Can Mortgage Foreclosure Have Tax Consequences?

Are you one of the many homeowners who purchased your residence at subprime rates, only to have the threat of bankruptcy and the prospect of foreclosure awaiting you just a few years later?

At the Law Office of Lawrence L. Szabo in Oakland, California, we have the knowledgeable lawyer who advises individual homeowners, developers and investors on the tax consequences of foreclosure — and guides clients to the debt relief they seek.

As your attorney, Lawrence L. Szabo gives you every benefit of his 35 years of experience with every aspect of consumer bankruptcy, including the connection between taxes and foreclosure.

For example, Mr. Szabo educates you to the importance of the Mortgage Forgiveness Debt Relief Act of 2007, in which federal taxpayers are permitted to exclude from their taxes certain discharges of debt on a primary residence. This "discharge" includes debt reduced through foreclosure and mortgage restructuring in the years 2007-2009.

Experienced Representation, Personal Attention For Every Bankruptcy And Foreclosure Client

Federal tax law is highly complicated and in a constant state of flux. Our bankruptcy and foreclosure law firm is dedicated to simplifying and clarifying the information you need that can translate to sound decisions.

To learn more about your foreclosure and its tax implications, arrange a free initial consultation with the Law Office of Lawrence L. Szabo. We can be reached by phone at 510-922-0565 or by email message.