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Loan Modification

: The Truth About Mortgage.com

California Enacts Mortgage Forgiveness Tax Relief

By scot184

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A new California state law enacted at the eleventh hour allows residents to immediately exclude forgiven mortgage debt from their taxable income. The measure, “SB 401,” permits most taxpayers to exclude canceled mortgage debt up to $500,000 on their primary residence resulting from a foreclosure, short sale, or loan modification. The limit is $250,000 for married/registered domestic [...]

Full post as published by The Truth About Mortgage.com on April 13, 2010 (boomark / email).

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