There is no tax on a mortgage foregiven in a bankruptcy, but there may be no tax on a home mortgage foregiveness after 2007 which is when congress passed the Mortgage Forgiveness Debt Relief Act. Before you pay taxes on 1099 income for a short sale chech and see if you are eligible for this relief.
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While the fact that a company is new by itself doesn’t necessarily mean that you are going to get a bad modification, you’re less likely to be scammed if the business you are dealing with has some sort of track record.
Being that we already happen to be talking about things in the ball park of Taxes on Mortgage foregiveness Bankruptcy Attorney, Before contacting your bank’s loss mitigation department or a loan mod company, do your homework-learn as much as you can about the loan modification process so you can make informed decisions.
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