Former Major League Baseball star Jose Canseco is walking away from his mortgage. His $2.5 million Encino mansion has been foreclosed after Canseco stopped making monthly mortgage payments. (more…)
Former Major League Baseball star Jose Canseco is walking away from his mortgage. His $2.5 million Encino mansion has been foreclosed after Canseco stopped making monthly mortgage payments. (more…)
The IRS views forgiven debt as a form of income. We know that debt settlement can cause your taxes to go up. Did you know that foreclosure works the same way?
That’s right. If your foreclosed property sells for less than the mortgage balance, you have pay taxes on the difference. Some foreclosed properties are selling for tens of thousands of dollars below what is owed, meaning tax bills could reach several thousands of dollars extra. One proposed bill would change that though. (more…)