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nutmeg

Registered: Jan 2007
Posts: 18209

04-06-12 12:23 PM

Fed Chairman Ben Bernanke and other Fed officials have said that with home prices continuing to fall and rents rising, it makes sense for some foreclosed homes to be converted into rentals. Demand for rentals has grown since the housing meltdown.

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I wonder how this works out.Will a tax write off on a failed rental be larger than the loss on a foreclosed home?

Who pays the taxes on a home in foreclosure as opposed to who pays the taxes on a rental property.

Local municpalties need revenue and it's not going to happen with homes in forclosure.

I wonder what the value is of an empty rental vs a foreclosre.

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rallydog

Registered: Feb 2003
Posts: 197

04-06-12 02:28 PM

A tax lien is filed against the property and is either paid by the beneficiary (note holder) or the new owner when it is purchased in a trustee sale. The property taxes are not simply written off.

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nazzdack

Registered: Jul 2004
Posts: 8405

04-06-12 03:35 PM

Quote from nutmeg:
----home prices continuing to fall and rents rising....
----foreclosed homes to be converted into rentals.
----Demand for rentals has grown....
----I wonder how this works out.

Yes, there can be 12 recent immigrants renting that 4-bedroom, foreclosed house in YOUR "prosperous" neighborhood.

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TGregg
Moderator*

Registered: Jan 2002
Posts: 7081

04-06-12 05:32 PM

Gee if Fannie & Freddie end up with stacks of foreclosed homes. . . well heck there's a great place to put some homeless people. Coming son to your neighborhood.

;)

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Banjo

Registered: Feb 2002
Posts: 3302

04-06-12 08:53 PM

Section 8 on the way.

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