Re: implications of foreclosure on 2nd trust deed

Posted by NJD on July 22, 2008 at 14:09:58:

In Reply to: implications of foreclosure on 2nd trust deed posted by eric on July 22, 2008 at 13:43:01:

If the second mortgage loan proceeds were used for capital improvement the debt forgiveness may be exempt from tax. Insolvency trumpts tax liability, too. Check with a CPA

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