What a relief to know there is something that can be done.

And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.But when the Taxpayer Relief Act of 1997 became law, the home-sale tax burden eased for millions of residential taxpayers.

It didn't matter to me though.I wouldn't buy a property from my mother without an ALTA Title policy so fortunately, and to the relief of my agent, I was covered and my sale went through on time with only this little hiccup.

Failure from the borrower (not the Trustee) to make the future scheduled payments are grounds for the creditor to seek Relief from the Stay of Bankruptcy.

Joe Gore Short Sales hurt credit - FICO.See http://www.myfico.com/crediteducation/questions/foreclosure-alternatives-fico-score.aspxIt is a foreclosure.It hurts your reputation and you have to sign on Govt employment apps you have been through a foreclosure.IRS You may owe money to the IRS http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-To avoid a short sale,-rent the property out,-sell on sub2,-sell on lease option,sometimes better than short sale.

Through 2013 the Mortgage Debt Relief Act protected owner occupants but that expired at the end of last year so I've yet to see how that's going to effect sellers this year.

Difference between discharged and dismissed.Dismissed is when through the repayment plan of a chapter 13 for example payments are missed or there is another reason the case is filed to be dissolved voluntary or involuntary.Generally the banks that own the note will not talk to the property owner during a BK unless they direct and authorize in writing that it is okay because the bank can get fined for violating the stay and pursuing a collection activity.You can have a BK still in place but the lender on the property or the filer might allow a relief of stay for just the house etc.

With regard to lease options you need to seek out sellers that need debt relief.

Debt Relief?

She moved shortly after this episode to everyone's relief.