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Most Recent Articles on Paying Off Debt

5 Things You Need to Know About the Mortgage Forgiveness Debt Relief Act

5 Things You Need to Know About the Mortgage Forgiveness Debt Relief Act

Americans struggling with substantial mortgage debt that exceeds the value of their home have several options, including a short sale, foreclosure, or mortgage restructuring. Traditionally, any of these options that results in forgiving or discharging some of the debt on their primary home results in a form 1099-C, Cancellation of Debt, from the lender.

The IRS considers most forms of cancelled debts, including mortgage debt, as income for the recipient. This can mean a tax bill of thousands of dollars, even if you lost the home in foreclosure.

The Mortgage Forgiveness Debt Relief Act of 2007 was passed at the height of the foreclosure crisis, gives homeowners tax relief from this forgiven debt. Here’s what you need to know about the Mortgage Forgiveness Debt Act.


4 Things to Negotiate When Taking an Auto Loan

4 Things to Negotiate When Taking an Auto Loan

Public transport doesn’t meet the transportation needs of many Americans and an increasing number of people are deciding to own cars.

The easiest way to pay for a car is by cash or check but not many people can afford to pull out $20,000 to buy a car and drive it off the lot. Hence, most car buyers need to take up one form of auto loan or another.


How to Recover Financially After an Accident

How to Recover Financially After an Accident

Accidents happen to the best of us. Some are relatively painless, others are incredibly painful — not just in the emotional or physical sense but in the financial sense as well.

Take car accidents, for example. Even a minor fender bender can set your finances back months or even years.

How are you supposed to get back on track after an accident wipes out your emergency fund, increases your insurance, and leaves you holding what will likely be a substantial bill?