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

  • Is the law the same re foreclosure the same for a mobile home? I have vacated the property. Can my wages be garnished?
  • My dad and brother owned a home which I lived for 17 years and took care of both my parents. My my died 13 years and my just passed away 5/18/16. My brother does not communicate with me so the house I still live in he foreclosure on. What are my rights I still live here.
  • I came across an abandon/foreclosed home and I would like to find out more about taking adverse possession of the property. What do I need to know about doing this? I need the pro's and con's, please! M
  • I bought a condo in July 07' using funds from a City of Phoenix bond program. I was unaware of a stipulation stating that the owner must occupy the unit for the life of the loan. I was laid off from my employer and I have had to relocate to Texas for work. Now the mortgage company is stating that they can accelerate the loan pay-off requiring me to pay the loan in full. I pay my mortgage payment each month, how can they do this?
  • I have a balloon payment due this November. And I believe my house isn't even worth what I owe at this point. Is someone willing to lend in these cases? Should I be shopping for a fefinance this early? I know we are negative, but we love our house and know it will rebound one day, just need to get through this hard time. Any idea's? Thanks, Tomm
  • We own a unit in a condo complex that is being foreclosed upon as a whole. We need to know if we have any recourse for the loss of our investment and how this will affect our credit rating.
  • I filed Chapter13 approx 2years ago. We chose to surrender our home and the Trustee sent a letter to the mortgage company, lifting the stay so they could proceed with foreclosure. The mortgage company sold the mortgage to another company, that company sold it to another. The new mortgage company says we are still the owners. Where do we stand legally and how long can this go on?
  • I rent from a rental property management company, and today there was a "NOTICE OF TRUSTEE SALE" post on my door.The letter states that the house will be auctioned off in 2 months(11/13/2015), I'm unsure if I should stay or go before the auction, and if I go would I be at risk if I used the rent to move?
  • how long does the foreclosure process take before you're kicked out of your home completely?
  • We had a house go to foreclosure and the lender ended up selling it. Now the bank of the second mortgage is trying to sue us for the deficiancy. the lot is less than 2.5 acres & house is single family. Can they do this or does this violate ARS title 33?

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