It is common for homeowners to have a house that is “upside down”, many with first and second mortgages. Houses that were bought a number of years ago appreciated rapidly in a small period of age and it was simple to pull on the house’s equity by securing an equity border of credit. That equity may have been used for many purposes, including house improvements, constructing a swimming pool, funding college educations, purchasing fresh cars or boats, paying off credit cards and investing in businesses.
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April 21, 2011
I Received a 1099 From My Home Equity Lender – Tax Consequences of Foreclosure – With a HELOC
Filed under: Uncategorized — Tags: Boats, Border, Cars, College Educations, Consequences Of Foreclosure, Diets, Heloc, Home Equity Lender, Improvements, Paying Off Credit Cards, Second Mortgages, sports, Swimming Pool, Tax Consequences, Tax Foreclosure — admin @ 2:00 am
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