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The Mortgage Forgiveness Act ExpiresThe Mortgage Forgiveness Act was written and enacted into law as a measure to help homeowner who have sold their homes in a short sale, but still owned the lender. The bill gave the homeowner tax exemption for the debt. The Mortgage Forgiveness Act expires on the eve of the worst housing crisis since the Great Depression. If you was fortunate enough to sell your home last year, but needed to sell it with the lender getting less than what they were owned; you may be taxed on the deficiency. The bill, President Bush signed that gave tax exemptions on the deficiency created from the short sale is now taxable unless Congress extends the bill. There is still time to ensure that the debt is forgiven by the lender if your property is sold after January 1, 2007 and before January 1 The tax form that allow you to take advantage of debt forgiveness is Tax Form 982. You have to prove that you are insoverign and unable to pay the debt back. Article Tags: Mortgage Forgiveness Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOREducation is the key to my continued success in this business because not only do I educate myself to keep up with the latest trends in the market ie short sales, REO, etc, I help my clients do the same. I provide comprehensive information on properties that allow my clients sufficient information for them to know if the transaction will be profitable. I also have a network of insurance agents, contractors, mortgage broker, CPAs, lawyers, appraisers, inspectors ... all important team members for both the homeowner and investor, alike.
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