Real Estate
Tax Relief for Borrowers Facing Foreclosure
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 […]
Candidates and Subprime Reforms
The 2008 presidential candidates have now voiced their opinions. Clinton and Obama both want drastic overhauls and billions of dollars to head back to mortgagors whereas McCain prefers a more hands-off approach.
Their proposed policies are becoming increasingly important to voters and industry lobbyists with each day that the mortgage crisis worsens. […]
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