 Quote:
Originally Posted by Retire Soon
When home prices drop 20% in some areas and people are upside down on their mortgage anyway, with huge payments and rental prices going down, many will elect to walk away from their mortgage responsibility. What will they have to lose, but bad credit for 7 years?
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I can't locate the MSN Money article right now, but apparently the loan owner can stick you with a 1099 showing the loan cost as income to you (or maybe it's the difference between the loan amount and what the house sells for at foreclosure, I'm not sure). Then it's between you and the IRS! Not good.
Anyone familiar with this?
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TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future
"I've traded love for pennies, sold my soul for less" -Jim Croce, Age
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