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I'm gonna lose my house, now what?
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[quote:Anonymous Coward 2108:MV80MjE4MjdfNjU0NjI3OF84QUZGNzMxQw==] [quote:me too 279288] whatever, if you are "forgiven" any portion of a mortgage or all of it,,,guess what,,,the bank sends the little pink notice to the IRS,,,and they then "tax" you on the forgiven part of the mortgage, claiming that it was untaxed INCOME to you......then,,,you get chased by the IRS all of your life...........we are so screwed..... [/quote] OMG. What a nightmare! :hf: [/quote]
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I got in on my first house on an ARM, the payment is $2400 a month and the house is worth 50k less then when I bought it, and I owe 35k more n it now than when I bought it. I know I'm screwed, there is mortgage insurance on it. What are the scenarios good and bad that could happen if I just walk away?
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