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Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim ...
Feb 28, 2008 . Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers .
http://www.irs.gov/irs/article/0,,id=179073,00.html

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Will Mortgage Forgiveness Debt Relief Act Be Extended?
Feb 21, 2012. the Mortgage Forgiveness Debt Relief Act of 2007 will be extended . taxes on the excess loan (now converted to income) would be “fair”.
http://www.kcmblog.com/2012/02/21/will-mortgage-forgiveness-debt-relief-act-be-extended/

Mortgage Forgiveness Income Tax
If your mortgage was $300000 but you did a short sale for $200000, then you have . just signed, H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007. . was purchased as such that has the tax issues and not converted properties.
http://www.mortgagereliefformula.com/12/27/mortgage-forgiveness-income-tax/

Federal Register | Condominiums
Home Equity Conversion Mortgage (HECM) Counseling Standardization and Roster . Real Estate Settlement Procedures Act (RESPA): Rule To Simplify and Improve the . July 2007. Friday 20 · Adjustable Rate and Home Equity Conversion .
https://www.federalregister.gov/topics/condominiums

Why are there so many more shortsales than foreclosures ...
May 1, 2011 . (gated communities, conversion, 2009) . Join Date: Nov 2007 . longer be in vogue when the temp 2007 Mortgage and Forgivness act expires.
http://www.city-data.com/forum/foreclosures-short-sales-reos/1265589-why-there-so-many-more-shortsales-2.html

Additional findings from the survey are:

  • Mortgage Relief Act and definition of 'Principle' Residence ...
    Mortgage Forgiveness Debt Relief Act. Read the bill here: http://www.govtrack.us. . vacation home, second home), and then converted it to a qualified . This provision was added in 2007 during the Bush Administration, and .
    http://community.lawyers.com/forums/p/96591/458754.aspx

  • Timeline of the United States housing bubble - Wikipedia, the free ...
    1934 The National Housing Act of 1934, part of the New Deal, makes more . agency, Federal National Mortgage Association (Fannie Mae) is converted from a federal . February–ongoing: 2007 Subprime mortgage financial crisis Subprime .
    http://en.wikipedia.org/wiki/Timeline_of_the_United_States_housing_bubble

  • Mortgage Debt Relief Act of 2007 | Suite101.com
    Oct 6, 2010 . In 2007, the Mortgage Debt Relief Act granted tax relief to those with . limit exclusion of a second home converted into a principal residence.
    http://le-bach-pham.suite101.com/mortgage-debt-relief-act-of-2007-a294194

  • Canceled Debt & Mortgage Forgiveness
    . restructured their mortgage loans may qualify for tax relief under a new tax law, the Mortgage Forgiveness Debt Relief Act of 2007. The tax relief was extended .
    http://taxes.about.com/od/income/qt/canceled_debt.htm

  • Mortgage Cancellation - Legislative History
    Mortgage Debt Cancellation Relief - H.R. 3648 - Public Law 110-142 . some portion of a mortgage debt on a principal residence between January 1, 2007 and . Second Homes Converted to Principal Residence: The new law signed by the .
    http://www.realtor.org/subprime_lending.nsf/pages/mort_cancellation

On introductory bonuses, the survey found that:

  • New Law Eases Some Mortgage Woes - Toscano & Ardito CPA ...
    New Law Eases Some Mortgage Woes . However, temporary relief is available, thanks to the Mortgage Forgiveness Debt Relief Act of 2007, which President . a former residence is converted to rental property, the home gets a new basis.
    http://www.tandacpa.com/artcl_24.htm

Beware Of Tax Consequences On Forgiven Debt!
Jan 30, 2009 . As a general rule, in order to convert the property from residen-tial to . The Mortgage Forgiveness Debt Relief Act of 2007 was enacted to .
http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/8317-beware-tax-consequences-forgiven-debt.html

Home Equity Conversion Mortgages
9/1/2007 3:52 PM . 4-5 HOME EQUITY CONVERSION MORTGAGES FOR PROPERTY . program, Section 255 of the National Housing Act, to insure home .
http://www.ahacpa.org/ahacpadocs/guides/4235.1.pdf

For more information for boomer consumers, see my blog 2008 health insurance rate projections.

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