Facing Foreclosure or Short Sale? Hang On As Government is Looking To Bail You Out
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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.
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by Chris Dowell on 18 December 2007:
I have heard from 3 good sources that this will go into effect within 6 days.