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

  • Is it legal for my lender to switch lenders and foreclose my house and sell at auction with out giving me any notification or giving me the option to file bankruptcy
  • 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.
  • Is a single unit in a large condominium complex treated the same as a single family residence under the AZ anti-deficiency statutes?
  • we are currently listed as owner's to a mortgage but signed transfer of property- deed papers to an investor of whom we have been making monthly payments to. We have been informed by the mortgage that our payments have not been submitted and that we will soon be in foreclosure. What can we do? This investor promised to assume the mortage as well as the property but really only filed tranfer of property and continues to collect our money, of which has been steady each month.
  • My house in AZ was foreclosed on& was one of the homes that was part of state of AZ v B of A(national mortgage settlement). Since this foreclosure was part of the successful lawsuit for unfair practices, could I ( and how) can I have it removed from my credit report?
  • Does the Superior Court have a procedure for expedited processing of time sensitive cases? If so, would that procedure be applicable to a foreclosure of the right to redeem a tax lien?
  • how long does the foreclosure process take before you're kicked out of your home completely?
  • Can a bank start a foreclosure while they are in the process of doing a modification for homeowner?
  • I live in a condo complex. One of the other owners has been storing property in a storage bin which is not her own. She appropriated it when it went into foreclosure. The current owner wants that storage bin. What can we do? The lock is still on and the woman (a lawyer, by the way) refuses to remove it.
  • I agreed to purchase a home I believed was owned free and clear by the owner with owner financing. I later learned the owner did not own the home free and clear, and when costly repairs come up he refused to help defray the costs. Was I protected under the tenant landlord act and can he foreclose as he is threatening? I have already moved out and found a new place to live.

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FIND LEGAL HELP

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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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County Tax Assessors

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?

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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