Current Trends and Resources
Do you know about the Mortgage Foregiveness Debt Relief Act of 2007? If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income. You may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return. If you qualify, you claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attaching it to your federal income tax return for the year.
In February, the Florida Supreme Court requested that 68 new judges be added to the Florida State court system. Rising volume in foreclosures is a major reason for this request. This is a sign of the struggles of the new economy. The attorneys at Simon, Sigalos & Spyedes, PA have a wealth of experience in the foreclosure process and have worked through the court systems during tough economic times. Both George Sigalos and Mike Simon have experience in representation of lenders, the FDIC, Resolution Trust Corporation and other lienors and interested parties and they are available for consultation upon appointment.