Underwater borrowers have one more year to swim to the surface and short sell their homes before facing income taxes on the forgiven debt.
Good question..... Can you confirm this issue? Investment property/rental condo purchased solely for rental income....... Can short sale be done without taxable liability???? Please advise. ie: Orig. purchase condo, 2 BR - 2BA apt conversion @ $475 K w/ mortgage bal. @ $302 K...... Resale comps. now $220 K & hopeless recovery. Bad deal & need to short sale!!!
Does MFDRA apply to investment property as well or only owner-occupied residences?
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