Grandma is Giving Me a House

Q: My grandmother has expressed her desire to transfer her property to myself. I was thinking the easiest route would be a quitclaim deed. Not to sure. Please advise as to what we should file so that this is done correctly. Thanks. A: To transfer a property the correct way, the transfer must be insured [...]

Mortgage Debt Forgiven

Thanks to legislation passed by Congress, effective Jan 1, 2008, distressed homeowners will not be required to pay taxes on mortgage debt written off or forgiven as part of a bankruptcy, short sale, foreclosure, or renegotiation that involves the homeowner’s principal residence. Under the Mortgage Forgiveness Debt Relief Act of 2007, up to $2 million [...]

Question: Second Mortgage Foreclosure

Question: Unfortunately, I am a victim of the mortgage industry (I am a mortgage broker) and not a risky mortgage. After getting laid off & losing roughly $30K in commissions I am behind on both mortgages, My house is in Arizona and the 1st mortgage is WAMU-$330K The 2nd is EMC-$83K. I have lost over [...]

Mortgage Debt Forgiveness? The IRS Will Want Its Share

(MCall.com): For homeowners around the country who are seriously delinquent on their mortgages and hoping for relief, the IRS has bad news: If your lender agrees to modify your loan and forgive any part of your debt, you could owe federal income taxes on the amount forgiven. Think of it as the tax code’s ”kick-em-while-they’re-down” [...]

Mortgage Debt Forgiveness? The IRS Will Want Its Share

(MCall.com): For homeowners around the country who are seriously delinquent on their mortgages and hoping for relief, the IRS has bad news: If your lender agrees to modify your loan and forgive any part of your debt, you could owe federal income taxes on the amount forgiven. Think of it as the tax code’s ”kick-em-while-they’re-down” [...]