Originally posted by geekgirldany
View Post
-
Almost. For the amount realized with recourse debt, reduce the remaining debt by the amount for which the borrower remains liable - if any. Compare that amount with the FMV. Then use the smaller of the two and include any proceeds from the sale should that apply. -
Blah
you are right!
What does it mean "plus any proceeds received from the foreclosure sale"? Does it mean when the bank sold it and it was sold for more than what was owed?
Sorry guys I don't know much about this foreclosure stuff or how it works. Trying to learn.Comment
-
In some states/localities, if the bank performs a certain kind of foreclosure and sells the home for more than they are owed they are required to give the excess to the taxpayer. I've only ever heard this as an academic phenomenon though - never heard of anyone who actually got money from the bank in the real world. But it must happen somewhere.Originally posted by geekgirldany View PostBlah you are right!
What does it mean "plus any proceeds received from the foreclosure sale"? Does it mean when the bank sold it and it was sold for more than what was owed?
Sorry guys I don't know much about this foreclosure stuff or how it works. Trying to learn.Comment
-
You, me, and most preparers I know. This one has been on a steep learning curve. I second guess myself every time I do a projection on one of these things.Originally posted by geekgirldany View Post
ATG"Congress has spoken to this issue through its audible silence."
Anyone ever notice they beat the daylights out of the definition of a child, but they don't spend much time at all defining "parent"?Comment
Comment