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 - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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