more tax things to be mindful of: -cancellation of indebtedness income -many of the homeowners who received 1099c post foreclosure/shortsale, MUST file IRS form 982 (which is an attachment to the 1040) check www.IRG.gov for full rules
Posts on ‘February 5th, 2010’
Banks Seek Payback from Walkaways
Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former home owners who walked away from their properties or sold them in short sales.Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option [...]
