Mortgage debt discounts and no deficiency obligations for California homeowners
Distinguish between recourse and nonrecourse mortgage debt to determine the remedies available to homeowners and lenders in the event a homeowner defaults.
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Tag: discharge of indebtedness
Common short payoff income tax reporting mistakes
The most common mistakes made when California homesellers report the discharge-of-indebtedness income on shortsales or foreclosure sale discounts are: lender error in the discounted amount on 50% of 1099-C (cancellation of debt)...
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