Posted on: 04th Sep, 2009 04:48 pm
what is the deficiency in the case of a house sold at foreclosure for $150,ooo with a total debt of $125,000
There is no deficienecy if the house was sold for more than what it the borrower owe
I think you will get benefit not loss from this bankrupcy.
you are getting your equity encashed. it will be considered as income & you may require to pay tax on long term capital gain.
need to speak with a good tax cosultant on it.
need to speak with a good tax cosultant on it.