Anne Arundel County has changed its controversial "short sale" tax policy.  In a short sale, a house is sold for less than the seller's mortgage.  Under the old policy, taxes were based not just on the sale price, but on the price plus any amount of the loan that was forgiven by the lender.  If a house with a mortgage of $200,000 was sold for $150,000, the tax was paid on $200,000.  The new policy will change the rules so that the sale money will be the only amount taxed - only $150,000 will be taxed on the house from the previous example.

If you're facing foreclosure and are worried about your options, find out what the Maryland mortgage modifcation attorneys of Chaifetz & Coyle, P.C., can do for you.  Contact us today by calling 443-546-4608.