Highlights of Mortgage Debt Relief

Exclude up to $2 million of debt forgiven or canceled by a mortgage lender on a main home. Both mortgage restructuring and foreclosures qualify Available for the years 2007 through 2012. Claim the tax relief using IRS Form 982 (PDF)

What is Canceled Debt Income?

Anytime a lender [...]

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When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms designed to help distressed homeowners avoid foreclosure.

One of the [...]

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As part of tax bill H.R. 8, which addressed the so called “fiscal cliff,” On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act of 2007. For distressed homeowners, the extension of this act comes as welcome news, as it means foreclosure alternatives, such as loan modifications and short [...]

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Short Sales Explained

On July 9, 2012 By

Are you considering a short sale in Pierce County, Washington? A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to [...]

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