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Short Sales or Deed in Lieu's b4 BK


Kate
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I'm certainly not an expert in all this, but I'm pretty sure that having a foreclosure on your record will only make it difficult to obtain a mortgage in the future. If you're getting out of the home buying business, that's probably not a bad thing.

As for trashing your credit otherwise, the BK is probably a good news / bad news type thing. The bad news is, you won't get a mortgage for a couple of years at least. The good news is, auto loans are easy, and SOME credit cards.

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  • 6 months later...
Check out:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

The mortgage forgiveness debt relief act passed in 2007 forgives the tax liability on the 1099c, but you have to file another form 982.

Sorry this is late, but it does apply to tax year 07..

you could always file an amended-x return and get this break.

Ah..... the mortgage forgiveness act is for principal residences only.

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