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Mortgage Forgiveness Debt Relief Act Expired at the End of 2013.
Posted by AcclaimLegalService
If you owe a debt to someone and that party forgives or cancels the debt, that canceled amount of debt may be taxable. As a part of the Mortgage Debt Relief Act of 2007, homeowners were able to exclude from income debt that was reduced on their principal residence. This included:
- Short sales;
- Mortgage restructuring, such as a loan modification;
- Foreclosure,…
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Just wanted to thank you for all your help settling our deficiency with the bank.
After finding out the bank wanted us to pay the difference between what we owed them on the house and what they sold it for, I didn’t know which way to turn…the thought of possibly loosing our building kept…