2010
04.11

What is mortgage relief act? How will this effect a short sell on my house,I owe 160,000 house valued at?

Category: Questions & Answers / Tag: , , , , , , , , ,  / Add Comment

57,000 because of foundation failure. We lived there 22 years,I had bad wreck cant work ever again,so we sold house for 60,000 Will we have to count difference on our IRS? I draw disability and I have know one to ask we cant afford 100,000 as income we are broke please help

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2 comments so far

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  1. Sunshine said: 2010.04.11 21:58

    You likely won’t have to pay taxes on it. The IRS speaks directly to that issue here, the debt is forgiven:
    http://www.irs.gov/newsroom/article/0,,id=174034,00.html

    http://www.thhf.org/blog/2008/10/mortgage-forgiveness-debt-relief-act/

  2. Wagen said: 2010.04.11 22:14

    Suze Orman just appeared on Oprah discussing the mortgage relief act, and unemployment. For more info see below.
    http://www.xomba.com/suze_orman_oprah_gives_financial_layoff_advice

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