JoeTheCPA
Getting feet wet

Helse and Zahid are preparing for a debate topic.

"Foreclosure Accounting"

Outline For Foreclosure Accounting
1. IRS - Bank; 1099 Loss, Income to Foreclosee?; 1040 consequences
2. CA Law regarding Nonrecourse liability
3. Deed in Lieu (owners transfer home to lender, concede)
4. "Short Sale"
5. Transference of title to entity
6. Promissory Note debate; Deed of Trust enforceable?
7. Above: Assignment of Lender's rights lawsuit news
8. Demand Notice under CA law to lender to produce promissory note(s)