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 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?
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What happens if you rent a house until foreclosure?
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I have recently reviewed our finances and determined that we can no longer afford our home. We are not late and have not missed any payments. I have come in contact with a law office based in CA that offers loan modification, short sale, and deed in lieu services. If we opt to pay someone to negotiate for a loan modification with our lender am I less likely to fall victim to scam with a law office?
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My now husband bought a home in 2007 at the peak of the market (before we were married). We can no longer afford the house payment and are now married but only his name still exists on the title. If he forecloses on the home, will both our credit be affected although we got married after he bought the home and the title is still only in his name?
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MY HOUSE IS IN FORECLOSURE NOW, WITH A SALE DATE OF NOV 13. CAN I DECLARE BANKRUPTCY AND KEEP MY HOUSE?
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If my spouse bought a home that is most likely going into foreclosure. I was not involved in any way for the purchase of this property nor am I on the title. I do however pay the mortgage on this property. If this goes to foreclosure, can the lender come after me for any reason?
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Short Sale question - What do I do if there was not full disclosure at the short sale by the lender that a heloc would still have a balance & they would come after me 4 years later?
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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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what assistance is available to me I was 12 months behind caught up on six in September and they started foreclosure this month sell date is Feb of 2015 I thought they were working with me and no notice foreclosure.? my husband was on unemployment for over 4 years and recently is now working and we are able to catch up and stay on track.
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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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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
