Mortgage Forgiveness Debt Relief Act Extended to Cover 2015 and 2016
Thanks to a spending bill signed by President Obama on Dec. 18, 2015, the Mortgage Forgiveness Debt Relief Act has been extended to Dec. 31, 2016. The extension will also retroactively cover mortgage debt that homeowners canceled in 2015. The Mortgage Forgiveness Debt Relief Act helps homeowners ...
The Mortgage Forgiveness Debt Relief Act and Cancellation of Debt
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 b ...
The US Treasury Department’s ‘Hardest Hit Fund’ Explained
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 i ...
4 Things to Know About Quitclaim Deeds
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 th ...
