 Quote:
Originally Posted by TickTock
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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Correct. Although there have been some noises made about striking this provision of the tax code. Not clear if this will happen, although it would seem to be a populist type sop to the masses.
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"And Jesus spake, 'Become thou now fishers of adjustable rate mortgages'" - New Conservative Bible
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