What You Need to Know About the Cancellation of Mortgage Debt

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What You Need to Know About the Cancellation of Mortgage Debt

March 20, 2012
By : FrankVerni
Category : Featured, General Info, Loan Modifications, Media Articles, Short Sale
Tags : 1099 income, foreclosures, forgiven mortgage debt, frankverni, frankvernirealtor.com, insolvency, Linda Goold, Mortgage Forgiveness Debt, Mortgage Forgiveness Debt Relief and Debt Cancellation Act, NAR, national association of realtors, RIS Media, short sales, underwater homes
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The Mortgage Forgiveness Debt Relief and Debt Cancellation Act which was passed in 2007 WILL EXPIRE on December 31st, 2012 and it is not sure whether or not it will be extended.

If you or someone you know is considering a short sale, NOW would be the time to do it in order to take advantage of this law.

Click here to read the article to find out what you need to know about not having to pay taxes on the forgiven debt when all or some portion of the debt is forgiven on your mortgage.

Frank Verni

What You Need to Know About the Cancellation of Mortgage Debt

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