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Question by caberstevens: Can a refinanced mortgage be forgiven and non taxed if insolvent?
We relocated a couple of years ago and could not sell our home after we relocated. We still have that home and can not sell it for the mortgage amount we owe on it.
We have been able to rent it but at a huge monthly loss, and we now have come to our end with nothing left in any bank account… no savings, no 401-K left, only one poor vehicle, and most of our possessions have been sold off to keep afloat over the two years. Our Realtor has suggested a short sale and is speaking with our mortgage company about this.
My question is this: Can the forgiven amount in a short sale still be non taxed even if the mortgage on that home had been refinanced at an earlier time? I read that a loan forgiveness on a mortgage that has been refinanced might possibly be handled differently than a mortgage forgiveness on a mortgage that has been refinanced. The house that we are looking at for a short sale is located in Virginia and we did refinance earlier on.
Can anyone help with info?
Answer by Dawni Do Right Mortgage Forgiveness Debt Relief Act
More info here: http://www.irs.gov/individuals/article/0,,id=179414,00.html
Certain stipulations apply, but front the face of your situation as explained, it sounds like you qualify.
To increase efficiency and accommodate a paperless environment, Virginia Credit Union investigated modernizing its document handling process, starting with mortgage applications. The organization jumpstarted a project including ReadSoft’s document capture solution to capture, classify and index incoming data & also utilized NMS Imaging’s eFlow solution for electronic workflow. Cara Gwinn, Business System Solutions Group Manager at VACU, sat down to share the organization’s experience leveraging document automation to boost its mortgage application process.
Image by MyNeChimKi
This is a photograph of the original, but the description of the buttons for sale is:
As found on the staircases in both the east and west halls of Oatlands mansion, a mortgage button indicates that a home is paid in full. The mortgage button is handcrafted in Loudoun County, Virginia, from Oatlands boxwood.
Dating back to the mid-seventeenth century, the "mortgage button" is a long-standing New England tradition, which originated in Nantucket. When a home’s mortgage was fully paid, a hole was drilled in the top of the staircase banister or newel. The mortgage was either rolled up and placed inside the hole, or burned and its ashes were placed within. A button, usually made of whalebone, was scrimshawed with the date and owner’s initial and placed over the hole to seal its contents. from The Mortgage Button site
Perhaps Oatlands had to take out a 2nd mortgage and that’s why they have two mortgage buttons!
(available for purchase in the Oatlands Gift Shop)