Foreclosure consequences

This video is from the show Open House on CNN. This video briefly explains what some tax & credit consequences homeowners may face after a short sale or a foreclosure. Consult with a CPA or your attorney for specifics.More info at: http://sccrealestateuncensored... http://micasamidinero.com/2007...

Channel: People & Blogs
Uploaded: December 31, 1969 at 5:59 pm
Author: MiCasaMiDinero

Length: 02:47
Rating: 3.44
Views: 14786

Tags: casa consequences consumer counseling credit dinero estate foreclosure home house late legal mi micasa micasamidinero midinero mortgage payments prevention ramifications real sale sccrealestateuncensored services short stop tax uncensored

Video Comments

dudeulartv (December 31, 1969 at 5:59 pm)

Oh and don't forget you have to work 3 or 4 times as hard for the same money that was worth a few more bucks just a few years back. This is shit.

1234stock (December 31, 1969 at 5:59 pm)

mitchfoster43, it's much more complicated then that.

mitchfoster43 (December 31, 1969 at 5:59 pm)

These people are getting foreclosed on a house they should have never been approved for in the first place. That's what happens when a bank lends money to a person with a room temperature credit score and stated income.

z28com (December 31, 1969 at 5:59 pm)

Nigga please! I am not rich and I have trailers next to me and I am foreclosing. Get your head out of the clouds. Not everyone who forecloses a house is rich.

JonahTorn (December 31, 1969 at 5:59 pm)

This just so important. Usery is a crime that can only be committed by the one lending. The borrower may not be wise, butusery is a moral issue in many societies and the Bible for all the Christians out there. The Bankruptcy laws changed what was affordable for people with credit cards who had what the could afford before changes were made in how payments are handled with interest & plus prime insted of a set amount like 2% of the total debt. They can change the rules to ruin a budget.

athfcoz (December 31, 1969 at 5:59 pm)

It's ok. And don't worry about any typos. We all make mistakes.

JonahTorn (December 31, 1969 at 5:59 pm)

I meant to type the word around not "aroound".In another post I meant oto type "One or two"not "One or tow". I will try not to make so many spelling mistakes in the future and I am very sorry for the typos I have already made.

JonahTorn (December 31, 1969 at 5:59 pm)

I was just using Adams County Colorado as a example of things that happen aroound the Country with loans like adjustable rate mortages.

athfcoz (December 31, 1969 at 5:59 pm)

I live in florida, not Colorado.

JonahTorn (December 31, 1969 at 5:59 pm)

Adams County Colorado has a high rate of forclosures with bankruptcy and some of those homes are one to three bedrooms. One or tow bedroom houses are bought with these flexible rate mortages because that is all some can be approved for, so they do not have to be rich to get the loan, but they need to be rich to keep it.