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Home : Blogs : Royan Johnson : Atlanta Real Estate Blog-Royan Johnson Century 21 Greater Atlanta : Archives March, 2010

Mortgage Forgiveness - 03/24/10 04:11 PM

If you are a debtor and your creditor cancel or forgive that debt, the canceled debt may be taxable. For example You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. However, in 2007, the Mortgage Debt Relief Act was put in place to help homeowners avoid losing their house and having to pay taxes on the forgiven debt amount. The Act is in effect for mortgage debts canceled from 2007 through … (1 comments)

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Royan Johnson

Lithonia, GA

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Century 21 Intown Realty

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Century 21 Real Estate is your online resource for Buying, and Selling, homes or Commercial Properties in and around Metro Atlanta, Georgia. Whether it's a House, Condo, or any other type of property, I can assist you with your real estate needs. As a Century 21 real estate agent I am a highly skilled professional who can guide you through the process of Buying and Selling real estate

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