Forgiven Debt Not Always Taxable

Posted by admin on November 7, 2009

A question that often comes up when contemplating a short sale is the matter of how forgiven debt is viewed by the IRS. Prior to the Mortgage Forgiveness Debt Relief Act of 2007 any forgiven debt was considered taxable as income. In most instances that is no longer true. Check out IRS page – Mortgage [...]

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B of A adopting new Short Sale Platform

Posted by admin on November 4, 2009

In an effort to deal with distressed properties prior to foreclosure Bank of America is adopting Equator, a short sale module that will enable borrowers and short sale agents to submit documents and check status online 24/7. The Equator Platform, formerly REO Trans, is a web based electronic system designed to automate the short sale [...]

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