I heard about this on a radio show on Saturday, but just a few minutes worth. There is a way you can ask the bank to waive or forgive the deficiency as part of the short sale but if not done properly, it sets up a big slug of taxable income. What a mess.
There ain't no such thing as a free lunch....
posted on 03/28/2011 7:59:24 AM PDT
(Ceterum Censeo Persae Esse Delendam -- Forsan et haec olim meminisse iuvabit)
Plenty of folks in that process already ate their free lunch. Just ask Raines and Gorelick.
posted on 03/28/2011 8:10:24 AM PDT
(Palin 2012: don't retreat, just restock [chg'd to comply w/ The Civility in Discourse Act of 2011])
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