Investors Still On Tax Hook (Tampa Tribune (FL) (KRT) Via Acquire Media NewsEdge) For homeowners in trouble, a short sale can be a lifesaver. Lenders allow a house to be sold for less than is owed on the mortgage and then write off the rest. The homeowner just walks away. Unless the owner is an […]
Florida Law: How Do You Assign a Mortgage?
The 2009 Florida Statutes Chapter 701 ASSIGNMENT AND CANCELLATION OF MORTGAGES 701.02 Assignment not effectual against creditors unless recorded and indicated in title of document; applicability. (1) An assignment of a mortgage upon real property or of any interest therein, is not good or effectual in law or equity, against creditors or subsequent purchasers, for […]
Investors Face Tax Liability on Short Sales-Tampa, Fl
Tax Increase Prevention Actjust passed by Congress
Homeowners whose mortgage lenders allow them to walk away from their debt got a big break from the new Tax Increase Prevention Actjust passed by Congress. Under the old law, debt forgiveness was considered taxable income in many cases – pretty painful stuff when the reason you couldn’t pay your mortgage was because you didn’t […]