Facing Foreclosure or Short Sale? Hang On As Government is Looking To Bail You Out
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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 Representative is one of the infamous eight Republicans who voted to support this disgraceful legislation, Frank LoBiondo in South ...
When selling our homes, what takes place should be between the seller and the buyer. Not the government. ...
Yea I guess I would be mad or should I say disappointed if I missed the cut off date for ...
If you haven't read this bill I could easily see how one could support it. I mean the bill ...
Pain is gain. I really support this, and the change may be hard but it has to be done. ...
I can't tell you how many people I've talked to in the past week who are completely unaware that the ...
The liberal government policies have facilitated the expansion of the foreign involvement in the Real Estate Investment sector. 
We all know EPA has the most murders per 100k ever. 175 murders per 100k. 
I am confused...I closed on my house 1 April 2008, I did not get $7500 pay back or $8000 no ...
I am a person that has been qualified for a loan and really would love to see this enacted. ...
Comment by Chris Dowell on 18 December 2007:
I have heard from 3 good sources that this will go into effect within 6 days.