FHA or not to FHA

[ugsfugs]

I posted about this before, but I am really interested to see whether FHA loans are truly recourse loans. If so, all this talk about being able to walk away from them will be moot, and I bet we’ll have another whole wave of “I didn’t know what I was signing” borrowers if the market continues to go south. I know the mortgage brokers I’ve asked about this don’t know that the buyers may be liable for the difference between what they owe on the loan and what the property sold for at foreclosure on federal loans such as FHA, VA, and SBA.

[scaredyclassic]

the tax on “forgiveness of indebtedness income” related to such sales had been suspended for awhile, right? is it still suspended?

[scaredyclassic]

the tax on “forgiveness of indebtedness income” related to such sales had been suspended for awhile, right? is it still suspended?

[scaredyclassic]

the tax on “forgiveness of indebtedness income” related to such sales had been suspended for awhile, right? is it still suspended?

[scaredyclassic]

the tax on “forgiveness of indebtedness income” related to such sales had been suspended for awhile, right? is it still suspended?

[scaredyclassic]

the tax on “forgiveness of indebtedness income” related to such sales had been suspended for awhile, right? is it still suspended?

[ugsfugs]

I believe it is , but I would have to check. What that means though is that an borrower would not be taxed on the forgiveness of debt. It does not relate to whether the government could go after the borrower for the difference between what the property sold for and what he owed.

[ugsfugs]

I believe it is , but I would have to check. What that means though is that an borrower would not be taxed on the forgiveness of debt. It does not relate to whether the government could go after the borrower for the difference between what the property sold for and what he owed.

[ugsfugs]

I believe it is , but I would have to check. What that means though is that an borrower would not be taxed on the forgiveness of debt. It does not relate to whether the government could go after the borrower for the difference between what the property sold for and what he owed.

[ugsfugs]

I believe it is , but I would have to check. What that means though is that an borrower would not be taxed on the forgiveness of debt. It does not relate to whether the government could go after the borrower for the difference between what the property sold for and what he owed.

[ugsfugs]

I believe it is , but I would have to check. What that means though is that an borrower would not be taxed on the forgiveness of debt. It does not relate to whether the government could go after the borrower for the difference between what the property sold for and what he owed.

[jpinpb]

I’d say the government is attempting their best to keep people from walking, at least for a while. For example, so many people jumping on board for that measely 8k credit (I’ve even considered it) but you have to be in the home for 3 years. Otherwise, I guess you have to pay the gov 8k back, maybe w/interest? Don’t know. And as mentioned on another thread, maybe they’ll waive paying it back. Who knows what they’ll think up down the road. But they are trying to keep you in the home any way they can for as long as they can. That is a very good point about FHA. Does anyone know if it is recourse? That would be something very important to know.

[jpinpb]

I’d say the government is attempting their best to keep people from walking, at least for a while. For example, so many people jumping on board for that measely 8k credit (I’ve even considered it) but you have to be in the home for 3 years. Otherwise, I guess you have to pay the gov 8k back, maybe w/interest? Don’t know. And as mentioned on another thread, maybe they’ll waive paying it back. Who knows what they’ll think up down the road. But they are trying to keep you in the home any way they can for as long as they can. That is a very good point about FHA. Does anyone know if it is recourse? That would be something very important to know.

[jpinpb]

I’d say the government is attempting their best to keep people from walking, at least for a while. For example, so many people jumping on board for that measely 8k credit (I’ve even considered it) but you have to be in the home for 3 years. Otherwise, I guess you have to pay the gov 8k back, maybe w/interest? Don’t know. And as mentioned on another thread, maybe they’ll waive paying it back. Who knows what they’ll think up down the road. But they are trying to keep you in the home any way they can for as long as they can. That is a very good point about FHA. Does anyone know if it is recourse? That would be something very important to know.

[jpinpb]

I’d say the government is attempting their best to keep people from walking, at least for a while. For example, so many people jumping on board for that measely 8k credit (I’ve even considered it) but you have to be in the home for 3 years. Otherwise, I guess you have to pay the gov 8k back, maybe w/interest? Don’t know. And as mentioned on another thread, maybe they’ll waive paying it back. Who knows what they’ll think up down the road. But they are trying to keep you in the home any way they can for as long as they can. That is a very good point about FHA. Does anyone know if it is recourse? That would be something very important to know.

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