Comments on: Mortgage Forgiveness Debt Relief Act of 2007 is Now Law

By: Real Estate Financing for 2008 — At Home In Scottsdale | Your Guide to Scottsdale Real Estate

Thu, 13 Aug 2009 14:32:43 +0000

[...] signed by the President last week. Much has already been written. Home seller who are upside down (oweing more than their house if currently worth) will gain [...]

By: First-Time Home Buyer Tax Credit Website – Arizona Mortgage Guru

First-Time Home Buyer Tax Credit Website – Arizona Mortgage Guru — Thu, 11 Dec 2008 03:57:08 +0000

[...] Federal government has been very busy this past year and half or so enacting all kinds of legislation. Many changes have been made to mortgage finance tax law. So many that it can be hard to keep [...]

By: Arizona Mortgage Guru » Second Homes Do Not Qualify For Mortgage Forgiveness Debt Relief

Sat, 02 Feb 2008 16:13:36 +0000

[...] 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 [...]

By: Shailesh Ghimire

Shailesh Ghimire — Wed, 16 Jan 2008 17:56:03 +0000

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.

By: Rick

Rick — Mon, 14 Jan 2008 22:12:09 +0000

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

By: Jay Thompson

Jay Thompson — Mon, 24 Dec 2007 22:08:35 +0000

Merry Christmas Shailesh (and Aimee)!