| 20 JANUARY 2011
The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.
CLICK ON OR COPY AND PASTE THIS IRS LINK INTO YOUR BROWSER to the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:
http://www.irs.gov/individuals/article/0,,id=179414,00.html/
OK, I'm really beginning to wonder if this is ever going to end! Am I the only one that feels this way? Although my business (preforeclosure/distressed) is actually helped in a strange way; it still comes down to SALES! And baby if there ain't no sales then there ain't no moolah and if there ain't no moolah, then it ain't fun! I want to have more FUN!!
I recently posted an article on our website: www.SwingSign.com, written by:
| 05 NOVEMBER 2010 | "HOW TO STAY POSITIVE NO MATTER WHAT"
Well, even-though I think the article is one of the best I've read in a while, I just have one thing to say to Dr. Bailey...the 'NO MATTER WHAT' part is really tough...HELP!!!!
I recently joined another Board: SMABOR® San Marcos Area Board of REALTORS® and went to my new member orientation this morning. Met some really nice folks. Professional presentation by Amy DuBose, SMABOR® Association Executive, but missed the 'welcome' by Holly Morris, SMABOR® President.
SMABOR® is a relatively small Board, but if the folks I met today is any indication, I'm really going to like this group.
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PreForeclosure Loss Mitigation Specialists! CALL: (866) 631-1015 CERTIFIED e-PRO REALTOR® - Pre-Foreclosure/Short Sale Specialist - CERTIFIED Loss Mitigation Consultant (888) 8-LONREED
SwingSign Corporation "...a real estate solutions company!"
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www.PreForeclosure.pro
SECURE & CONFIDENTIALSwingSign Corporation(866) 631-1015SwingSign is a nation-wide LOSS MITIGATION company specializing in DISTRESSED HOMEOWNER SOLUTIONS through our "SwingSign Systems Program". Short Sale Solutions | Negative-Equity Solutions | PreForeclosure Solutions__________________________________________________________ATTENTION HOMEOWNER!We specialize in helping families all over the country who are:1.) CURRENT ON MORTGAGE: But UPSIDE-DOWN with FAST SELL REQUIREMENT and UNABLE TO SELL QUICKLY for at or NEAR BREAK-EVEN PRICE2.) BEHIND ON MORTGAGE: FACING THREATENED or IMMINENT FORECLOSUREAs you might expect, we can't help everyone that contacts us for help. However, after a short discussion we should be able to quickly determine if we can help . Once we make that determination we will work aggressively to find the right solution for your situation, with NO OUT-OF-POCKET FEES to you. We also offer a full range of professional, Licensed Real Estate Services through our partners, affiliated-businesses, and national team members!PROVEN SOLUTIONS FOR YOU:-If you're NOT BEHIND but UPSIDE-DOWN, CANNOT SELL and MUST MOVEor-If you're FACING IMMINENT FORECLOSURE with a foreclosure date loomingor-If you're BEHIND ON YOUR PAYMENTS and IN TECHNICAL LENDER DEFAULTor-If your ARM HAS ADJUSTED resulting in serious financial hardshipor-If you DID NOT QUALIFY for a LENDER APPROVED LOAN MODIFICATION...and you feel yourself slipping deeper and deeper under the weight of worry and debt, we MAY** be able to help you too! We offer THE VERY BEST SOLUTIONS and PURCHASE PROGRAMS available for a DISTRESSED HOMEOWNER to sell their house quickly! www.SwingSignSolutions.com__________________________________________________________ATTENTION REALTORS®!Have You Been Trying To Initiate a Client Short Sale...but can't get that all important first OFFER? Or, maybe your client is UPSIDE-DOWN and can't bring CASH TO CLOSING?We work with the REALTOR® to save their client-listings by bringing a bona-fide SHORT SALE OFFER (with PROOF OF FUNDS) to their 'distressed' listing-client's lender. This all important first step to saving the homeowner and the 'distressed' listing from foreclosure will set the stage for an investor purchase of the property. With an OFFER and our PROFESSIONAL, EXPERIENCED TEAM: there is a very good chance of closing! WE PROTECT YOUR FULL COMMISSION TOO!We know talk is cheap, but give us a call and we'll PROVE it!CONTACT US TODAY!(866) 631-1015IMPORTANT CONSUMER DISCLOSURE**SwingSign Corporation nor any of our affiliated businesses, are associated with the United States government, and our service(s) is not endorsed or approved by the United States government or your lender. Even if you accept this offer of assistance and use our service(s), your lender may not agree to change your loan, accept a short sale offer, or even stop foreclosure.**As required by FTC's Mortgage Assistance Relief Services (MARS) RuleDON'T WAIT!
VISIT OUR WEBSITE FOR MORE INFORMATION!
www.SwingSign.com
SwingSign Corporation
PREVIOUS LIFE:
23 years Mobil Oil Corporation (ExxonMobil), Senior Operations Controller, Mobil Pipeline Company
FAVORITE CHARITY: Happy Hill Farm, Granbury, TX "There is no place like it on earth! 'The Farm' changes lives everyday and makes a difference in the at-risk children who live, work, play, and attend school there. You MUST check out their website and support this great organization. I challenge you to learn more...it will change YOUR life forever!"
MEMBER:
San Antonio Real Estate Investors Association (SAREIA)
American Marketing Association (AMA)
National Association of REALTORS® (NAR®)
Texas Association of REALTORS® (TAR®)
The San Marcos Board of REALTORS® (SMABOR®)
Texas Restaurant Association (TRA)
San Antonio Restaurant Association (SARA)
REALTOR®/INVESTOR: As Pre-Foreclosure / Investment Specialists, SwingSign Corporation, is "...your real estate solutions company." CONTACT: Lon Reed, San Antonio, TX 78258 (210) 497-1727 Office (800) 693-9811 Toll Free
ShortSalesSolutions.com (a division of SwingSign Corporation) "...a real estate solutions company!"
We are loss mitigation/short sale specialists, focused on helping REALTORS® and their clients nationwide save their 'distressed property' listings from foreclosure. SwingSign Short Sale Systems allow REALTORS® and their 'Distressed' clients the freedom to move on with their lives, while we (SwingSign) take over the arduous loss mitigation/short sale process. NO FEES TO THE 'DISTRESSED HOMEOWNER' OR REALTOR®! No more short sales without an offer - SwingSign will bring a bona-fide offer with verifiable proof-of-funds from one of our investor buyers! No more countless hours and even DAYS on the phone with the lenders trying to negotiate a short sale approval, only to be told you must RESUBMIT all your paperwork - SwingSign's team of experienced negotiators will take that burden from you! No more lender reduced REALTORS® commissions - refer us your 'distressed' homeowners/listings and SwingSign will pay the difference the lender refuses to pay of your FULL COMMISSION at closing (if any), WE GUARANTEE IT!
Although we are loss mitigation/short sale specialists, we also offer a full range of professional, licensed Real Estate services through our national network of professionals! If you are a 'Distressed Homeowner' in default and threatened with imminent foreclosure, or your ARM has adjusted and you feel yourself slipping deeper and deeper under the weight of worry and debt, we may be able to help you keep a foreclosure off your credit report! We have the very best loss mitigation/short sale programs available for a homeowner to STOP FORECLOSURE and SELL their house; ALL AT NO COST TO THE 'DISTRESSED HOMEOWNER' OR REALTOR®! We help families all over the country STOP and AVOID FORECLOSURE. Give us a call today! TOLL FREE: 866-631-1015 The chances are VERY HIGH that we can help you, too!
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http://www.PreForeclosureSolutions.com
http://www.ProvenForeclosureSolutions.com
http://www.WantedMotivatedSellers.com
http://www.WantedNewHomeBuyers.com
http://www.WantedRealEstateInvestors.com
http://www.WeWillMakeYouAnOffer.com
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