The borrower borrowed 200 grand,the bank foreclosed and sold the farm for 160 thou and wrote off the remaining 40.The farm was the collateral for the loan,if the bank want to loose some of the money invested by selling below value then that is their problem IMO
The original borrower has nothing left,its not like he cashed the money.
one can take it one step further and say the new buyer ended up with the 40 grand gain,so they should tax him instead.
But maybe i don"t see it straight,its not the first time
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Today's Featured Article - Piston Ring Removal and Replacement - by Chris Pratt. Piston Ring Removal and Replacement - Replacing rings is a fairly easy process to stretch the engines usability between major rebuilds and cut down on that blue smoke and high oil consumption. Frequently, replacing only the rings is not advisable because by the time you do the teardown and measurement of the components, the pistons are often beyond the manufacturers specification or something else you find will signify the need for a major rebu
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