It boils down to the concept of unjust enrichment. When someone does not pay a debt or a debt is forgiven, the IRS sees this as effectively income. You no longer have a debt to pay and someone or some business is going to look to write th
With the constant struggle for everyone in this low interest rate environment we all have to work smarter, not harder to achieve our goals. This is especially true for retirees that no longer earn wages from employment and have to make due with incom
The “fiscal cliff bill” passed by Congress January 1 included a provision to exclude borrowers from paying taxes on debt forgiven through a short sale, foreclosure, or loan modification. Known as Mortgage Debt Relief Act of 2007, the act
We are all worried about the fiscal cliff and the idiots in congress on both sides of the isle that we pay and that continue to fail us on material issues. When I use the word idiots I mean it in the most literal way a human being can use it t
Question: On a Reverse Mortgage does the interest accumulate on the unpaid balance at the same rate. If so, does that mean your paying interest on the compounded amount each month? Answer: Updated for clarification: Added “Growt
A reverse mortgage is a loan designed to allow seniors to maximize the equity in their homes by accessing flexible credit in unique ways that were not previously available. The flexibility of the funding options for a Reverse Mortgage are treme