Porritt Law Firm Home Overview Benefits & Advantages Legal Pointers Forms Schedule an Appointment Contact Us
 

SHORT SALE RELIEF FROM UPSIDE DOWN MORTGAGE
Monday, July 19, 2010

The current real estate market has left many homeowners with the dilemma of owing more on their home mortgage than they can reasonably expect to receive on a sale of the property.  For those pressed to sell their homes the situation has meant either finding money to make up the difference or persuading the mortgage lender to accept less than the entire outstanding debt upon the sale.  Such a ‘short sale’ was discouraged by the fact that the debt reduction granted by the lender became ‘income’ to the seller, subject to an income tax.
 
The Mortgage Forgiveness Relief Act of 2007 allows individuals to exclude from their gross income discharges of “qualified principal residence indebtedness”.  As with any tax law the exclusion is subject to complicated definitions.  Essentially it is debt for money used to buy, build or improve your home.  It would not apply to equity lines used for other purposes.  Nonetheless the exclusion of the debt reduction from tax liability opens a big door for relief.
 
The payment of reasonable attorney fees incurred by homeowners in negotiating a successful short sale can be satisfied from the sale proceeds as part of the arrangement with the mortgage lender.  If your home is for sale, with or without a broker, call our office to learn how we can help.

Support Information
Saturday, October 23, 2010
HOMEOWNERS DUTIES EXPANDED
Thursday, October 21, 2010
OIL & GAS LEASES
Thursday, October 21, 2010
NEW LANDLORDS
Sunday, October 17, 2010
RECREATIONAL TRESPASS
Saturday, October 16, 2010
LITTORAL OR RIPARIAN
Friday, October 15, 2010
REDUCTION OF HOMESTEAD EXCLUSION
Wednesday, October 6, 2010
ENFORCEMENT OF LAND CONTRACTS
Monday, October 4, 2010
UTILITY EASEMENT COMPELLED OVER DRIVEWAY
Wednesday, September 29, 2010
HOMESTEAD EXEMPTION FOR SECOND HOME
Monday, September 27, 2010
CHANGES IN TITLE INSURANCE
Sunday, September 26, 2010
REDEMPTION PERIODS
Sunday, September 26, 2010
LANDLORD’S DUTIES
Wednesday, September 22, 2010
FALLING VALUES, RISING TAXES
Saturday, September 18, 2010
INADVERTENT UNCAPPING OF PROPERTY TAXES
Friday, September 17, 2010
TRUST FOR MINOR CHILDREN
Thursday, September 16, 2010
JOINT REAL ESTATE DEEDS TO ‘AVOID PROBATE’
Monday, September 13, 2010
CONTENTIOUS CHARITY
Wednesday, September 8, 2010
TRANSFER TAX RELIEF
Monday, September 6, 2010
DESIGNATION OF PATIENT ADVOCATE
Saturday, September 4, 2010
TESTAMENTARY TRUSTS
Thursday, September 2, 2010
USE OF DURABLE POWER OF ATTORNEY FORMS
Sunday, August 29, 2010
TESTAMENTARY TRUST FOR PET CARE
Friday, August 27, 2010
WHAT ARE THE COSTS OF PROBATE
Thursday, August 26, 2010
GUARDIANS & CONSERVATORS
Wednesday, August 25, 2010
FEDERAL RELIEF PROGRAM
Sunday, August 22, 2010
MORTGAGE GUILT FACTOR
Monday, August 16, 2010
TENANTS OF FORECLOSED PROPERTY
Tuesday, August 10, 2010
EFFECT OF FORECLOSURE SALE
Thursday, August 5, 2010
DEEDS IN LIEU OF FORECLOSURE
Thursday, July 22, 2010
PROPERTY ABANDONMENT
Monday, July 19, 2010
SHORT SALE RELIEF FROM UPSIDE DOWN MORTGAGE
Tuesday, June 15, 2010
MANDATORY LOAN MODIFICATIONS
Thursday, June 10, 2010
CITY LIABLE FOR FLOODING
Friday, June 4, 2010
NON-DISCHARGEABLE CREDIT
Friday, June 4, 2010
PROTECTED ASSETS
Friday, June 5, 2009
CHILD’S MARIJUANA RISKS PARENT’S HOME
ENFORCEMENT OF LAND CONTRACTS
GROWING USE OF MEDIATION
HOMEOWNERS DUTIES EXPANDED
LITTORAL OR RIPARIAN
RESPONDING TO THE U.S. CENSUS
Contact Us at: (248) 693-6245    436 S. Broadway, Suite C, Lake Orion, MI 48362                                 © Copyright 2008 James R. Porritt, Jr. All Rights Reserved.
Printer-Friendly Page E-mail to Friend