Oregon Law Blog

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Mortgage Forgiveness Tax Treatment

People considering a short sale or a deed in lieu of foreclosure or a strategic default need to consider how the IRS will treat the debt that is forgiven. Because the IRS typically treats debt that is forgiven as "income" A short sale particularly can result in the mortgage company sending the homeowner a 1099 form stating that the homeowner received "income". However, due to mortgage crisis, the federal government has passed legislative relief for most homeowners.

There is a great blog article from Hertsel Shadian, Attorney at Law, LLC, we found that succinctly sets out the tax issues encountered by all the homeowners that are considering a short sale, deed in lieu or strategic defaulting on their home.

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts you should know about Mortgage Debt Forgiveness. Read Full Article - Return To Top of Page

Hit By Bad Driver? What To Do When Other Driver's Insurance Company Calls

Let's say, for example, your car has been rear-ended on the freeway or at a stop light. Your rear bumper and trunk are smashed. Your neck and shoulders snap back from the force of the collision and begin to ache. You develop a headache and experience a feeling of disorientation. Your joints are sore.

Your primary concern following an injury accident is to feel better and ensure that your injuries are not serious. Your first instinct should be to seek immediate and appropriate medical care from a physician or hospital emergency department. In Oregon, where PIP coverage is mandatory under State law, you can and should get the immediate medical care you need without delay. You paid premiums for this coverage and are entitled to the best care available. PIP is YOUR coverage under your insurance policy. Cooperate with your own insurer and your medical bills will be paid. Read Full Article - Return To Top of Page

Mortgage Relief Scams

For people who are upside down in their homes, and are desperately looking for a way out, rest assured that scammers are more than willing to take your money. A Huffington Post article about mortgage relief scams explains one type of common scam.

Before you ever, ever, ever agree to hand your money over to any mortgage relief, or debt workout, or distressed loan "specialist" (who may actually be nothing more than a boiler room operator somewhere in Florida), talk to a local reputable attorney about your legal options. For a relatively small fee, an experienced attorney can assess your situation and spell out your options. Read Full Article - Return To Top of Page