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The housing bubble from several years ago put a significant number of homeowners in a terrible position. Due to plummeting real estate prices, the market value of their homes fell below the corresponding mortgage amounts, thus classifying these homes as "underwater.”

The government established relief programs to help underwater homeowners refinance their mortgages (such as the HARP program), and provided tax relief through the Mortgage Forgiveness Debt Relief Act of 2015. This legislation waived taxes on reductions of debt through refinancing, or forgiveness of debt incurred from a short sale or foreclosure of your house.

Normally, these debt reductions are considered taxable income. It may seem odd, but it makes sense from an accounting perspective. If a bank accepted your house for $50,00...

A Million Fewer Underwater Homeowners

Mortgages Can Be The Most Burdensome Type Of Debt

HAMP Loan Modifications Starting to End

Since 1992, Food City, in partnership with their customers, has conducted their annual Race Against Hunger campaign to raise funds for local n…

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Determining the amount of insurance is one of the most important aspects of purchasing property insurance for your business. It requires caref…

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Four hospitals in the Lakeway Area were awarded grants due to COVID-19, including $136,545 to Morristown-Hamblen Healthcare System, according …