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Archive for the ‘homepage’ Category

Arizona Anti-Deficiency Statute

Tuesday, June 8th, 2010

Arizona’s mortgage deficiency statutes located at A.R.S. §33-729, §33- 814 and §12-1566 and the case law interpreting them are complex. This article includes a checklist of items to be considered to determine whether a mortgage lender has the right to obtain a mortgage deficiency judgment against a borrower or guarantor of a loan secured by real property pursuant to…

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Mortgage Debt Relief Act

Thursday, June 3rd, 2010

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value…

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