Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

Mortgage Debt Forgiveness. Under this law an unpaid mortgage balance generally cannot be taxed as regular income as it was under the old system. In other words, if you owe $150,000, have a short sale or foreclosure and the lender only recovers $125,000 it used to be that the unpaid $25,000.

Tax Treatment of Canceled Debt and Mortgage Forgiveness. Tax Relief for Foreclosures and Anytime a lender cancels or forgives your debt, this is considered income to you and it’s taxed You accepted money which you were required to repay, and tax law considers that you effectively kept the.

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In the end our goal is to do the best job possible. We have expert short sale negotiators and consult with some of the highest level mitigators from various banks. Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives.

Mortgage Debt Relief Extended What does the fiscal cliff deal actually mean for you? For one thing, it may mean higher taxes. After deciding on a debt settlement plan, this extra money each month can help families stay current on mortgages, reduce The fiscal cliff deal was not a magic solution to an uncertain economy, just as.

Looking for a good, objective breakdown of what the McCain and Obama tax plans mean to you? CNN does it well.) The big unknown when it comes to the tax question in this election is whether Obama’s bet.

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The Mortgage Debt Relief Act was extended through 2013 as part of the legislation passed to avoid the "fiscal cliff". http You can also see several posts from my web page here discussing the Mortgage Debt Relief Act and the banks issuance of IRS Form 1099c in connection with forgiven debt. http.

DENVER — Barack obama formally accepted the Democratic presidential nomination tonight in the Mile High City, delivering a speech that was among the most anticipated political events in modern memory.

FHFA: Mortgage rates continue to climb The important thing to understand in all this is that the Fed’s asset buying is a very very very big deal, both to broader rates markets and to mortgage markets specifically. the ‘rising rate.

Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives Join LiveJournal – Password requirements: 6 to 30 characters long; ASCII characters only (characters found on a standard US keyboard); must contain at least 4 different symbols; H.R. 1856 is a bill in the United States Congress.