After the Pain of Foreclosure, a Big Tax Bill
Two years ago, William Stout lost his home in Allentown, Pa., to foreclosure when he could no longer make the payments on his $106,000 mortgage. Wells Fargo offered the two-bedroom house for sale on the courthouse steps. No bidders came forward. So Wells Fargo bought it for $1, county records show.
Despite the setback, Mr. Stout was relieved that his debt was wiped clean and he could make a new start. He married and moved in with his wife, Denise.
But on July 9, they received a bill from the Internal Revenue Service for…
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Hi, great site. I run across some investors and would-be investors often and might send the ones in these areas to your site. And by the way, congrats on being able to leave your desk job in 2006! That must have been a great feeling and a just reward after years of real estate investing.