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| mortgage forgiveness Latest NewsBy RE/MAX Executive Realty Ellen Mitchel offers a free report with information on the Mortgage Forgiveness Debt Relief Act and the options available to Miami FL homeowners facing foreclosure. By Short Sale Mitigation Services How a Foreclosure or Short Sale affects your taxes in Minnesota (MN). Bank will send you a 1099. You are protected by The Mortgage Debt Relief Act or you can claim insolvency. So either taxes are forgiven or you are insolvent. | ||||||||||||||||||||||