Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

Twitter will use this to make your timeline better. Mortgage Debt Relief Act has been renewed. NOW is your time to look into a #shortsale. http cliff-deal-debt-forgiveness-law-survives?utm_source=feedburner&utm_medium=feed.

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That forgiven debt counted as taxable income. For many, this resulted in an unexpected, huge tax bill. In 2007, Congress enacted the Mortgage Forgiveness Debt Relief Act. We were worried that this tax benefit would drop off the face of the fiscal cliff in January.

Happy New Year and Happy Fiscal Cliff Agreement Day! So now that a new deal is approved keeping us from falling off the fiscal cliff, the next step is Below is a great article that touches on the benefits of doing a short sale, how you can still protect your capital gains, and the mortgage interest deduction.

Fixed mortgage rates hit 50-year lows: Freddie Mac Interest rates on U.S. 30-year and 15-year fixed-rate mortgages decreased to their lowest levels in 16 months in step with lower U.S. bond yields amid worries about trade tension between China and.

Debt Forgiveness Act What's Up 2013 Economic expansion is expected to continue after a fiscal cliff deal was reached last night. Stocks are set to rally this morning and Treasuries are selling off on news that a fiscal cliff deal was reached last night. This has led to speculation in the market that economic expansion will continue.

However, in 2007, Congress passed a law, the Mortgage Forgiveness Debt Relief Act of 2007, which allowed taxpayers to avoid paying such taxes. Thus, if a lender agrees to a short sale or agrees to take less than you owe on your mortgage, you would not have to pay taxes on the unpaid balance of the.

The housing market is on firmer ground today, as two major tax provisions survived the "fiscal cliff.". Congress did not touch the mortgage interest deduction, and it extended tax relief for one year on mortgage debt forgiveness.

SEVERAL amendments tabled in the House of Assembly Wednesday proposed fee increases on government services, including character certificates, finger printing and vehicle chassis checks. FINANCE.

What is mortgage debt forgiveness? If you owe a debt (such as a mortgage loan, in the case of this article), the lender may choose to forgive or cancel The Mortgage Debt Relief Act applies to the following 4 situations: Homeowners who are granted principal forgiveness on their mortgage loan.

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