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  1. I

    foreclosed on property new tax base

    I am sure the County would not assess a property value of $1.00. I would not let the first go to a trustee sale, so thats no concern. Thanks for the exchange I did post on foreclosure forum and I did get a good answer. Thanks
  2. I

    foreclosed on property new tax base

    I had a 2nd position on the property and due to non-payment I foreclosed on the property. On December 27, 2007, I took the property back at the trustee's sale for $1.00. So I was now the owner, the first was still in place (485K). Then this month I refinanced the property and paid off the first.
  3. I

    foreclosed on property new tax base

    California---I am a private lender and had a 2nd trust deed on a property. Due to non-payment, I foreclosed upon the property and took it back at the trustees sale. Does anyone know if I can keep the old tax bases and if so under what authority or how do I do it? Does refinancing have anything...
  4. I

    How do you write off interest on a property that I foreclosed on?

    nirvinerealtor, Thanks, thats the conclusion I have came to and if the IRS audits, just provide the documentation...
  5. I

    How do you write off interest on a property that I foreclosed on?

    All the documents are in the old owners name including the 1098, as well as the loan. In a foerclosure the lender can not exersise the due on sale clause. yes, it would be great to refi, but I am unable to at this time. I have all the information ie.. note terms, etc....I am looking for a...
  6. I

    How do you write off interest on a property that I foreclosed on?

    thanks, I had read 936 and found some info on Google, kinda wanted to talk to someone who had done it, since a couple of tax guys told me conflicting ways and that the IRS might kickback the return. But I am sure as the IRS see more of these they will get used to them
  7. I

    How do you write off interest on a property that I foreclosed on?

    yes it is recorded in my name
  8. I

    How do you write off interest on a property that I foreclosed on?

    yes, I now own the property, after the sale you are given a Trustee's deed. They are on the 1st loan still because that is the way forclosures are done, case law also supports this and CA codes. No I did not assume the loan, it is still on the persons credit and will be until I choose to refi...
  9. I

    How do you write off interest on a property that I foreclosed on?

    I loaned some money on a property and thus had a 2nd trust deed on the property. I had to foreclose on the property. I am now have taken the property back and am paying on the 1st trust deed that was in place. The loan is still in the other persons name as well as the 1098, for the interest...
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