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cindy | Did you know when your house gets taken from you? |
Our house was repoed by the finance company. And when they sold it for less than our loan was for. The diffrence is concidered income and you have to pay taxes on this amount!
You get something taken from you and wind up having to pay for it. What kind of law is this?
Additional Details
My husband became disabled at this time and we no longer had income to pay for our house |
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Faith In God (ELJ & Kira)
 |
Yes I knew that because I look at many different homes that have been repossessed. The laws do need change because they are not fair to the ones that have lost their homes. A bank or fiance company puts a price on a house. But after awhile of having it on their hands. They will sell it for a big difference in what it is appraised for. Some banks or fiance companies go after the home owners that the home was reposed from for the difference. If the bank or fiance company takes a loss. I'm sorry you and your husband lost your home. I hope things turn around for you both. |
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sporregar
 |
You got off lucky. Most will come after you for difference between what you owed and what they were able to sell the house for.
You got something repossessed that you were unable or unwilling to continue paying for. How fair is it to the rest of the people who now have to cover for your shortfall? No offense, but you agreed to borrow and to pay back the lender. They loaned in good faith and you broke contract. |
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TheMom
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Cindy, did you forget that the finance company GAVE you the money in the first place? When a house is foreclosed the person has spent the money and refused to repay it. Why should you not pay taxes on money you were given and spent?
You ripped the bank off already, and now you want to rip the tax payers off too?
I am amazed at the sense of entitlement so many people have these days. |
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Deliah
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Repoed leads me to believe this was a trailer so different rules would apply over those that pertain to a real estate transaction. |
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lepr0kan
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You got something taken away from you that you stopped paying for of course there is some recourse in this it's that you have to claim that as income. Your lucky you didn't have a 2nd mortgage on the house or else they probably would have come after your assets for the amount owed after the foreclosures sale. |
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Big Deal Maker
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That was taken off the books just recently by our goverment. Check with your local real estate attorney.
Did you know that most forecloseure sales are illegal today?
Check with your local attorney on that as well. |
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godged
 |
It's not a law, it is how the system works. YOu receive a 1099 for the difference as it is considered income to you.
YOu didn't get something taken from you, you made a contractural obligation to a transaction, then welched on the deal. The lender is the one that had something taken from them, not you. |
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JIM J
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Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.
http://www.help-house-rent-mortgage.org
Hope this helps! |
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www.theG35SPOT.com
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It sucks, there should be better programs to help instead of hurting you in this situation. It only puts you further behind rather than letting you get back on track. Good luck. |
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compendious
 |
I don't agree with most of the answers. I think it's wrong for a person who loses their home to have to play taxes on the diffrence between the loan and what the finance company resells your house for. They should pay the taxes on it because they now own the house.
Most often, people lose their homes due to job loss, illness, etc., and don't just stop paying because they are onery.
I'm sorry this happened to you, Cindy. I hope things get better soon. God bless you, dear. |
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Expert Realtor
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It's called a foreclosure.
Of course you know it's happening to you...that is why you get tons of letters, phone calls, notices from the Sheriff's department, etc. |
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