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Mort. Debt Forgiveness Tax Relief Act

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Janet Guest	Posted: Tue May 05, 2009 7:02 pm    Post subject: Mort. Debt Forgiveness Tax Relief Act Like 0 Dislike 0 If I used credit cards to make improvements on our principal residence and then refinanced to pay off those credit cards (used to pay for home improvements), will I qualify for the Tax Relief Act if I do a short sale or a deed in lieu of foreclosure? Thanks, Jan _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Tue May 05, 2009 9:49 pm    Post subject: Like 0 Dislike 0 Welcome Janet, As far as I know, the debt used to refinance your home qualifies for Mortgage Debt Forgiveness Tax Relief Act, however, only to the extent that the principal balance of the old mortgage just before the refinancing, would have qualified. _________________ Procrastination is the enemy of your financial success

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