short sales in georgia: One Hurdle Cleared......One More To Go!!!! - 12/05/14 01:36 AM
The Mortgage Debt Forgiveness Act of 2007 provided distressed homeowners with the ability to sell their homes via short sale without having to worry about including the amount of the waived balance in their yearly tax calculations. Prior to 2007, short sellers were provided a 1099 for the amount of the waived balance and it was taxed as additional income. 
 
The Mortgage Debt Forgiveness Act of 2007 provided distressed homeowners with an avenue that provided an additional level of comfort and relief from additional financial strains. Since many of these homeowners were already steadily sinking lower and lower into massive … (2 comments)