Great News For Underwater Homeowners Looking to Break Free.

It used to be that, if you were an underwater homeowner who had fallen on hard times, and who had to do a short sale, the forgiven debt would be counted as income on your tax return. Think about that — you have $400,000 in debt against your home and, after the downturn, it’s only worth $250,000 when you are forced to sell it or have your lender foreclose. Then, at the end of the year, you owe income taxes… read more →