implications of foreclosure on 2nd trust deed
Posted by eric on July 22, 2008 at 13:43:01:
My house is about to be foreclosed and I understand in light of the debt foregiveness bill passed earlier this year I shouldn't have a 1099 on the amount the bank losses (home is owner occupied) but I also have a 75K equity line of credit that was taken out. I live in California so what will be the tax implications on this 2nd mortgage? Is there anyway to avoid paying taxes on this? Thanks
Follow Ups:
- Re: implications of foreclosure on 2nd trust deed - NJD 14:09:58 07/22/08
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- Re: implications of foreclosure on 2nd trust deed - Mary Supinger 15:43:55 07/26/08
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- Re: implications of foreclosure on 2nd trust deed - Bob Gray 11:09:53 07/23/08
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- Re: implications of foreclosure on 2nd trust deed - Bob Gray 11:09:16 07/23/08
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- Re: implications of foreclosure on 2nd trust deed - NJD 13:15:35 07/23/08
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