Does anyone have any information on this? It doesn't seem like anyone is aware of thsi bill being passed as realtors are still questioning if clients will be taxed for their deficiency on a short sale.

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Wasn't that the Mortgage Forgiveness Debt Relief Act of 2007 signed by former Pres. Bush?

I think it was extended to 2012.

Here's the IRS link:

http://www.irs.gov/individuals/article/0,,id=179414,00.html
Kelly do you have a link or something about this. Sounds like you are talking about something different than the MFDRA. Or are you? Never heard of 2nd home restrictions.
See the attached update.

Bob Wienk

Makoto Sato said:
Wasn't that the Mortgage Forgiveness Debt Relief Act of 2007 signed by former Pres. Bush?

I think it was extended to 2012.

Here's the IRS link:

http://www.irs.gov/individuals/article/0,,id=179414,00.html
Attachments:
Here is the link. I'm just trying to understand if banks will or will not 1099 for the deficiency. They can't do both, It's either 1099 or go after the deficiency. So if this is true, then does this mean that law does not allow lenders to 1099 on a short sale? And if they can't or won't 1099 then will they then go after a deficiency? I don't think anyone is clear on this.

Mori Langshaw Sr said:
Kelly do you have a link or something about this. Sounds like you are talking about something different than the MFDRA. Or are you? Never heard of 2nd home restrictions.

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