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.
Comments:
QUESTIONS
-
When does a foreclosure come off a credit report? Seven years from the date the loan went into foreclosure, from the date of last payment or from the date of the sale at auction?
-
Can I get specifics on Foreclosures and how long before I go into foreclosure do have to make a payment?
-
I belong to a Property Owner's Association. The manager and the original Developer states we do not follow ARS Title 33 because the Association is a non-profit corp. and does not own property. We are all mandated members that must pay dues to maintain the roads that are dedicated to public use. We have bylaws, CC&R's. Is this true? The developer is getting properties back thru foreclosures and says he does not owe dues and is using his 10-1 votes from the foreclosures. Our CC&Rs say that if the first mortgagee gets property back they are not liable for past dues, but from acquisition. Help?
-
My home was in the middle of probate when they sold it so prior to bank sold it to company and because there wasn't somebody legally responsible for the loan hence I had to probate it before anybody at company would discuss it with me, and they granted me executorship a week after the sale. I then had a stroke and was in hospital, court papers scheduled in a few days to go to court. I want to keep my house of 17years what can I do? Please help fast. I am a widower of a vet and on disability as well.
-
How can I legally kick out family members? I own home they have been staying with more for over a year. Some occasionally contribute to rent but mostly don't. I have asked severe times in past 6 months to love out now I have given a 2 month telling them by September 1st but doesn't look like ahyones making plans and just freeloading and being lazy and I can't take it anymore Mom brother, sister . How do I legally get them to leave ?
-
I came across an abandon/foreclosed home and I would like to find out more about taking adverse possession of the property. What do I need to know about doing this? I need the pro's and con's, please! M
-
I bought a condo in July 07' using funds from a City of Phoenix bond program. I was unaware of a stipulation stating that the owner must occupy the unit for the life of the loan. I was laid off from my employer and I have had to relocate to Texas for work. Now the mortgage company is stating that they can accelerate the loan pay-off requiring me to pay the loan in full. I pay my mortgage payment each month, how can they do this?
-
We own a unit in a condo complex that is being foreclosed upon as a whole. We need to know if we have any recourse for the loss of our investment and how this will affect our credit rating.
-
My father took out a reverse mortgage. The house appraised @ $320k, they wrote him a line of credit for $425. Thankfully he didn't use all of this money. Is this considered preditory?
-
Can the lender force foreclosure on my home when my ex-spouse got a 2nd mortgage in his name showing him as the borrower while we were married on this home And now I own this property from the divorce?
STORIES
LegalLEARN
-
Free & Reduced Fees Legal Aid Resources
Click Here to apply online, or call
866-637-5341.
YOUR FEEDBACK IS NEEDED
- Let us know how we are doing! Please take a couple of minutes to fill out our survey.
FIND LEGAL HELP
- Please select your county of residence below.
OTHER LEGAL RESOURCES
-
State Bar of Arizona
www.azbar.org -
Maricopa County Bar
www.maricopabar.org
Referral number 602-257-4434 -
Pima County Bar
www.pimacountybar.org
Referral number 520-623-4625 -
National Domestic Violence Hotline
800-799-7233 -
Bankruptcy Court Self Help Center
866-553-0893 -
Certified Legal Document Preparer Program
Link
ORGANIZATIONS
- Maricopa County Regional Homeless Court
View full description - William E. Morris Institute for Justice
View full description - Catholic Charities - West Valley
View full description - Catholic Charities - Coconino, Apache, Navajo Counties
View full description - American Civil Liberties Union of Arizona
View full description
RELATED ARTICLES
Avoiding Foreclosure of Your Home
Predatory Lending Schemes and Scams
Information for Homeowners Facing Loss of a Home
Where to Find an Attorney for Specific Legal Advice
Loan Modification Frequently Asked Questions
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Horne Issues National Mortgage Settlement Consumer Alert to Arizonans
WHAT IF I RENT A HOUSE THAT'S IN FORECLOSURE - The Protecting Tenants at Foreclosure Act
FORECLOSURE DEFICIENCIES IN ARIZONA: Will I still owe money after a foreclosure?
Where can I find legal help with a foreclosure?
Will bankruptcy save my home from foreclosure?
Mortgage Reaffirmation Requirements Bogus