Tag Archives: foreclosure

Short Sales in New York and Westchester County

Why Is a Short Sale Better Than Losing Your Home in Foreclosure? To begin, a little background on short sales. A short sale is where a borrower or homeowner owes the bank more than the value of their home. There are still many areas where home prices have never rebounded from their 2005 and 2006 […]

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2007 Mortgage Debt Relief Act and Tax Implications in a Short Sale and Foreclosure

2007 Mortgage Debt Relief Made Retroactive The Mortgage Debt Relief Act of 2007 was put in place to assist homeowners who had debt forgiven, cancelled or discharged in regards to a short sale or foreclosure or who had their mortgage reduced through some kind of restructuring (loan modification) on their PRINCIPAL RESIDENCE. So this Act […]

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