A modification also may involve reducing the amount of money you owe on your primary residence by forgiving, or cancelling, a portion of the mortgage debt. Under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt may be excluded from income when calculating the federal taxes you owe, but it still must be reported on your federal tax return.
Consumer-protection experts say that debt-settlement scams – often promising mortgage or credit-card debt. in the "Obama Forgiveness Program" – which does not exist – or for government services.
How does the Mortgage Forgiveness Debt Relief Act work? What are the qualifications? See the IRS page "The Mortgage Forgiveness Debt Relief Act and Debt and Cancelation" for more information. Whenever a Form 982 is required, I recommend that professional tax help is used to.
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LOS ANGELES (MarketWatch) — Many folks have lost a job or watched their income plummet during this financial crisis, and that’s meant more people defaulting on their credit-card. relief rules for.
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The idea behind debt consolidation is simple. READ MORE: What you probably don’t know about renewing your mortgage If you have, say, $80,000 in credit card debt and are spreading it out over 20 or.
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Hi, Steve from Wilhelmy Homes, thanks for stopping by the site. Previous in another short sale blog we talked about 1099 handling which applies to both.
Mortgage borrowers looking to game the system earlier this. Ainvolves someone who might have $5,000 in credit-card debt stating they have $15,000. Pulling a.
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What is the Mortgage Forgiveness Debt Relief Act of 2007? Nonbusiness credit card debt cancellation can be excluded from income if the cancellation occurred in a title 11 IMPORTANT, PLEASE READ: Mortgage Relief Project is a privately sponsored consumer outreach that provides.
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