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Foreclosure NewsThis Foreclosure News Network is available for you here all in one place. This will make it easy for you to see what's currently going on nationally as far as foreclosures are concerned.This way you can keep up to date with important developments and how they may or may not relate to your situation and how to stay away from scams. There's nothing like "being in the know."
Short Sale
Forgiveness
In the not-so-distant past, a short sale meant the lender forgave part of the home seller's debt, but the home seller - many times to his or her surprise - had to pay federal taxes on the forgiven amount because the IRS treated it like income. Under new tax rules, however, the lender sends a 1099-C, Cancellation of Debt, to the home seller in most cases. The forgiven debt does not have to be included in taxable income, and it gets reported instead on Form 982. To be eligible for debt cancellation, the mortgage must have been a primary one on a principal residence; the cancellation occurred between 2007 and 2012; and the mortgage's principal balance must be less than $2 million ($1 million if filing separately). As with any tax matter, home sellers should keep all paperwork to back up their claim in case it's questioned. It's also a good idea to consult a tax attorney on any tax issue. For more information, go to www.irs.gov (From the Florida Association of Realtors) Links To More NewsAmerican Nightmare: Top 10 Cities for Foreclosures Surge in foreclosures is predicted Foreclosures: How Bad Is Your City |
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