Short Sales Tax Exemption Renewed Through 2013
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January 6, 2013 - 1:08am
Econintersect: Consider a couple that scraped together all the cash they could muster in early 2006 to buy their dream home in one of the frothy real estate markets. Let's say they were able to come up with $40,000 and got the $340,000 home with a $300,000 mortgage. Now they are both out of work, or at least full-time work and so have very limited income, and their home is worth only half of what they paid. But they are lucky in one regard: they have an offer from a buyer that will net them $170,000. The problem, of course, is that they owe the bank $290,000 to repay the outstanding mortgage balance.
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January 6, 2013 - 1:08am
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