If you borrow money from a financial institution and that financial institution forgives some amount to you, it will be added to your taxable income under the mortgage forgiveness act 2007. For example, you borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt [...]
Posts from ‘December, 2009’
Obama’s Foreclosure Plan
In recent years number of people who faced foreclosure in United States of America is increased by many times. It is obviously because of the recent economic world wide crisis that adversely affected economy of United States of America as well. Unemployment rate in United States of America is reached to 7.3% by [...]