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Will 2021 continue the Safe Harbor for forgiven debt?

by in Real Estate Legal Services

https://www.nolo.com/legal-updates/mortgage-forgiveness-tax-break-extended-through-2020.html For homeowners who experienced the mixed blessing of completing a short sale in 2020, and had mortgage debt forgiven, the need not include the cancelled debt amount in the income for federal tax purposes. Please read the fine print in an article by Attorney Amy Loftsgordon entitled: Mortgage Forgiveness Tax Break Extended Through 2020….

201206.11
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Fallacy of the Year – Some People (bankruptcy attorneys?) Say Foreclosure is no Worse for You than a Shortsale!

by in Real Estate Legal Services

http://www.businessinsider.com/this-familys-nightmare-shows-why-foreclosure-auctions-aresuch-a-gamble-2012-6 Business Insider’s article tells some astonishing stories about foreclosures that are botched or otherwise create incredible hardships on both the homeowner and the home buyer! One of the big problems for Homeowners/Sellers is that they lose all control in foreclosure, whereas a home buyer in a foreclosure always has control and the option to…