Has the Mortgage Debt Forgiveness Act been extended? That would be good news for those who need to do a Short Sales.

I'm looking to buy a short sale this year as an owner occupant to rehab it for the next five years then sell it and/or get a line of credit to start to invest in buy and holds. I was curious if anyone knew if I buy t...

I received this from my accountant in his newsletter. I thought it was worth passing along.

Nine Facts about Mortgage Debt Forgiveness

If your mortgage debt is partly or entirely forgiven during tax years 2007 t...

I have a distressed homeowner who is interested in selling his home to me as a shortsale. He is way upside down on his mortgage and has experienced financial hardship. (Lost job.) Yet he does not live in the residence...

It took me nearly 8 months to figure out what this so called "mortgage forgiveness debt relief act" really was and how it could benefit me. I was with my wife one day and we overheard two couples talking about it and ...

I have a co-worker who did a deed in lieu on a rental property and subsequently received a 1099 for the difference between what the bank sold it for and what she owed on it, which was 144K. In order to avoid huge ta...

Hi All!I'm new to the note industry and looking to try a new angle on it.  (Well maybe not new, but I haven't found it yet).  I'm wondering if it's a viable idea to build a charity around the idea of buying distressed...

Goodmorning,How are Deficiency Judgments and the Mortgage Forgiveness Debt Relief Act effecting the amounting of short sales that are on the market and the deals that pertain to them with the sellers. I understand the...

Goodmorning,How are Deficiency Judgments and the Mortgage Forgiveness Debt Relief Act effecting the amounting of short sales that are on the market and the deals that pertain to them with the sellers. I understand the...

Bush's speech included a suggestion (?) that people who receive debt reduction in some cases will not owe tax on the debt forgiven.

Note that the IRS already allows this. It could mean that Bush is just restating wha...