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Author Question: In the past, a short sale resulted in a large tax burden to the former homeowner in the amount of ... (Read 81 times)

bcretired

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on: Aug 3, 2018
In the past, a short sale resulted in a large tax burden to the former homeowner in the amount of the uncollected and forgiven mortgage debt. Some relief for this burden is now found in:
 
  a. The doctrine of estoppel.
  b. The Making Home Affordable Program.
  c. The Mortgage Forgiveness Debt Relief Act.
  d. A loan modification.

Question 2

Adam and Melissa bought their house with a(n) ____ mortgage. They could just afford the payments at the time, but now the interest has ____, and they need to seek help to avoid foreclosure.
 
  a. Underwater; dropped
  b. Subprime; dropped
  c. Underwater; ballooned
  d. Subprime; ballooned


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Kdiggy

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Reply #1 on: Aug 3, 2018
Answer to Question 1

c

Answer to Question 2

d


bcretired

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Reply 2 on: Aug 3, 2018
Thanks for the timely response, appreciate it

bbburns21

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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