Yea. I second that. I have a buddy who bought 8 foreclosures in Michigan before the auto bust, refied them, and stripped all the equity out and then couldn’t sell them. He stopped making payments, short saled them, and walked away with $250,000. He will use his wife’s credit for the next few years. Not a bad little profit. He did not receive any 1099-C’s taxable for the losses…..
