Sentences with phrase «debt on my primary residence»

Also, that besides the mortgage debt on my primary residence, I'm debt free.

It is childs play to enhance debtors rights in bankruptcy by allowing judges to reduce debt on primary residences (after all, other types of debt can be restructured, including corporate debt), by increasing exemptions to, say the generous levels provided in Florida, and let FNM and FRE go belly up.

And best of all, prior to the beginning of the debt bubble in 1979, prevented bankruptcy judges from reducting mortgage debt on primary residences.

Under certain circumstances, forgiveness of debt on a primary residence is not a taxable event with the IRS.

Not exact matches

Under the Mortgage Forgiveness Debt Relief Act of 2007, borrowers are exempt from taxes on forgiven mortgage debt (short sales, foreclosures or loan modifications) up to $ 2 million on a primary resideDebt Relief Act of 2007, borrowers are exempt from taxes on forgiven mortgage debt (short sales, foreclosures or loan modifications) up to $ 2 million on a primary residedebt (short sales, foreclosures or loan modifications) up to $ 2 million on a primary residence.

There are exceptions for debt forgiveness on your primary residence, but personal loans do not fall in this category.

You may be able to exclude the amount of debt that was forgiven by your lender at your primary residence from your taxable income on your 2017 taxes.

While there are valid arguments at this time as to whether one should rent or own their primary residence given the absurd amount of debt most are carrying on their principal residence along with artificially cheap money and the boomer influx about to hit the real estate markets across Canada over the next few years it would seem you are okay in that area.

As per this law, any debt discharged on a primary residence, such as mortgage debt, is exempt from taxation.

Besides the desire to be completely debt free one day, this was one of the major reasons for such an aggressive pay down of the mortgage on our primary residence.

The Will of Council was proposed to the Pittsburgh City Council on Tuesday and stated the following, «It is the Will of the Council of the City of Pittsburgh that the Administration develop, promulgate regulations for, participate in, and undertake a commitment to a program that provides financial assistance to a purchaser for the purpose of purchasing a primary residence and making payments on the purchaser's student debt.»

However, one of your team members, Brian, whom I met in Santa Ana, really cared about my situation and gave me such sound advice that not only was I able to keep my existing residence, but he informed me that if I filed Chapter 13, there would be a way to remove the 2nd trust deed loan on my primary residence as well as unsecured debt.

With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence.

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.

A line of credit on a primary residence homestead property in Texas for the sole purpose of obtaining cash (including debt consolidation) or refinancing a prior Texas (a)(6) lien.

Product Information: A line of credit on a primary residence homestead property in Texas for the sole purpose of obtaining cash (including debt consolidation) or refinancing a prior Texas (a)(6) lien.

Currently, the tax break allows homeowners to deduct up to $ 1 million in interest spent on their mortgage debt, for their primary residence and one additional dwelling.

You may get a HELOC on your primary residence - but you have to show the ability to pay it back based on your other debts and your wife's income.

Self - employed Canadians are carrying more personal debt, excluding mortgages on their primary residence, than the average Canadian.

With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence.

In addition, only mortgage debt on an individual's one primary residence would be considered (whereas under current law, interest on the mortgage debt on a second / vacation home may also be deducted).