What happens if you lose your home US style?

restrangled

Hamsterbait: You said:
"How can you lose your home?
It's not exactly wallet sized.
"to lose one's home is Carelessness" to paraphrase Lady Bracknall"
You have no idea what you are talking about.
r.
mkr32208

Or if the bank writes off the portion of 'negative equity' and or settles with you it's counted as income and you have have to pay taxes on it.
skeeter1

The tax consquences are going to differ whether this was your home or an investment/rental property; and how you stood financially. Usually, if this was your homestead and you have a negative net worth overall, you are not going to have to pay taxes. The answer is different if this was investment property. Check out www.irs.gov for more info.
And, I am very sorry for all of those who are losing their home.