Michigan Bankruptcy Blog

Foreclosure & Short Sale Mortgage Tax Break Expires

Foreclosure & Short Sale Mortgage Tax Break Expires

Bankruptcy Now the Only Sure Way to Avoid Taxable Penalties for Walking Away from Real Estate Short Sales Now a Worse Deal than Ever As reported by the Los Angeles Times here, the tax break extended to homeowners who have experienced a foreclosure or conducted a short sale of their primary residence under the Mortgage Forgiveness Debt Relief Act expired on December 31, 2o13, thanks to the inaction of the US Congress. As a result, a surrender of foreclosing, ...

Posted on January 20th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Home Short Sale after Chapter 7 Bankruptcy: Why They Often Don’t Go Together

Short Sale After Chapter 7 Bankruptcy: Is There Any Point?   Guest Post by Atlanta Bankruptcy Attorney Peter Bricks. Short Sale After Chapter 7 Bankruptcy: Duplicate Efforts I am often surprised how many chapter 7 bankruptcy debtors who want to file bankruptcy just before a foreclosure sale to stop the sale, ask the following question: Can I short sale my house after I file bankruptcy? Although it can be done, it rarely makes sense. The reason is because a ...

Posted on April 4th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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