The tax code allows for a foreclosure tax (for lack of a better word) when the lender forgives any part of the original mortgage debt. The IRS treats taxes the forgiven amount as income.

For many facing foreclosure over the next few years, a loan modification called a “short sale” will seemingly be the proverbial answer to prayers…until the IRS steps in levying this foreclosure tax.

Late night TV advertising designed to sell you on the foreclosure for sale investment opportunity will make you millions if you’ll only attend the “free seminar”.

Russell Whitney, CEO of Whitney Information Network, Inc. is the promoter/owner of the TeachMeForeclosure.com infomercial, “free” seminar, and website peddling this new foreclosure for sale “opportunity”.