Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income

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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Mechanics’ Liens

California Mechanics’ Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or material to repair, remodel or build your home. If any of these people are not paid for the services or materials they have provided, you home may be subject to a mechanics’ lien and eventual sale in a …

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Four steps to buying a house in 2012

Q: I am on a mission to buy a home. I’ve wanted to own a home my entire life, and thought I would miss the opportunity to buy while the market was down, because I had no real savings when the market crashed. I think I’m ready, though, and prices still seem low. What should …

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Mortgage debt relief act to expire at the end of 2012

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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