What You Need to Know about Cancellation of Mortgage Debt

Make sure you know all the consequences of Short Sales and Foreclosures. Here's some NAR (National Association of Realtors) information:

Current Law for Mortgage Debt(Jan. 1, 2007 through Dec. 31, 2012): A borrower can be excused from paying tax on forgiven mortgage debt. The debt must be secured by a principal residence and the total amount of the outstanding obligation may not exceed the original mortgage amount plus the cost of any improvements.

There's much more!