May 31, 2008

Lose Homes, Pay More Tax!

Think things are bad for people faced with foreclosure? Well, it's worse!

Some of the biggest losers in the real estate slump are not purchasers of mansions they could not afford. They are buyers of second homes — or third ones, for that matter — who are sitting on a tax time bomb.

Many of these people will lose their properties in foreclosure and then stagger into bankruptcy under the weight of a sizable tax bill.

When does light appear at the end of this tunnel?

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