Tag Archives: Forgiveness

Mortgage Forgiveness: Is Mortgage Forgiveness Taxable Income?

July 27, 2011 0 Comments

What’s positive about being foreclosed upon or selling your home for less than you owe? Well, for most people, not much. Yes, you are relieved of an onerous mortgage loan and you are now free to find housing that is more affordable within your budget. But not everyone fully understands the lingering effects of a [...] Read more
Category: Short Sale
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Mortgage Forgiveness: Home Loan Principal Forgiveness Program

July 27, 2011 0 Comments

A lot of homeowners have found themselves in default over the last few years. Changes to the economy and the housing market were to blame for this. Bank of America is working to do something about this problem. A mortgage forgiveness program may help many homeowners. This program offers mortgage principal reduction for thousands of [...] Read more
Category: Short Sale
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Mortgage Forgiveness: To determine the tax consequences

July 21, 2011 0 Comments

Maybe you have heard of him, not many people. Mortgage Forgiveness Debt Relief Act allows taxpayers to eliminate up to 2 million of mortgage debt on their principal residence in 2007, 2008 or 2009. The pure strangeness of the federal tax code has been commented many times by many people. Perhaps nowhere is strange when [...] Read more
Category: Short Sale
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