Many first position mortgages will simply issue a 1099.The IRS for an investment property considers this "phantom income".If you are insolvent at the time meaning "liabilities exceeded your assets" then you can file an insolvency form with your tax accountant and the phantom taxes would be wiped out.If your property had mezzanine lenders or secondary loans or HELOC's they will generally act differently then a first position mortgage holder.For the most part the 1st position will recover the most money and the others will fight over the crumbs.It will also depend what your other assets are,if you cross-collateralized loans,and if you had a recourse loan or gave a personal guarantee.Here in Georgia is a lender forecloses and wants to do a deficiency they have to show they sold for current market value.I have seen after foreclosure the defaulted borrower fights the amount the bank sold for as an REO.They disagree with the market value sold for and bring in an appraiser in court.The appraisers generally want to stay out of litigation.The default amount here has to be validated by a judge for the deficiency.Once the defaulted amount is settled then generally the attorney for the bank and the attorney for the defaulted borrower go back and forth over a settlement amount.Once the settlement amount agreement is reached the borrower and bank also discuss terms under which it will be paid.I am not an expert just what I have seen in the field.

I have saved alot of gas thanks to street view!

I have seen this Atlanta and the people and ring leaders were arrested and put in prison.This is nothing more than creating bogus paperwork with the "intent to defraud" as you have no VALID and ENFORCEABLE legal claim to the property.What they are doing is CT "criminal trespass".There are no free lunches people.The sooner everyone understands that the better.

Have an older car I have driven forever as a work horse.Looking at trading it in for a brand new car on a lease.Normally I wouldn't look at a lease but I am thinking I can write it off in my corporation.I am not a tax expert and I do not want to buy a gas guzzling truck just to get a deduction.If I bought say a new Camry would they let me deduct the lease off of my corp taxes OR would it be better to buy it through the corp and make payments without a lease??

Are their complaints valid, or are they being troublemakers?

It is understood and agreed that lessor and his insurers, agents and employees, shall not be liable to Lessee, Lessee’s family, co-occupants, friends, guests, invitees or any person for injury, damage or loss of any nature which may occur at any time on account of any defect in the leased premises, the improvements therein and the appurtenances thereto, whether such exists at this time or arises subsequently hereto an whether such defect was known or unknown at the time; that Lessor, his insurers, agents, or employees, shall not be liable for any injuries or damages to person or property sustained by Lessee, Lessee's family, co-occupants, guests, friends, servants or any other person upon the premises or any damage to any person upon the premises or for any damage to any person or property by or from any boiler, plumbing, gas, water, steam or other pipes, sewage or any gas or electrical fixture or appliance or the bursting or leaking thereof.

Do you really think given the current state of the realestate market and millions of people grasping at straws to keep their home are not going to be asking for proof of ownership paperwork from the banks, and verifying the validity of the paperwork from now on?

The tenants in the larger unit said they paid $150 for gas.

Buyer's, yes, if you back out without a valid reason (something covered by one of your contingencies) you forfeit the earnest money.

Hi,

I have potential to buy a condo that rents for $450-$600 per month now for $20k. I'd like to know if this deal pans out:

Gross Rents: $500 per month (average)
Operating Expenses: $250 per month
NOI: $250 per mon...