Under §1038. Certain reacquisitions of real property we find (a) General rule
If a sale of real property gives rise to indebtedness to the seller which is secured by the real property sold, and the seller of such property reacquires such property in partial or full satisfaction of such indebtedness.
Define- under operative law a repurchase is where you home is bought back upon which the sale triggers a debt .
- You owed nothing as a renter
- because you owned nothing under a leasehold esate.
You financed the sale of your home to the buyer at foreclosure sale.
The IRS looks at your demographic that includes where you live what you should earn and what you pay as taxes assuming you even filed.
If you cannot support the cost of living for your neighborhood by way of “other” non taxable income (inheritance) your lender gave you 12 years to start packing . Its called the Legacy loan and sale of your home to satisfy your back taxes.
0.05 percent Rate
25,000.00 Annual debt service
55,555.56 Minimum Income
666,666.67 over 12 years = Foreclosure
0.75 LTV Loan to value
500,000.00 Disposable income =Mortgage
Read before you bleed – You need the facts to prevail in a wrongful foreclosure!