Sentences with phrase «debt relief act which»

I think a few coments are also pointing in this direction but It is my understanding, that congress passed that Debt Relief act which in case of a short sale on your primary residence does NOT allow the banks to come back to you anymore and charge you for the difference between loan balance and short sale amount.

Not exact matches

The lender could be reporting that they did not collect on the debt in which case you probably do not owe any Federal taxes under the debt relief act.

The Mortgage Forgiveness Debt Relief Act of 2007, which lasts through 2012, will exclude most homeowner debt for a principal resideDebt Relief Act of 2007, which lasts through 2012, will exclude most homeowner debt for a principal residedebt for a principal residence.

The States recommend that all parties actively engaged in the sale and delivery of debt relief services be prohibited from engaging in unfair and deceptive trade practices in the telemarketing of debt relief services, either directly or under § 310.3 of the TSR, which applies to those who knowingly assist or support deceptive telemarketing acts or practices.

Florida Attorney General Pam Bondi and 43 state attorneys general nationwide are calling on Congress to extend the Mortgage Debt Relief Act, which prevents homeowners from being taxed on the amount of money lenders forgive in a short sale or foreclosure...

This contained a series of provisions called «extenders» that included some expired tax breaks, including the provisions of the Debt Relief Act of 2007, which addressed both mortgage debt cancellation and allowed for the deduction of Private Mortgage Insurance (PMI) premiDebt Relief Act of 2007, which addressed both mortgage debt cancellation and allowed for the deduction of Private Mortgage Insurance (PMI) premidebt cancellation and allowed for the deduction of Private Mortgage Insurance (PMI) premiums.

Second - class bankruptcy in the form of a debt relief order (DRO) arrives on 6 April 2009 by dint of Pt 7A of the Insolvency Act 1986 (which is inserted by the Tribunals, Courts and Enforcement Act 2007, s 108) and a plethora of subordinate legislation.

If Congress doesn't act on the Mortgage Forgiveness Debt Relief Act, which expires at the end of this year, it could leave distressed borrowers with an additional financial burden in 20act on the Mortgage Forgiveness Debt Relief Act, which expires at the end of this year, it could leave distressed borrowers with an additional financial burden in 20Act, which expires at the end of this year, it could leave distressed borrowers with an additional financial burden in 2014.

«Realtors ® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.

The «Mortgage Forgiveness Debt Relief Act and Debt Cancellation» is expiring at the end of the year, which could make more home owners think twice about doing a short sale, CNBC reporter Diana Olick reports.

NAR continues to push for a renewal of the Mortgage Debt Forgiveness Tax Relief Act, which expired at the end of 2014 and waives income tax on mortgage debt forgiven in a short sale or a workout for principal residenDebt Forgiveness Tax Relief Act, which expired at the end of 2014 and waives income tax on mortgage debt forgiven in a short sale or a workout for principal residendebt forgiven in a short sale or a workout for principal residences.

While on Capitol Hill, REALTORS ® will urge their elected officials to preserve current real estate - related tax policies and extend the Mortgage Forgiveness Tax Relief Act, which expired at the end of 2014 and prevents distressed homeowners from facing excessive income tax bills on forgiven home loan debt.

Tip: The U.S. House of Representatives has introduced the Mortgage Cancellation Tax Relief Act (H.R. 1876), which would eliminate taxes on any debt forgiven on a principal residence through either short sale or foreclosure.

Currently NAR is supporting the passage of S. 1394, the Mortgage Cancellation Tax Relief Act, which would repeal the law that requires home owners to pay taxes on forgiven debt for their principal residents as part of a short sale or foreclosure.

The biggest advantage that many people are talking about is the one - year extension of the 2007 Mortgage Forgiveness Debt Relief Act, which was set to expire December 31 2012.

«The tax relief expired on December 31 last year and unless Congress acts to extend it, every person who has already sold or plans to sell a home in a short sale in 2014, will pay taxes on nonexistent mortgage debt, which is money many don't have.

The Mortgage Forgiveness Debt Relief Act of 2007 creates a three - year window in which the IRS won't count as income any mortgage debt forgiven to a borrower by the lender in a loan modification, refinancing, short sale, or deed in lieu of foreclosDebt Relief Act of 2007 creates a three - year window in which the IRS won't count as income any mortgage debt forgiven to a borrower by the lender in a loan modification, refinancing, short sale, or deed in lieu of foreclosdebt forgiven to a borrower by the lender in a loan modification, refinancing, short sale, or deed in lieu of foreclosure.

This home would fall under the time frame to qualify for the Mortgage Forgiveness Debt Relief Act (which expired December 2013), but you're not eligible since it's a second home.