Already on ArticleSlash?

Forgot your password? Sign Up

Foreclosure Can Be A "Double Whammy"

 


Visitors: 202

Watch your back! Be Aware! Look in unsuspecting corners.   Halloween isn't the only time of year for you to be frightened of the unknown. If you are facing foreclosure watch out for the “double whammy" . . . it's an ugly creature.   Foreclosure is hard. . . the “double whammy" makes it even harder.

What is a “double whammy"?  If your home goes into foreclosure, and your lender is forced to sell the home for less than the amount you owe, you could be liable for the taxes on the amount of unearned income that happens upon the sale of the home.   That is a “double whammy".   You are obviously already in a financial crisis, which usually means you do not have “extra money" in the bank for these kinds of taxes.

If you are facing foreclosure or you have already gone into foreclosure proceedings, do not just walk away. Meet with your lender.   If your lender is not in your city or state the phone may be your only option, so use it.    Ask your lender to see a copy of all paperwork even if it means faxing or e-mailing it to you.   Make sure you are not being charged any unnecessary taxes.

If you find out you do owe quite a sum of taxes that you are not prepared for, talk with IRS and see if they will work with you.   If you do not come to an amicable resolve, see a tax attorney for advice and to work on your behalf.  

Your best option is to do your research the minute you foresee a financial crisis coming.   You can prevent foreclosure.   Then you will not have to face the “double whammy" up-close and personal.   It is best kept at a far distance from you so that you never feel its pain.   If you do have to face it. . . it will haunt your credit for up to 7 years.

OceanView Investment Services Corporation is the parent company of OceanViewEquity.com and its affiliate websites. Since founded, our top goals and priorities have been to maintain the integrity of service we provide and the guaranteed satisfaction of our users and customers alike. We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible. Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.

(406)

Article Source:


 
Rate this Article: 
 
Stop Foreclosure - Climb From the Depths of Foreclosure With a Low Mortgage ..
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Double Whammy For Buyers Of Flats In Noida

by: Vinayy Kumarr (August 09, 2016) 
(Real Estate/Home Buying)

Double Whammy! Adolescent Brain and the Adolescent Brain on Drugs

by: Ned Wicker (June 19, 2008) 
(Home and Family/Parenting)

Guitars, Bridges and the Whammy Bar

by: Victor Epand (July 07, 2008) 
(Arts and Entertainment/Music)

Double Your Impact With Double Sided Printed Mouse Mats

by: Tina Rinaudo (July 27, 2008) 
(Business/Advertising)

Double Your Dating An Objective Look at David DeAngelos Double Your Dating ..

by: Derek Rake (June 23, 2008) 
(Book Reviews/Romance)

Got A Double Chin? Show your Double Chin The Door And Get Rid Of It For Good

by: Jamie Holt (December 30, 2007) 
(Health and Fitness/Weight Loss)

Stop Foreclosure By Working With Your Lender - You Can Avoid Foreclosure By ..

by: Bayo Akinola-Odusola (July 05, 2007) 
(Finance)

Real Estate Foreclosure Investing - Is it a Good Idea to Invest in Foreclosure ..

by: Jonathan Patra (October 21, 2008) 
(Investing)

Predatory Lending Causes Foreclosure Loan Audit Used As First Step of ..

by: P. Georg (September 03, 2008) 
(Real Estate/Foreclosures)

Stop Foreclosure - Climb From the Depths of Foreclosure With a Low Mortgage ..

by: Randal Lahey (August 10, 2008) 
(Real Estate/Foreclosures)