[lbo-talk] Another ignorant question on my part

uvj at vsnl.com uvj at vsnl.com
Mon Dec 13 18:21:05 PST 2004


Jordan Hayes wrote:


>>Let's say I default on a mortgage and the bank takes the
>>property, and after they sell the property, they only get
>>half of what I owe them. What happens to the other half of
>>the debt?
>
>
>They write it off, probably. $0.50 is better than nothing.

Loan losses are also tax deductible. So there are tax savings.

Ulhas



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