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Category Archives: Foreclosure Prevention
Important Tax Considerations in Foreclosures, Short Sales, and Deeds-in-Lieu of Foreclosure
How do you determine whether there is income from cancellation of debt from a foreclosure, deed in lieu of foreclosure or short sale?
Cancellation of debt (COD) income is defined as the amount by which the canceled debt is more than the fair market value of the property which was used to secure the loan. COD income can occur when a bank forgives part of a debt to which a person was personally liable. Continue reading
Upside Down Real Estate- What Are The Options?
In this ever changing economy, many never expected to find themselves in such a financial quagmire. Investing in real property has always been the ‘smart’ thing to do. For those who purchased homes in the last few years and paid … Continue reading
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