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Every situation / transaction differs, and the liability exposures and pivot points can be profound. BE CAUTIOUS!

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If applicable and in the case of foreclosure proceedings, online readers are advised to consult a tax specialist or personal certified public accountant to discuss the tax implications of whatever option is pursued whether it is a loan modification, short sale, deed in lieu of foreclosure, or actual foreclosure. Depending on which choice is pursued, a borrower could experience both recognition of ordinary income from the cancellation of debt and capital gains. Please check with your tax specialist.

IRS Circular 230 Tax Advice Disclaimer:  As required by U.S. Treasury Regulations governing tax practice, you are hereby advised that any written advice contained herein was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.