admin | August 6, 2010
The federal government’s guidelines for standardizing short sales have been in effect since April 5, 2010. These guidelines are an addition to Obama’s Making Home Affordable program. The new HAFA program is designed to offer an alternative solution in the form of a standardized short sale for homeowner’s who meet minimum eligibility for the Home Affordable Modification Program (HAMP), but are still unable or unwilling to work out a plan to stay in their home. The program offers cash incentives to borrowers who participate and ensure any remaining debt is forgiven.
Category: HAFA, Loan Modification Series |
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Tags: Chase International, debt forgiveness, Foreclosure, HAFA, HAMP, Home Affordable Foreclosure Alternative, Making Home Affordable, Nevada, NV, Real Estate, reno, short sale, Talayka, www.sellinghomesinreno.com, www.sellingnorthernnv.com
admin | April 20, 2009
If you have a debt canceled or forgiven, that amount may be taxable as income.
The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude this amount as income if the discharge of debt was on their principal residence. This included debt reduced through mortgage restructuring, short sale, or mortgage debt forgiven in connection with a foreclosure.
The provision applies to debt forgiven between 2007 and 2012, on amounts up to $2 Million ($1 Million if married filing separately.
Category: Short Sale & Foreclosures, Tax |
9 Comments »
Tags: Cancelation of debt, debt forgiveness, Mortgage debt relief act, tax forgiveness
