It's been nearly a half decade since the housing market imploded like an old stadium packed with explosives and the ground is still rumbling from the impact. Realizing it's better to recover some money now rather than trying to get all their cash back eventually, more banks are making it easier for homeowners to unload their houses for less than what is owed on the mortgage.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
1 comment:
What this article doesn't mention is the fact that the $30,000 this lady got is considered income by the IRS and she will owe them the taxes on it. Also - the $200,000 deficiency in te sale price of the house? Taxable as income by the IRS. The government is the only one profiting from this debacle. And they are profiting from every angle that can be imagined. Nothing like kicking people when they are down.
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