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> I walk away from that house The bank sues you for the 100k unless you live in a non recourse state. In that case, the feds consider that forgiven 100k incom
by woofyman 8y ago
> I walk away from that house
The bank sues you for the 100k unless you live in a non recourse state. In that case, the feds consider that forgiven 100k income and you’ll owe taxes.
>In no scenario have I lost $200k
The median US house price is 200k not 100k.
- AnimalMuppet 8y ago> > I walk away from that house > The bank sues you for the 100k unless you live in a non recourse state. In that case, the feds consider that forgiven 100k income and you’ll owe taxes. My scenario assumed you still owed the $100k. If you live in a non-recourse state and just walk away, you're probably not going to be able to get a new mortgage. > > In no scenario have I lost $200k > The median US house price is 200k not 100k. gascan's example was with $100k houses.
- SamReidHughes 8y agoIn one case you've spent $100K and have a house and in the other, you've spent $200K and have a house. That represents a difference of $100K.