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June, 2016

Mortgage Forgiveness Debt Relief Act

June 24th, 2016

Posted in IRS & Tax Information,Real Estate Law

The Mortgage Forgiveness Debt Relief Act (“MFDRA”) prevents homeowners who went through a short sale, foreclosure sale, a principal reduction, or otherwise received a waiver of a mortgage debt regarding their primary residence from being taxed on the amount of mortgage debt cancelled or forgiven.  Many homeowners have used the MFDRA in prior years to prevent large tax liabilities.
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Term of Office for Holdover Directors

June 10th, 2016

Posted in Condominium & Homeowner Association Law

For homeowners associations, an election of the board of directors may not occur if the association is not able to obtain a quorum at the annual/election meeting.  For condominium associations, elections may not occur due to the lack of requisite voters (the Condominium Act does not require a quorum for elections, but requires 20% of the association’s authorized voters to participate).  In those cases, unless otherwise provided in its governing documents, directors whose seats were up for election remain on the board of directors as “holdover” directors.  Certain questions arise when directors are sometimes forced to remain on the board of directors.  Does a holdover director serve until the next available election or does he or she serve for a whole new term?  If a candidate is elected to fill a seat that was occupied by a holdover director, does the successful candidate serve for a new term or only serve the remaining time left in the respective term?
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