If not, and at bare minimum, there will be an official IRS 1099 filed and sent to the defaulting borrower, which serves to add to their taxable income for the period (year) during which the event occurs.Not sure if this helped or created more questions.

Spend a few minutes and complete your profile, read the forum rules and more importantly, participate and enjoy your stay here on BP.

People were renting in the area for $300 per month above the fixed rate payment - and the FHA down was barely more than 1st and last rent.Anyhow not every home fits this scenario - but it worked for us.

His insurance barely made a dent in his claims, so he was forced to sell ALL his rentals PLUS his personal residence and belongings.

They dont normally participate in bidding except to establish the starting bid of which perhaps 5% are below retail market.

Thank you for taking the time to participate.

I watched the auction but did not participate.

Now, bare in mind, this is simply what I was told.

Once the tree is dead let it rot a year and then just yank it out with your bare hands.

It seems like there is barely any inventory on HUD properties and REO's.