You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.
You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.
You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.
You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.
You may want to read up on the federal laws regarding debt forgiveness. The debt forgiveness act has substantial restrictions with regards to tax law. Not all debt that is forgiven goes untaxed.
IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.
UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.
FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.
IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.
UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.
FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.
IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.
UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.
FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.
IMHO (Being a current FB myself) if I wanted to protect my credit I would have kept current on payments and then did a short sale. But then I’d have good credit and no down payment vs. not paying mortgage to save up before getting kicked out, so I have elected to go the foreclosure route for primary residence. The wife will have to qualify for the next place on her own, with a hefty down payment.
UrbanR has a good point on the “pain in the ass” of a shortsale, I’ve heard bad things from friends.
FYI: Bailout bill extended the mortgage debt relief act till Jan 1 2013.
