I know a guy here that got his house free and clear by order of the bankruptcy judge. B of A could not show it held the mortgage. The guy just handed $300K. I wonder if the IRS will tax him on it and start the process all over again.
I wouldn't say that he was handed 300 large. He got a place to live, but he won't be able to convert that to cash.
Not when there's a possibility that the true mortgage holder may swoop down at any time in the future.