Tax break for struggling homeowners set to expire

“People trying to do short sales are freaked out about it,” said Elizabeth Weintraub, a real estate agent in Sacramento, Calif. “They’re telling me they’ll do whatever it takes to close by the end of the year.” ….. If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the … More Tax break for struggling homeowners set to expire

How Long is Credit Information Retained on Your File

A Credit Reporting Agency may report negative information for seven years. exceptions: Crminal convictions may be reported without any time limitation. Bankruptcy – up to 10 yrs. Response to application for a job with a salary > $75,000 – no time limit. Information reported re: an application for > $150,000 worth of credit or life … More How Long is Credit Information Retained on Your File

Exclusion from Taxation of Mortgage Debt Forgiveness

The Mortgage Forgiveness Deb Relief Act lets homeowners pay no taxes for mortgage debt forgiveness. Previously, if a lender forgave all or part of a mortgage, the borrower was considered to have received taxable income Currently, a taxpayer may exclude up to $2 million of income from the debt on a principal residence that is … More Exclusion from Taxation of Mortgage Debt Forgiveness