Sentences with phrase «debt forgiven without»
Proposed legislation would allow homeowners to complete loan modifications, short sales and foreclosures for which they have debt forgiven without making them liable to pay state taxes on that debt.
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According to the IMF, Greece's debt isn't manageable in the long - run without being either extended or forgiven.
So, there really are not a whole lot of options for most people, as the debt is almost impossible to be forgiven without heading down this path as was discussed earlier when we went through the rules on bankruptcy laws.
The part of the message that I should have included and spoken more about was that bankruptcy was a legal alternative to any debt relief approach and that bankruptcy would cease collections, terminate lawsuits, and forgive debt without tax implications.
The experience of home foreclosure is difficult enough to endure without the headache of being held liable for federal income taxes assessed against the amount of money the forgiven debt represents.
By completing a short sale using a short sale agent, homeowners can walk away from their properties without having a foreclosure reported on their credit — all while having their mortgage debt completely forgiven by the lender.
In some cases, even if your debt isn't forgiven, the IRS will place you in a «currently not collectible» state, enabling you to work and save without having to worry about payments in the meantime.
Even though there are some drawbacks with debt settlement, like tax liability for forgiven debt, it is a way to eliminate your debt without bankruptcy.
Your debt and deficiency are forgiven without any further judgments or legal actions.
Your debt and deficiency are usually forgiven without any further judgments or legal actions.
I have parent plus loans that I can not decrease the 8.5 % interest rate to the current market rate without penalizing my ability to have debt forgiven in 10 - 20 years.
Without immediate action by Congress on mortgage debt cancellation relief, distressed homeowners will have to pay tax on «phantom income» from forgiven debt.
The debt forgiven — $ 60,000 per short sale, on average — could have been taxable without this clarification.