Things aren’t looking so good… According to government statistics home foreclosures are at an all time high. Millions of Americans have no choice but to foreclose on their homes because they owe more on their mortgage loan then their house is worth. Is there anyway that you can turn this tragedy around on your tax return?
Everybody is suffering…Normally when you can’t afford to pay back the money you owe the mortgage lender the debt can be discharged. Needless to say this has hit lenders extremely hard. Prior to 2007 any remaining money left on your debt after the foreclosure had to be reported as income on your tax return.
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