks prefer loose so much, rather than a little with there good old customers.

Example: Say your paying 2,350 a month. Your balance is $400,000 -(wave) $50,000= (new balance) 350,000 x (interest) 4.? So if u payed 2,350 a month > now your new payment is around $1,575

* * * So don’t foreclosure, don’t shortsale, Save Your Home!

Lets unite and bug, bug, bug the banks (lenders) to help save your home!

Please help forward this maybe we can make a difference.