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Daily Archives: December 4, 2012
MSNBC Clip about Loan Mod Problem’s
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The Consequences of Walking Away
Have you had a conversation with someone in the last 30 days about the consequences of walking away from your mortgage? If the answer is yes, you are not alone. With an estimated 11 million people underwater on their mortgage, … Continue reading
Taxes Owed After Short Sale or Foreclosure? | IRS Form 982, Mortgage Forgiveness Debt Relief Act
After a short sale or a foreclosure, will there be taxes owed on the ‘forgiven debt’? Consult your CPA for more details, but the bottom line is: most homeowners will not owe tax on the forgiven amount. Prior to the … Continue reading