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Transcripts
- Host Hotels & Resorts, Inc. F3Q08 (Quarter End 09/05/08) Earnings Call Transcript
- General Electric Company Q3 2008 Earnings Call Transcript
- DragonWave Inc. F2Q09 (Qtr End 08/31/08) Earnings Call Transcript
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- Total System Services, Inc. Q3 2008 Earnings Call Transcript
- Tortoise Capital Resources F3Q08 (Qtr End 08/31/2008) Earnings Call Transcript
- Intraware, Inc. F2Q09 (Qtr End 08/31/08) Earnings Call Transcript
- LTX-Credence Corporation Business Update Call Transcript
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2 Comments
Buying Dow for a Better Deal than Warren Buffett Got
It would be good if comments and/or suggestions were kept relevant to the article of the author only. That way we would not have to read lots of unsolicited and often irrelevant comment. If we want general investment advice we can always subscribe for a newsletter.
Misinformation From Fannie and Freddie On Walking Away
"Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?
No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
What about refinanced homes?
Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.
Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009."
Walking away may thererefore not only taint your credit rating and affect your future chances on a mortgage. There may also be a further income tax sting in the tail if you walk away when there is recourse for the (remaining) debt and the lender has not agreed to cancel it. For refinanced debt (before 2007) you have to be even more careful. See your tax adviser and lawyer before making things worse.