The Mortgage Forgiveness Debt Relief Act was put into place back in 2007. The law essentially says that if you go through a foreclosure or short sale, you will not have to pay taxes on the forgiven mortgage. You’ll need to be very careful here, because there selling a home – even through … [Read more...]
What Is A Short Sale?
January 19, 2012 By
What is a “short sale”? A short sale happens when the lender has shorted on a mortgage, meaning the lender accepts less than the total amount that is due. To avoid going through a foreclosure, a lender will sanction a short sale by letting a buyer purchase the home for less than the mortgage … [Read more...]
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