Saturday, July 17th, 2010
Mortgage Debt Relief Act of 2007 – Lenders approved short sale, How do I ensure I don’t pay taxes?
sigpk asked:
Primary residence, first time buyer, purchased condo at $298K in August 2006. Had 80/20 option ARM, both lenders finally agreed to short sale. Property will be sold by end of this month for $145K. How do I make sure that I don’t end up paying taxes for the difference? Am I covered under the Debt Relief Act?
Primary residence, first time buyer, purchased condo at $298K in August 2006. Had 80/20 option ARM, both lenders finally agreed to short sale. Property will be sold by end of this month for $145K. How do I make sure that I don’t end up paying taxes for the difference? Am I covered under the Debt Relief Act?
July 19th, 2010 at 11:55 pm
Everything you need to answer your question can be found at the supplied URL.