The Mortgage Forgiveness Debt Relief Act

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The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

Under the Mortgage Forgiveness Debt Relief Act of 2007, taxpayers generally can exclude income from the discharge of debt on their principal residence or mortgage restructuring. This exception does not apply to second homes or vacation homes.

by: Internal Revenue Service

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Question: Hoping I picked the right category. In January of this year (2017) I received a 1099-C from the bank cancelation of debt from a Home Equity Line. Does the bank need to release the lien or deed that was recorded when the HEL was established? How do I know they truely forgave the debt or if there is still some backdoor for them to collect should I sell or refi the home? I only received the 1099-C nothing else. And at the Maricopa recorders office no release was recorded. What do I need to do to have them release it. Is there a time frame that the bank is required to file a release?
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