Archive of posts tagged primary residence

Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income

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Homeowners who have had mortgage debt forgiven after a foreclosure, modification, or short sale may be able to exclude the canceled debt from their taxable income if they meet specific criteria. According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt …

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Mortgage debt relief act to expire at the end of 2012

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You may owe federal income taxes in 2013 if you have a short sale, foreclosure Now is the time to make the hard decision: Are you going to walk away from your underwater home? Uncle Sam is still giving homeowners until Dec. 31 to go through a short sale or foreclosure without tax consequences — …

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Valuations and Sales Discounts Eat Away at Foreclosure Proceeds

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Low property valuations and steep sales discounts reduce the proceeds from liquidated loans by almost a third, according to Moody’s Investors Service. As home prices drop, equity erosion drives most of the losses incurred on defaulted mortgage loans, but the analysts at Moody’s say in today’s environment that’s not the whole story. They maintain that …

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