A foreclosure is always a sad event. But did you know that when the bank forecloses on a home, tax law comes into play in some surprising and often beneficial ways… especially this year? The fact is, tax law treats recourse and nonrecourse mortgages in completely different ways.
If you want to learn how tax law treats recourse and nonrecourse home mortgages in a foreclosure, now’s the time to check out my new article titled Tax Tips: Bank Foreclosure Auction.
Three ways our fact-filled article can help you:
- You’ll learn how to handle gains or losses on a nonrecourse mortgage. There are two steps you’ll need to take. We’ll spell them out for you when you read the full article.
- We’ll explain how to handle gains or losses on a recourse mortgage. For example, we’ll tell you what would happen in a foreclosure if you were personally liable for the mortgage. And that’s just some of what you’ll learn when you read the full article.
- We’ll tell you what you need to know about your principal residence indebtedness in a foreclosure. What you don’t know can hurt you, and hurt you bad! Don’t miss this chance to read the full article.