Real estate blog entries tagged with reos by Calum MacKenzie (Tampa Homes 24-7 LLC)

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Home : Blogs : Calum MacKenzie : Calum MacKenzie's Blog : Tag "reos"

reos: What the Mortgage Forgiveness Debt Relief Act Means For You - 02/08/08 01:16 PM

On December 20, President Bush signed a law that is meant to help homeowners who are facing foreclosure or who sell their homes in a short sale. Before this law, the Mortgage Forgiveness Debt Relief Act of 2007, if your bank or lender forgave a portion of your mortgage debt because the value of your home had decreased, the IRS treated the forgiveness as taxable income.
That meant that if your mortgage lender forgave $15,000 in mortgage debt because your house was worth $15,000 less than your remaining mortgage balance, the IRS treated it as earned income. When you filed … (3 comments)

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Calum MacKenzie

Tampa, FL

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