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Delays in foreclosure and 2012 expiration of loan forgiveness
2011 Jun 28, 6:53pm 1,335 views 2 comments
by xlr8 follow (0)
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bubblesitter
@
2011 Jun 28, 11:57pm
bubblesitter
@
2011 Jun 28, 11:57pm
The problem with our system is that our tax collection is very solid. Our politicians use that money to buy votes, and they are slave of banks too, so they want all these people to be slave of the banks too. Politicians just can't take one side or the either. It can't be both ways. Mortgage should be outlawed to fix the system.
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So I read this IRS ruling on loan forgiveness http://www.irs.gov/individuals/article/0,,id=179414,00.html?source=patrick.net
and it says that it expires in 2012.
It now takes an average of more then a year to foreclose on a home. In other words if people default now, there is no guarantee they will be out of their home by the end of 2012. In which case they will be liable for loan forgiveness to the IRS.
I wonder if there is a tacit agreement between banks and IRS on this: banks take a long time to foreclose so that government can get more money via taxes?
Thoughts?
#housing