Foreclosure Cancellation
Foreclosure Cancellation
Mortgage and Debt Relief Act?
The act was signed into law yet? It also applies to short sales and mortgage and refi? If I sold my house through a short sale would be exempt from tax debt cancellation of 1099? What if I was going into foreclosure? I just talked to the tax department complex. at the IRS, saying that although I have a 1 and a 2nd mortgage both were used as purchase money. Never took the equity, because never had a capital property from the time I bought it, and decrease by 50%. And therefore fall under the 2007 Act debt forgiveness, as this is my home Home and property has never been taken against it.
No, not yet been promulgated. How to apply depends on the final draft, and the President says he will veto the bill, so it will cause further delays in implementation.
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