mortgage forgiveness debt relief act of 2007: What is the Mortgage Forgiveness Debt Relief Act of 2007 anyway?
- 04/09/08 11:55 AM
I decided to put some information out there about what all these changes mean to homeowners since I continue to get questions on it. Last year the President signed Bill HR 3648, the Mortgage Forgiveness Debt Relief Act of 2007 into law. The three major components are: Elimination of the "Phantom Tax" on foreclosures, short sales or other discharges of debt on a primary residence. Under the old rules the difference of any forgiven debt, also known as a deficiency judgement in foreclosures, was taxed as income to you. Now, taxpapers facing this situation and struggling to get back on their feet won't have to … (0 comments)
I decided to put some information out there about what all these changes mean to homeowners since I continue to get questions on it. Last year the President signed Bill HR 3648, the Mortgage Forgiveness Debt Relief Act of 2007 into law. The three major components are:;)
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