Eric CruzUnfortunately for many homeowners in Florida who own property with mortgage balances larger than the property’s value, the Mortgage Forgiveness Debt Relief Act (the “Act”) expired on December 31, 2013. The Act once created an exemption from taxation for discharge of indebtedness income when it related to the sale of a qualified principal residence.
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Eric CruzThe government program Making Home Affordable, which has assisted over one million U.S. homeowners, was originally scheduled to lapse at the end of 2013. However, the U.S. Treasury announced on May 30 that it is extending the program for two more years. Accordingly, the program is now scheduled to continue until at least December 31,
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Eric CruzAs part of the recent fiscal cliff deal, Congress extended the Mortgage Forgiveness Debt Relief Act through the end of 2013. This is great news for those who may complete a short sale, loan modification, or other mortgage workout in 2013.
As part of a short sale, loan modification,
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