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
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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.
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I BOUGHT A NEW HOUSE A YEAR AGO AND KEPT THE OLD HOUSE THAT I HAD FOR 13 YRS AS A RENTAL PROPERTY SINCE THE LOAN BALANCE WAS LESS THAN THE VALUE. THE TENATS DEFAULTED ON THE MORTGAGE AND I WAS UNABLE TO BRING IT CURRENT. IT IS CURRENLY GOING UNDER FORCLOUSE. MY QUESTION IS- CAN THE BANK COME AFTER ME SINCE IT WAS NOT MY PRIMARY RESIDENCE? I NEVER PULLED CASH OUT BUT I DID REFINANCE A FEW TIMES AND PAID OFF OTHER SMALLER LOANS AND CREDIT CARD YEARS AGO.
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while working on a modification, my home of 17 yrs was sold at auction. Pls help me understand what my rights are. Note taped to my DOOR saying who the "new" owner is and I have to be "out in 3 days" please give me a direction, my son is disabled and lives w/me (25) I truly have no where to go and am in such an emotional wreck I cannot stand it. How can this be legal? How can a home be "sold" while they are "working on modification"? Pls assist me in whatever way you can. thank you.
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I was served a special writ for foreclosure due to being behind on HOA dues. How long do I have to try to pay the amount owed? It states my redemption period is 6 months. Is this from data of sale? Or from date I was served? Also, how long do i have before it goes to auction?
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How do I find out if there is a sale date for my home that is in foreclosure?
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I am leasing a house threw a management company and found out that the house is in foreclosure and an auction date has already been set. The way I found out is the attorney for the lender posted the notice on our door not by the management company. I had to let them know. Am I still suppose to pay them the lease payment?
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I received a notice of auction and id like to file a form action rule 65 arizona civil procedure,seems like no one can tell me me where to file.thank you
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My house was foreclosed on in 2008; the 2nd Mortgage was not used to purchase the home, and the 2nd Mortgagee has now sold the "note" to a collection agency. If the 2nd Mortgagee never filed or sued me on the deficiency can the collection agency pursue the collection of this debt? Who is the holder of the written contract that I had with the original lender?
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I have a trustee sale date on my house 10/10/2013. Have a review for the Dept. of Justice modification still in review. Have had 9+ letter/certificates from (Proper name redacted) , paperwork has been filed with the maricopa County Recorders office as well of Foreclosure listed on my credit report. I am job hunting as well and many employers put in requirements a credit check so this makes it even more difficult for employment. I want to keep my home and receive an "affordable" modification ,not one which is higher than my original payment. Please advise help for me. Thankyou...
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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?
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