President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) last week. I have been off the computer for a few days, relaxing with family and friends, so I know this is not breaking news. I’m glad this bill is now law.
Also I want to take this time to wish all my readers a wonderful Christmas and a very happy New Year 2008.
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Update: Mortgage Forgiveness Debt Relief Act of 2007
Mortgage Forgiveness Debt Relief Passes US House
Mortgage Forgiveness Debt Relief Act of 2007
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on Dec 24th, 2007 at 2:08 pm
Merry Christmas Shailesh (and Aimee)!
on Jan 14th, 2008 at 2:12 pm
Question:
I am upside down in my home, my wife left and the job is on the way out too. I have an 80/20 loan. If I foreclose, what liability would I assume on either debt and the tax implications.
Thanks
on Jan 16th, 2008 at 9:56 am
Rick,
Sorry to hear of your situation. The liability and tax implications are dependent on the state you reside in and other factors. Please consult a tax expert to determine what your share will be.
I am not an expert on these matters and don’t feel I am qualified to answer your questions. Thanks for stopping by and taking the time to submit a comment.
on Feb 2nd, 2008 at 8:13 am
[...] homes do not qualify for the mortgage forgiveness tax benefit President Bush signed late last year. Only primary residences under $2million qualify. IRS section 121 defines what constitutes a [...]