Posts Tagged ‘loan’
Adios to Mortgage Forgiveness Tax Relief Act ("Act")
The general IRS rule is that any forgiveness of debt will be taxable. In response to the housing disaster of the mid-2000’s, the Act was passed by Congress in 2007 to give relief to taxpayers who had debt forgiveness as the result of either a foreclosure or a short sale. The Act was subsequently extended…Read More
Can Retiree’s Checks Be Garnished?
Question: I am a retired Marine Corps colonel living in Sun City with my wife of 47 years. Several years ago, our son and his wife wanted to borrow money for landscaping and a swimming pool in their backyard. We wanted our grandchildren to have a nice backyard, so we co-signed on the loan. Our son…Read More
Protection Of Anti-Deficiency Statute Cannot Be Waived
On June 13, 2013, the Arizona Court of Appeals ruled that the Arizona anti-deficiency statute cannot be waived in advance by a homeowner. Parkway Bank and Trust Company v. Joseph Zivkovic, 1 CA-CV 12-0612. Facts: Zivkovic personally guaranteed a loan for his business, listing himself as the borrower and incorporating a previous loan…Read More