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Revision as of 13:03, 12 September 2026
As the housing market began to slide three years ago, my wife we began to sense that we were losing our other options. As people lose the value they always believed they been on their homes, their options in their ability to qualify for loans begin to freeze up too. The worst part for us was, that you were in the real estate business, and we got our incomes begin to seriously drop. We never imagined we'd have collection agencies calling, but call, they did.
Globe end, we had to pick one of two options - we could register for anjing bankruptcy, or we got to find a means to ditch all the retirement income planning we have ever done, and tap our retirement funds in some planned way. As may also guess, the latter is what we picked. After 40 years if there is any balance left unpaid, then the debt is forgiven. However, this unpaid balance is regarded as taxable income based on the Internal Revenue Service.
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