When default occured the penalty was added to the balance and I received 22K from them to avoid forclosure and extend the loan for an additional 12 mos. at 10%.

By requiring this deposit, the issuing bank has some assurance that they’ll receive the lion’s share of their money in the event that you default.

As we approached the third date, we actually visited the clerk who told us that they had received the deed from the lawyers, but the check for the filing fee was $3 short, and the lawyers, rather than just coming in and paying the $3, had retrieved the deed and taken it back.

I use efax and have been happy with it.I also use faxdigits for receiving faxes.

Nothing worth paying attention to.Areas that are hit hard by foreclosures are great places to find cashflow properties.

If you are able to deduct it then the one receiving it must be subject to taxation here in the US.

To decide whether her townhouse would make a good rental, we need to know the gross rent you would expect to receive.

Yes, you can buy cash in an entity, then sell the entity, and of course, you will owe taxes on the profit (speak to your accountant).I hope this clarifies your original question on this matter as you received some good advice and some incorrect/bad advice.

Once a loan is in default and the deed is received in a foreclosure, the asset stops being a loan and becomes other real estate owned.

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