For those who understand the fraud, corruption and violation of the Constitution regarding the 16th amendment, youll understand my disdain for the illegal agency known as the IRS. I hope I live long enough to witness and feel the joy of the utter and compete destruction of this organized crime family of thugs for the banks. So you lost your job, or your business and cant make your home mortgage loan payments. The lender filed suit to foreclose. You borrowed $100,000 and default on the loan after paying back $20,000. If the lender is unable to collect the remaining debt from you or through sale of the property (your home), there are two options: pursue you for the deficiency amount or waive deficiency of debt of $80,000. So youre homeless because you have no money, the lender has taken deed of your home, the lender recognizes you cant possibly pay the deficiency amount, pursuit would futile most likely by bankruptcy and thus in the final judgment waives the balance, releasing you from the obligation. The IRS claims that because the deficiency debt is forgiven (even though you lost your home/property to the lender in lieu of the money) it constitutes the $80,000 as income and therefore is taxable. Illegal acts based upon illegal acts based upon illegal acts.
Posted on: Tue, 28 Jan 2014 16:37:15 +0000
Trending Topics
Recently Viewed Topics
© 2015