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  • May 31, 2008 at 9:25 AM #12908
    zzz
    Participant

    http://www.nytimes.com/2008/05/30/business/30tax.html?em&ex=1212379200&en=9072890254e26d15&ei=5087

    How many people are like this couple? They leveraged their first home to buy a 2nd or 3rd property? How many will lose all their homes?

    How does a couple making 65K a year even think they can buy a $535k home plus whatever they owed on their 1st home? I know people who make 2-3x that and don’t want to take on that mortgage.

    I know we’ve all read way too many stories like this, but I’m still struck with disbelief that people could be so naive and banks could be so lax.

    May 31, 2008 at 9:57 AM #214630
    Borat
    Participant

    There are lots of these cases and there are going to be a lot more. You will start hearing about the $200K/year couples that have bought 10 houses in Vegas and Texas and the IE trying to be Donald Trump and are losing them all to foreclosure.

    May 31, 2008 at 9:57 AM #214707
    Borat
    Participant

    There are lots of these cases and there are going to be a lot more. You will start hearing about the $200K/year couples that have bought 10 houses in Vegas and Texas and the IE trying to be Donald Trump and are losing them all to foreclosure.

    May 31, 2008 at 9:57 AM #214731
    Borat
    Participant

    There are lots of these cases and there are going to be a lot more. You will start hearing about the $200K/year couples that have bought 10 houses in Vegas and Texas and the IE trying to be Donald Trump and are losing them all to foreclosure.

    May 31, 2008 at 9:57 AM #214757
    Borat
    Participant

    There are lots of these cases and there are going to be a lot more. You will start hearing about the $200K/year couples that have bought 10 houses in Vegas and Texas and the IE trying to be Donald Trump and are losing them all to foreclosure.

    May 31, 2008 at 9:57 AM #214787
    Borat
    Participant

    There are lots of these cases and there are going to be a lot more. You will start hearing about the $200K/year couples that have bought 10 houses in Vegas and Texas and the IE trying to be Donald Trump and are losing them all to foreclosure.

    May 31, 2008 at 11:17 AM #214824
    equalizer
    Participant

    Some of these investors like Trump are pretty darn smart. There have to be schemes to avoid tax problems. What about moving into 2nd home and then filing for foreclosures, claiming owner occupied?

    Why would Bank not report loss to IRS on corporate taxes? There are two sets of book, the banks books and investor’s 1099 that banks dont have to send. Unless IRS can match the corporate loss with 1099 that was not mailed, I am very skeptical that anyone is going to get into trouble.

    May 31, 2008 at 11:17 AM #214854
    equalizer
    Participant

    Some of these investors like Trump are pretty darn smart. There have to be schemes to avoid tax problems. What about moving into 2nd home and then filing for foreclosures, claiming owner occupied?

    Why would Bank not report loss to IRS on corporate taxes? There are two sets of book, the banks books and investor’s 1099 that banks dont have to send. Unless IRS can match the corporate loss with 1099 that was not mailed, I am very skeptical that anyone is going to get into trouble.

    May 31, 2008 at 11:17 AM #214796
    equalizer
    Participant

    Some of these investors like Trump are pretty darn smart. There have to be schemes to avoid tax problems. What about moving into 2nd home and then filing for foreclosures, claiming owner occupied?

    Why would Bank not report loss to IRS on corporate taxes? There are two sets of book, the banks books and investor’s 1099 that banks dont have to send. Unless IRS can match the corporate loss with 1099 that was not mailed, I am very skeptical that anyone is going to get into trouble.

    May 31, 2008 at 11:17 AM #214774
    equalizer
    Participant

    Some of these investors like Trump are pretty darn smart. There have to be schemes to avoid tax problems. What about moving into 2nd home and then filing for foreclosures, claiming owner occupied?

    Why would Bank not report loss to IRS on corporate taxes? There are two sets of book, the banks books and investor’s 1099 that banks dont have to send. Unless IRS can match the corporate loss with 1099 that was not mailed, I am very skeptical that anyone is going to get into trouble.

    May 31, 2008 at 11:17 AM #214695
    equalizer
    Participant

    Some of these investors like Trump are pretty darn smart. There have to be schemes to avoid tax problems. What about moving into 2nd home and then filing for foreclosures, claiming owner occupied?

    Why would Bank not report loss to IRS on corporate taxes? There are two sets of book, the banks books and investor’s 1099 that banks dont have to send. Unless IRS can match the corporate loss with 1099 that was not mailed, I am very skeptical that anyone is going to get into trouble.

    May 31, 2008 at 12:09 PM #214807
    bobby
    Participant

    I dont get it. this is foreclosure,not short sale, why would there be taxes?

    May 31, 2008 at 12:09 PM #214705
    bobby
    Participant

    I dont get it. this is foreclosure,not short sale, why would there be taxes?

    May 31, 2008 at 12:09 PM #214834
    bobby
    Participant

    I dont get it. this is foreclosure,not short sale, why would there be taxes?

    May 31, 2008 at 12:09 PM #214864
    bobby
    Participant

    I dont get it. this is foreclosure,not short sale, why would there be taxes?

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