Foreclosure

This tag is associated with 1 posts

Increased Foreclosure Protection for Service Members

By David C. Hill ⋅ May 24, 2008 ⋅ Post a comment

Public Act 138 (Act) signed by Governor Jennifer Granholm on May 21, 2008 aims to provide additional foreclosure protection for returning military service members. The Act issues a “stay on mortgage foreclosure proceedings for six months after the end of the individual’s military service.” The stay is intended to give service members additional time to […]

Tax Relief for Borrowers Facing Foreclosure

By David C. Hill ⋅ March 30, 2008 ⋅ 2 comments

Normally, if a borrower has a debt discharged or otherwise forgiven without adequate consideration, the IRS will consider this a taxable event. The borrower will have income - at the time of foreclosure - if the total amount of the debt owed is greater than fair market value of the property. A short […]

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