On Thursday December 20th President Bush signed into law a bill passed by Congress HR:3648. This bill is also know as the Mortgage Forgiveness Debt Relief Act of 2007. The bill can be a huge help for people considering a "Short Sale" in that unpaid mortgage debt is not considered taxable income. eg: Your home has a current market value of $350,000 and your mortgage balance is $400,000 under the old law if the bank forgave the difference on the sale you would have to declare the $50,000 as a taxable income. The new law eliminates this "Phantom Tax". Refer to HR3648 for all the details.
Welcome to this blog about the community of Plainview/Old-Bethpage New York. Here you will find community events, information about the business community but especially information on the real estate market in the area. You are invited to contribute news of the community or your real estate questions
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