mortgage debt relief act: Arizona and the Mortgage Forgiveness Act Extention
- 01/02/13 03:50 AM
Active Rain and the real estate blogs are alive with the news that In the wee hours of the night in Washington, the House of Representatives voted to approve HR 8 and roll us back from the edge of the fiscal cliff. Included in HR 8 an extension of the Mortgage Forgiveness Act, which had helped protect homeowners who need to sell via a short sale from being hammered for phantom taxable income. Of course, this didn't really matter here in Arizona - we're a non-recourse state, and the IRS says in such situations debt cancellation isn't taxable. Having said that, it’s always … (0 comments)
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Active Rain and the real estate blogs are alive with the news that In the wee hours of the night in Washington, the House of Representatives voted to approve HR 8 and roll us back from the edge of the fiscal cliff.
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