Normally, debt forgiveness results in taxable income, but under the Mortgage Forgiveness Debt Relief Actenacted in 2007, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was less than $2 million. This law applies to debt used to buy, build or substantially improve a principal residence or to refinance…
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The short answer is YES. Anyone who owns a property with negative equity is eligible for a short sale. Financial hardship is the most common reason for pursuing a short sale. However, there are many different reasons and circumstances that may lead a homeowner to consider a short sale. If any of the following describe…
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