Going through foreclosure here surrounded by California. Have a first mortgage and equity file second.?

What are my tax implications going through this foreclosure? Also am I going to hold to pay back the edge for the loss they will incur when they sell the property?
Answers:
You do not pay the money put money on to the bank. You claim the money you did not repay as income and you pay state and federal income tariff on it. The bank(s) will send you and the government, a 1099 showing the money as income.

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