Choosing the Right Realtor
Does Make a Difference

 

                                                                        

   
Home Buyer Tax Credit
In Effect Until April 2010

We Close Short Sales Quickly
You Can Count On Us!

For owners who can no longer afford to kept their mortgage payment current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "Short Sale".

 

The Mortgage Forgiveness Debt Relief Act
and Debt Cancellation

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.   More . . . 

 


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