Real Estate Loan Mitigation, Foreclosure, and Mortgagor Tax Liabilities (PDF)
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Upon mortgage debt default, the mortgagee's foreclosure or mitigation of the debt yield differing tax consequences to the mortgagor. Moreover, the mortgagor's tax treatment on foreclosure depends, in part, on whether the mortgagor is personally liable on the debt (i.e., recourse mortgage) or not personally liable (i.e., nonrecourse mortgage). Mortgagor tax liabilities are also affected, albeit nominally, by National Mortgage Settlement payments.
Patricia Hughes Mills received her Juris Doctorate degree, magna cum laude, from Syracuse University, and her LL.M. in Taxation, magna cum laude, from the University of San Diego. A past member of the Executive Committee of the State Bar of California Taxation section, Professor Mills practiced law for 15 years before joining Arthur Andersen for several years in their real estate and partnership tax practice. She is now a Professor of Clinical Accounting at the University of Southern California, where she teaches in the Masters of Business Taxation program. She has written several chapters for Powell on Real Property (Michael Allan Wolf, ed., LexisNexis), and is the update author for Federal Taxes Affecting Real Estate (Matthew Bender).
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