Going through a short sale or foreclosure or know somebody who is? Trying to buy a foreclosed home? The unofficial word on the street is get it closed before the end of the year. The Mortgage Forgiveness Debt Relief Act is not expected to be extended again. This means the deficiency in what you owe and are short of will be counted as income for your income taxes. This will likely cost you thousands of dollars.
Click on the link to learn about what is currently in place.