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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Since 2010 I've lived at a home in mesa az. Recently my friend gave her home back to bank/ reverse mortgage and lien on it from IRS.She moved out to Missouri in july or first of aug 2013.I still am in the home whike she knew this she broke thru a window and hsrassed me.I called police they said she has a right to come in and change the locks.what legal rights do I have I pay utility bill at the resident.the mortgage company said it is in foreclosure so I need to know my rights
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Does the anti-deficiency statute cover for a an 80/20 loan where the 1st mortgage was refinanced (no cash out)under HARP 2.0? Refinanced only for lower interest rate/payment.
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After my foreclosed property has been auctioned, how much time do I have to remove personal property?
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In 07-09-2012 my home was foreclosed and sold. because of lost job and bad health, I could not make payments. I had a 80/20 loan. I have read info on the Anti- Deficiency (ARS 33-814). My question is do I owe on the 20 percent lone? I have not heard from that lender?
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I bought a timeshare in Nevada, but due to my husbands remission of cancer and my multiple sclerosis, we can no longer make the payments. If they foreclose on the timeshare can they garnish my wages in Arizona
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Due to piling credit card debt and a recent diagnosis of cancer I may be headed towards foreclosure on my condominium. My question is if I cannot save my home will I be subject to any deficiency judgments against me because my residence is a condominium? I've read about if the property being less than 2.5 acres and a single family dwelling is safe from deficiency judgments. Do condos fall under the same protection? Is there anymore light you can shed on this situation for me?
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My home has recently been foreclosed on. I have a HELOC attached to the dwelling. Am I responsible for repaying this debt?
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My house is in foreclosure, what financial damage will happen to me during and after the foreclosure of my home? Will I be responsible for the difference if the foreclosure is less than the mortgage on the home? Can this foreclosure effect my license as a LCDC counselor granted through the State of Texas?
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i have purchased a home about to be auctioned off I paid off mortgage and the owner signed over the house on a quit claim I am having trouble getting her to remove her stuff from property how long do I need to give her and what is the process I need to follow
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The home I'm renting (leased through August 2015) was foreclosed on and there's a new owner. Do I have to pay rent to the new owner if I'm leaving in 6 weeks? Or do they have to give me an eviction notice? The new owner is demanding rent, but she doesn't have the deed yet, just a proof of purchase receipt.
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