Thinking of Walking Away From Your Home? Here’s IRS’s Rules

Generally, the Internal Revenue Service (IRS) treats debt forgiveness by a creditor as taxable income. However, under federal legislation that took effect in 2007, certain home mortgage debt cancellations—such as loan modifications, short sales, or foreclosures—may be exempted from federal taxes. Other exemptions are also available. Important rules to consider • Homeowners considering a loan […]

Bank VP Parties in Foreclosed Home

Outraged neighbors ratted on a Wells Fargo & Co. employee who threw lavish parties at a foreclosed home in pricey Malibu, Calif. The bank said Monday that the employee had been fired. The Los Angeles Times first reported earlier that 39 year old Cheronda Guyton, a Wells Fargo senior vice president responsible for foreclosed commercial […]