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.
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