Tag: discharge of indebtedness

Mortgage debt discounts and no deficiency obligations for California homeowners

by Amy Thomas | May 9, 2016 | Buyers and Sellers, Feature Articles | 1

Distinguish between recourse and nonrecourse mortgage debt to determine the remedies available to homeowners and lenders in the event a homeowner defaults.

Common short payoff income tax reporting mistakes

by ft Editorial Staff | Oct 18, 2011 | Real Estate, Tax | 0

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)...