Our company has been doing Short Sales for five years with a high success rate even when there was a second mortgage involved and I'm happy to announce that the Government has extended the 2007 debt forgiveness act through the end of 2012 as part of the emergency economic stabilization act. Individuals who lost their homes through foreclosure will not have to pay income tax on the amount of mortgage debt that was forgiven or canceled. Tax-free treatment is also available to people who restructured their mortgages loans for a lower balance. The tax-free exclusion applies to canceled mortgage debt of up to $2 million or $1 million is married and filing a separate return). There are additional details to consider to qualify for this tax exclusion. The house must have been used as a main ho...
Comments
0