us mortgage forgiveness debt relief act of 2007: Mortgage Debt Forgiveness by U.S. Law Set to Expire at the End of 2012 - 01/03/12 09:08 PM
U.S. law - Mortgage Forgiveness Debt Relief Act of 2007 - applies to debt forgiven in calendar years 2007 through 2012 - including possibly debt forgiven through SHORT SALE process.
The law allows exclusion of income realized as a result of modification of the terms of a mortgage, or foreclosure, on your principal residence, for those who qualify.
Any person participating in a SHORT SALE and whose property qualifies under the Mortgage Forgiveness Debt Relief Act of 2007 will need to get that property sold and closed escrow before the end of this year 2012.
Some forgiven debt is taxable.  This U.S. … (0 comments)

Harrison K. Long, REALTOR , GRI, Broker associate, Attorney (Evergreen Realty HomeSmart) Rainmaker large

Harrison K. Long

REALTOR , GRI, Broker associate, Attorney

Irvine, CA

More about me…

Evergreen Realty HomeSmart

Address: 9901 Irvine Center Drive, Irvine, CA, 92618

Office: (949) 854-7747

Mobile: (949) 701-2515

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