://i.ytimg.com/vi/YEB6CB_ZnJE/0.jpg” align=”left”>http://www.fastcash4homes.biz/foreclosure.htm Mortgage Forgiveness Debt Relief Act applies to short sales that will be closed before December 31, 2012. As per this act, after the lender approves the short sale and short sale is closed, they will issue a 1099-C form to homeowners for the forgiven amount and, in most cases, homeowners will not have to pay federal income taxes on the forgiven amount. However, the loan must be the original mortgage loan taken out to buy the house i.e. the subject property and, it must not be refinanced or modified loan. Homeowners must check with their tax experts for their particular situation and to find out whether or not this act would apply to them. Call Colleen for a 100% free consultation regarding your particular situation. 909-972-0041
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