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 wife has actually decided to study for and get her real eatate licence just so we dont ever have ...
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
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.