See: Fiveclosure, then subtract one.
Or see: foreclosure.
It's a bankruptcy when the sheriff knocks on the door and says, "gimme your keys, and get out."
Happened a lot in the 2009 housing crisis in America. Can't pay back the mortgage you promised to pay? Then...that's what happens.
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![Finance: What is a 1099?](https://media1.shmoop.com/video/thumbnails/COURSE.FINANCE.589_770x433.jpg)
Finance: What is a 1099?0 Views
Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
go it on our own as consultants, contractors, day laborers and
independents who self employ under the yoke of many masters trying to make our [A contractors diary]
own little way in the world, yeah. Corporations who hire contractors in
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
and stipulates the details of the job performed for the contractee. That 1099
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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