Favorite Tax Provision Expired: Avoiding Taxes on Cancelled Mortgage Debt
If your debt to someone else has been canceled or forgiven, the canceled amount may be taxable. Generally, to the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. The Mortgage Debt Relief Act of 2007 generally allows to exclude […]Continue reading
6 Reasons Short Sales Fail
A short sale occurs when a lien holder or mortgage company agrees to accept less than what is owed on a home in order for the home to sell. Lenders are not in the business of accepting less than they are owed, and their business model is not set up to efficiently work that way. […]Continue reading
What Are the Risks of a Short Sale?
Short selling property has many benefits, but is not for everyone and there are many pitfalls that you may not be aware of. The benefits of a short sale if properly negotiated is release from personal liability and liability from the real property, eliminate future home owners assessments, fines from the city or state, release […]Continue reading