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.


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QUESTIONS

  • How do I foreclose on a property that has a breech of contract for a promissory notes that was secured by the home with a lien and one that was recorded last year? What is the process?
  • can my RV be reposess for being 43 days late
  • In the dot com recession, my IT job disappeared. I had to refinance my home. My son signed the new mortgage because I needed his income to qualify. I have since wished he could be removed but couldn't refi because property values fell. Now my job has once again disappeared and I am facing foreclosure. I am applying for assistance thru SaveYourHome. My mortgage counselor tells me that I would easily qualify except for the co-signer. In the past 2 yrs, my son has gone thru a BK & lay-off. He's been at his new job 9 months makes $13 per hour. I've heard about Quit Claim deeds. Can he be removed?
  • 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.
  • 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?
  • Need mediator immediately= have been fruitlessly looking with no success . HOA looking to foreclose on me..........illegal fines never served to me= I am sure you know the scenario as it is very common now a days. Senior on disability and they go after us as they know we have no one to help us due to finances. If you know of ANYONE please let me know......602-705-3326 So far they have stolen 2 peoples homes that were disabled= one had sold her income property to pay them off then they continued to harass her & she had a stroke. Another women ended up on o2 due to black mold from roof leak th
  • CAN A BANK FORCLOSE A HOME IN THE STATE OF ARIZONA WITH THERE BEING NO CHAIN OF CORPORATE TITLE TRANSFER?
  • our home has foreclosed and we are threatened with lock out. how do we find out what court will handle the notifications?
  • my dad took out home loan in 2004 died 2007 never told mortage co i just kept paying the payment but fell behind on 2 payments mortage co wants 3000 or foreclose can they do that
  • Can I get specifics on Foreclosures and how long before I go into foreclosure do have to make a payment?

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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

Documents

Horne Issues National Mortgage Settlement Consumer Alert to Arizonans ReadSpeaker

.pdf  AzMortgageResource.gov ReadSpeaker

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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?

Did you know the Arizona Attorney General’s Office has a wide range of statewide assistance programs funded through the national mortgage settlement that could benefit you or people you know?

Mortgage Reaffirmation Requirements Bogus

Renting a Foreclosure

Recovering Excess Proceeds After Foreclosure of Your Home

Veterans Facing Foreclosure

LINKS

Arizona Housing Information

HUD in Arizona

Federal Consumer Action Handbook Online

Arizona 2-1-1

Pima County Courts Self Service Center

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