Forgiven Debt Not Always Taxable

admin — Sat, 07 Nov 2009 18:13:24 +0000

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 Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

Wondering if a short sale is your best option? Call us for a free consultation.

B of A adopting new Short Sale Platform

admin — Wed, 04 Nov 2009 16:10:25 +0000

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 process and improve communication and approval timelines.

In another sign that short sales are increasingly becoming the preferred method of dealing with properties at risk of foreclosure it is reported that B of A has expanded its personnel in the division handling this type of transaction.

With short sales typically resulting in a higher net sales price look for this type of system to be adopted by other major lenders.

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Forgiven Debt Not Always Taxable

B of A adopting new Short Sale Platform