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November 2013

Found 1 blog entry for November 2013.

<h3><i>The real estate brokers at </i><a href="http://www.portfolioaspen.com/"><i>Portfolio Aspen Properties</i></a><i> discuss the implications of Congress not extending the Mortgage Forgiveness Debt Relief Act of 2007 by the looming December 31, 2013 deadline, which will mean homeowners that short sell or grant a deed-in-lieu-of-foreclosure may also end up with a substantial tax liability.  </i></h3>
Typically, when a homeowner short sells or settles with the bank by granting the bank a deed-in-lieu-of-foreclosure, the bank agrees to accept less than the full amount of the loan in return for not having to go through the foreclosure process.  For federal income tax purposes, the difference between what is owed on the loan and the lesser amount the lender

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