Facing Foreclosure or Short Sale? Hang On As Government is Looking To Bail You Out
Try this one on for size.
Speaking before the Rotary Club of Fredericksburg Virginia, Bush said his administration is working to allow more people to afford mortgage refinancing to make it easier to stay in their homes, and said he wants US law changed so forgiven mortgage debt is not treated as a tax expense. via Forbes.com.
Is it possible that those who get foreclosed upon or are facing a short sale will not have to pay taxes on the difference that the mortgage company has to eat? Right now if you have a short sale on your home you have to treat the difference of what you repay your mortgage company and the actual amount due is treated as income.
Now the President is signaling that he wants to eliminate the tax on this. If I was working on a short sale before the first of the year I would do all I could to hold out to 2008 as that may be the cut off for this new tax break.
My mom told me to put the statue in the ground, just seems wrong to me but I did it. ...
What about RE/MAX Commercial? Where this classification came from?
I am pretty sure RE/MAX Commercial in volume sales must be above ...
Well Tom, once again you have said it much better than I could have. Unfortunately the folks at Move, ...
It certainly does not bode well for a fast recovery in the economic climate. This will affect all real estate ...
I HAVE 25 YEARS EXPERIENCE IN TELECOMMUNICATIONS..HOW DO I APPLY AT KAI. 
Definitely not a fan of Move Inc.!!! 
A lot of you really need to go back to kindergarten and learn to spell correctly. If you cannot spell ...
In 2008, there was an extension to push first-time home buyers to purchase their homes quickly since the program did ...
I also need HELP and don't know what to do about my problem. I have a garden apartment off ...
I have the same situation. I sold my home in July and am scheduled to to close in a few ...
Comment by Chris Dowell on 18 December 2007:
I have heard from 3 good sources that this will go into effect within 6 days.
Comment by Jason Brown on 24 September 2009:
I just stumbled upon this old post. It feels like a time warp to read this old info today.