Pardon my RANT, but people need to understand the meaning of the laws if you are going to use them and especially bend them a little in a creative manor.
When the ARM freeze was signed, the headlines were huge... SOLVES problem. In very fine print they said "...22 percent of subprime loan holders are excluded ". Those are the ones most at risk of foreclosure.
The Mortgage Forgiveness Debt Relief Act of 2007, says the following:
"This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive."
So if I understand this correctly and close a short sale, there STILL maybe debt forgiveness and a 1099. They did not change the IRC to treat debt forgiveness differently.
Mindy.... the ShortSalePro sells a few courses on the subjects you are seeking.
They are inexpensive and easy to follow, so why not spend a few bucks and earn a bunch of money following the rules and examples.
Since I bought one of his courses a couple of years ago, I have earned 1,000 times (no kidding) what I paid for the course.
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Save your money.
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If you just ask ssp, a few of the questions you are wondering about. I am sure, he or someone can help you with your problem.
That sounds abour right.
Pardon my RANT, but people need to understand the meaning of the laws if you are going to use them and especially bend them a little in a creative manor.
When the ARM freeze was signed, the headlines were huge... SOLVES problem. In very fine print they said "...22 percent of subprime loan holders are excluded ". Those are the ones most at risk of foreclosure.
The Mortgage Forgiveness Debt Relief Act of 2007, says the following:
"This Act will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive."
So if I understand this correctly and close a short sale, there STILL maybe debt forgiveness and a 1099. They did not change the IRC to treat debt forgiveness differently.