Foreclosure Article


The Mortgage Forgiveness Debt Relief Act

The Mortgage Forgiveness Debt Relief Act generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.  Restrictions and rules apply to the act. For example the debt forgiven must have taken place between 2007 through 2014. 

For more information about the Mortgage Forgiveness Debt Relief Act please visit the website of the Internal Revenue Service.


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QUESTIONS

  • Is there protection for tenants in foreclosure actions now that the federal act's sunset provision has taken effect?
  • My home was forclosed on 2yrs ago after my real estate agent tried for 2 long years to short sale it.  Mortgager #1 denied all offers for the first 1.5yrs, while 2nd mortgager was agreeable.  Final offer was finally accepted by Mortgager #1 but 2nd mortgager completely blocked the sale by rejecting offer.  Now 2nd mortgager still sends me mortgage bills and calls me daily to try to collect this debt!  They also report my payment as LATE EVERY MONTH! Is there any way to get them to leave me be?  Do they have the legal right to harass me even though they are the reason I went through this foreclosure?
  • The house we rent is in foreclosure. Are we obligated to stay in the house for the 90 days allowed or can we move as soon as we find a new place to live? Can the landlord hold us to the terms of the lease even though the house is in foreclosure now? Can he take us to court if we move out prior to the end of the lease?
  • My house was place in auction we spend about 30 years living there my original loan was 50.000 by USDA how do I get the full information. sold auction quantity and excess of funds I have contacted Home Equity Invs they informed me that the house was auctioned for 38.000 and i have excess of funds 16.000 how do I check if is true.
  • Can the county foreclose on my condo due to non-payment of RE taxes?
  • I own 2 properties, if I let one go into foreclosure and reside in the other property can the bank readjust my mortgage that is not in foreclosure?
  • I am living in a house that is in foreclosure. The trustee date is in December, how lolng do I have until I get evicted from the property? How does the whole foreclosure work in AZ?
  • i rent a house that is going for auction. do i have to keep paying him rent or can i keep that months rent so i can move out. how long do i have to move when it is sold.
  • I am filing a foreclosure on an agreement for sale because of non payment for 5 months. Do I need to send a letter of intent to foreclosure and wait 60 days before filing with the court?
  • How do I foreclose on a property that has a breech of contract for a promissory notes that was secured by the home with a lien and one that was recorded last year? What is the process?

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