Where Angels Fear to Tread
It was one of the hardest decisions you had to make.
In your mind, okay, I will let go of the house. I cannot pay it anymore. It makes no sense to pay for a steep mortgage when the value of the house has gone down by half. No sense. Everybody is doing it anyway. I should be fine.
You do it, sign the papers, let the bank foreclose and rest on your laurels.
Then while sitting on the living room of your new rented apartment, you get a bill, a huge tax bill because – guess what – you have made money on the foreclosure of your home. Money? But where is it?