The IRS will literally bill them for roughly 30% of the difference in what's owed versus what it sold for. 

You will probably be handling more tenant disputes, talk the tenants through gaining their footing in the world again with money, bill paying, interacting with the general population, etc.  

What Bill said and:First thing to do is to evaluate the appraised value.

Small issue - but one that could be impactful in the future whereby the chain of title could be broken if parties are not around anymore to issue affidavits to the error.

Interest rates were climbing and a not so funny comedy of errors with the load company cost me dearly in rates.

He has a family and bills to pay.4.

I just remember getting my tax bills on a few of the flip properties i funded in Dallas a few years back and man those things are eye watering. :)

You could read 100 books and still need to learn more because certain things must be learned through trial and error.

It's just personal. 99% of folks here cannot survive $5k/monthly deficits, .5% here would not know if it was a rounding error, .5% would make them look twice but not make them do anything besides try to manage it a bit differently.

However, your mortgage company can bill you for their attorney's fees to research the matter.