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Insolvency Not Bankruptcy Protects Debt Forgiveness

Insolvency - Bankruptcy - Tax Code

As we all know by now, when an individual owes a debt to another person or entity and the debt is forgiven, the canceled debt may be taxable. In the past, this general rule has applied to debt forgiveness related to a short sale. In 2007, Congress passed the Mortgage Debt Forgiveness Act (“MDFA”). The […]

Fiscal Cliff Impact on Arizona Real Estate Market and Values (VIDEO)

Fiscal Cliff in Arizona

The Fiscal Cliff could greatly impact the investment sector of the Arizona housing market, and many should find the anti-deficiency statutes of the state provide more protection than originally thought.  Real estate owners and investors need to be aware of the impending changes associated with the fiscal cliff, and keep a close eye on their investments, and […]

Mortgage Forgiveness Debt Relief Act May Get an Encore

In less than four months one of the clearest safeguards for Arizona’s distressed homeowners attempting a short sale is set to expire.  The Mortgage Forgiveness Debt Relief Act of 2007 (“Act”) has made the choice between short sale and foreclosure a much easier one to make, and it may just stick around for an additional […]