Here’s a nice article from the U-T. Finally, a reporter asks about those “bills” everyone seemed to be in need of paying when they refied out 100K plus:
Like Alvarez, several people who pulled equity out of their Little Lake properties say they spent it on business expenses or mortgage payments. Only when prodded, and in one case reminded, did they acknowledge using the money to buy a timeshare, new cars and jewelry.
The most common response to the question of how the money was spent was: “To pay bills.” Many could not remember what those bills were for.
Will reporters become more aggressive about investigating a sob story’s true finances? That would certainly be a welcome change from the current “Chump me, please” mindset of so many housing reporters.
Good article, but I really doubt that IRS will come after them. Know anyone who works for IRS, send them this article.
“As it is, because so many bought their houses as investment properties, or cashed out equity through refinanced mortgages, they likely will have to pay taxes on their unpaid mortgage debt, bankruptcy specialists said.”
Good article, but I really doubt that IRS will come after them. Know anyone who works for IRS, send them this article.
“As it is, because so many bought their houses as investment properties, or cashed out equity through refinanced mortgages, they likely will have to pay taxes on their unpaid mortgage debt, bankruptcy specialists said.”
Good article, but I really doubt that IRS will come after them. Know anyone who works for IRS, send them this article.
“As it is, because so many bought their houses as investment properties, or cashed out equity through refinanced mortgages, they likely will have to pay taxes on their unpaid mortgage debt, bankruptcy specialists said.”
Good article, but I really doubt that IRS will come after them. Know anyone who works for IRS, send them this article.
“As it is, because so many bought their houses as investment properties, or cashed out equity through refinanced mortgages, they likely will have to pay taxes on their unpaid mortgage debt, bankruptcy specialists said.”
Good article, but I really doubt that IRS will come after them. Know anyone who works for IRS, send them this article.
“As it is, because so many bought their houses as investment properties, or cashed out equity through refinanced mortgages, they likely will have to pay taxes on their unpaid mortgage debt, bankruptcy specialists said.”
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