Whether it was through a loan modification, short sale or foreclosure, the mortgage debt you have been forgiven does not count as taxable income provided it meets two main qualifications.
Entries Tagged as 'mortgage debt'
How to Know if Your Canceled Mortgage Debt is Tax Exempt
March 14th, 2011 · 4 Comments · Taxes
Tags: debt·foreclosure·loan modification·Mortgage·mortgage debt·Mortgage Forgiveness Debt Relief Act of 2007·Short Sale·tax exempt·tax exemption
Foreclosure Affects the Rich and Famous As Well
November 3rd, 2009 · 2 Comments · Mortgages, Real Estate
Being rich and famous is certainly no guarantee of future wealth, nor does it protect you from the law, paying your debts, or becoming a victim of the housing crisis. We hear daily about the record number of foreclosures that are affecting consumers across the country, but it is hard to imagine somebody we perceive [...]
Tags: famous foreclosure victims·foreclosure·housing crisis·mortgage debt·Real Estate·rich and famous·rich foreclosure victims
Housing Rescue Bill: Fannie and Freddie Get New “Lifejackets”!
July 31st, 2008 · 1 Comment · Mortgages
Just as the boat that Freddie Mac and Fannie Mae have been vacationing on prepares to sink due to tropical storm “Subprime”, the government comes to the rescue! President Bush has recently signed the initiative to pass sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support [...]
Tags: Fannie Mae·Freddie Mac·Homeowner Debt Workout·Housing Rescue Bill·mortgage debt·Subprime Mortgage crisis
