The Mortgage Forgiveness Debt Relief Act and Cancellation of Debt

Posted on October 25, 2015 by Stephen Hachey

If you owe a debt to someone and he or she forgives it, that amount could be taxable. The Mortgage Debt Relief Act of 2007 lets taxpayers exclude income from the discharge of debt on their primary residence. Forgiven mortgage debt from a foreclosure and reduced debt through mortgage restriction both qualify for relief. If […]

The US Treasury Department’s ‘Hardest Hit Fund’ Explained

Posted on October 16, 2015 by Stephen Hachey

When the housing market crashed in 2007, millions of homeowners faced the risk of foreclosure as a result of declined property values and high unemployment rates. The worst part of the crisis lasted until 2009, and a year later the Obama administration launched the ‘Hardest Hit Fund’ to help those impacted the most. The housing […]

4 Things to Know About Quitclaim Deeds

Posted on October 5, 2015 by Stephen Hachey

When a house is transferred from the previous owner (the grantor) to the new one (the grantee), it’s done so with a property deed. Although there are many classifications for a deed, most property deeds are considered private. Deeds are also classified according to the type of title warranty that the grantor provides. General warranty […]

The Mortgage Forgiveness Debt Relief Act and Cancellation of Debt

The US Treasury Department’s ‘Hardest Hit Fund’ Explained

4 Things to Know About Quitclaim Deeds

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