Looks like Loan Mods R Us and other scammers (and even some legitimate companies) will be going bye-bye. FINALLY!! Highlight are: January 31, 2011 – The FTC will be able to proceed against any firm that collects upfront fees without obtaining the required written proposals at no charge from lenders. Litmus test: If a firm [...]
What are the tax consequences of a foreclosure, short sale or loan modification?
March 16, 2010 By Leave a Comment
Yesterday the IRS paid a visit to our office to verify some information. Everything was OK but it got me thinking. What does the IRS say about the tax consequences in real estate transactions in regards to distressed situations. This is a common question from clients. Let’s see what the IRS has to say: The Mortgage Forgiveness Debt Relief [...]
