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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,…

Read more | Jan 08, 2014

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Patricia

(Eastpointe, Michigan)

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John

(Sterling Heights, MI)

I have had a bankruptcy case and effect since around May 2018.

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(Dearborn, MI)

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