Ordinarily, if all or part of a home loan is forgiven by the lender, either in a
short sale or foreclosure, the amount forgiven is taxable income.
However, Congress adopted the Mortgage Debt Relief Act of 2007 to save millions of underwater homeowners from this tax disaster.
Open this article from Inman News to see where you stand.
http://lowes.inman.com/newsletter/2012/09/04/news/200013
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