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In our Firm's experience, mortgages which are "forgiven" in this manner are generally second mortgages which are already undersecured (underwater) any clearly not worth much from an investor's perspective. Congress failed to extend the tax exemption that previously protected homeowners from having these "forgiven" mortgage taxed as income by the IRS. The exemption lapsed on December 31, 2013. This will create serious trouble for homeowners, as outlined by this article. It's important for homeowners to be aware of these issues.
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