Many banks are accepting short sales on Investment properties and IRS has agreed not to treat the loss as income if the borrower can prove financial crisis. Mortgage debt forgiveness Act must have been extended otherwise no one will be willing to do a short sale. Recently I talked to a Chase Bank mortgage executive and he told me that Chase is pushing for Short sales and will hardly do any foreclosure!
Posted on: Fri, 21 Mar 2014 21:41:21 +0000
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