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Missing Name in Notary Acknowledgment Really Means Bad Mortgage in Massachusetts

3/19/2010 8:51 PM

Incomplete notary acknowledgment can destroy a mortgage's enforceability against third parties Related posts:

Tax Fact 9-Make Sure Address Current With Mortgage Lender

3/18/2010 4:10 PM

Most home lenders, banks and government agencies are required to notify you and the IRS if they cancel all or a part of your debt. This is done by the issuance of Form 1099-C or, at times, Form 1099-A. By law, these forms must show the amount of debt forgiven and the fair market value [...] Related posts:

Tax Fact 6-Cancelled Debt From a Refinance Can Be Taxable Income

3/15/2010 3:39 PM

In explaining tax on mortgage debt forgiveness, the IRS stresses, as tax fact number 6, that proceeds of refinance debt used for purposes, other than buying, building, or making a substantial improvement in the principle residence, do not qualify for exclusion from income if the debt is cancelled. This can be important. Many lenders req...Read More

Tax Fact 5-Refinance Debt for Improvements is Excludable

3/14/2010 3:24 PM

IRS tax fact number 5 tells us that refinanced debt proceeds used for the purpose of substantially improving your personal residence qualify for exclusion from income if the debt is later is cancelled. In other words, if you re-finance your principal residence home mortgage and use the excess funds (the portion not used to pay [...] Related...Read More

Tax Fact 4-Only Certain Mortgage Debt Qualifies For Exclusion

3/13/2010 5:55 PM

Mortgage debt forgiveness is considered to be income unless it is excluded. Principal residence debt has its own exclusion from income if it is cancelled or forgiven by the lender. To “qualify” it must be what is defined by the Internal Revenue Service as “qualified principal residence debt”. The debt must have been used to [...] ...Read More

Tax Fact 3-Debt Cancelled through Mortgage Restructuring is Eligible

3/12/2010 5:53 PM

The IRS, in listing ten important facts about mortgage debt forgiveness, points out that debt on a principal residence that is cancelled by restructuring the loan in cooperation with the lender can exclude it from taxable income. Subject to the two million dollar limit on the Mortgage Forgiveness Debt Relief Act of 2007, a write [...] Relat...Read More

Tax Fact 2-Mortgage Debt Forgiveness Exclusion Financial Limits

3/11/2010 5:46 PM

In order to qualify for full exclusion from income when debt is cancelled on the taxpayer’s principal residence, the amount of debt cancelled cannot be more than two million dollars for a married couple or individual; or if an individual is married but filing a separate return, the debt cancelled cannot be more than one [...] Related posts: