Relevant:
- Bill HR3648. The Senate-bound phantom income bill
- Short sales surge as distressed homeowners fear a tax-break expiration
- Why Not Just Stop Paying Your Second Mortgage In California?
- In ‘Foreclosure Capital’ 3 out of 4 homes for sale is a foreclosure
- Uncle Sam Called: He Wants His Foreclosure Cut
2007-08-20 — nytimes.com
"Foreclosure is one way that beleaguered homeowners can fall into this tax trap. The other is when homeowners are forced to sell their homes for less than the value of the mortgage. If the lender forgives that difference, they are liable for income taxes on that amount."
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