Sentences with phrase «forgiven portion of the debt»

Here's the catch: The forgiven portion of the debt will be taxed as a gift, and those taxes must immediately be paid in full.

Following a short sale, the lender will forgive a portion of the debt, essentially waiving its right to collect a deficiency balance, and that will be treated as cancellation of debt income for the borrower.

There should be no taxable event when a lender forgives some portion of a debt in a short sale, foreclosure, bank workout or similar situation.

Some of these options include forbearance (e.g. forgiving a portion of the debt or late charges); deferment; renegotiating interest rate, monthly payment amount, principal amount, maturity date; or the enforcement of an acceleration clause in the loan.

Not exact matches

(If one spouse dies or becomes permanently disabled, however, that portion of the debt is forgiven.)

Another negative to consider in a debt settlement is that if some portion of your debt is forgiven or canceled, you may have to report that amount as «income» and pay the appropriate taxes.

Borrowers who meet requirements outlined in the law may be eligible to have a portion of their student loan debt forgiven.

Loan forgiveness means that a portion or all of your student loan debt is «forgiven» or erased when you complete a certain period of time working in a job that has been earmarked in a critical - need field.

Since the minimum monthly payment is reduced to only a portion of interest costs, the remaining debt is forgiven after 10 years but is not taxed, unlike the 20 + year taxable loan forgiveness provision.

the portion of your debt that doesn't get paid — is completely forgiven (wiped away and never has to get paid)

Borrowers who meet the requirements outlined in the law may be eligible to have a portion of their student loan debt forgiven.

The portion of your student loan debt that is forgiven — does not have to be paid.

Borrowers with federal loans have many payment options, some of which can lead to portions of their debt being forgiven, but sorting through them often requires guidance — and servicers have done a poor job of providing it, according to government oversight reports.

Credit card debt forgiveness is when a portion of your credit card debt is forgiven and wiped clean.

He adds, «An upfront loan forgiveness program forgives a portion of your student loan debt each year you are in repayment.»

The creditor «forgives» a portion of your debt, so you are able to get out of the debt much faster than you could making minimum payments.

You won't have to pay the portion of your debt that gets forgiven.

Additionally, this write - off rate does not come close to Federal loan forgiveness which is slated to forgive a much more significant portion of student loan debt.

You decide to continue with Smith & Jones and, after your bankruptcy case is discharged, you discover that only a portion of your eligible debt has been forgiven: Smith & Jones, it turns out, doesn't specialize in bankruptcy and due to their inexperience, has stuck you with thousands of dollars of your original debt, plus the hidden costs and fees they billed you for.

Debt settlement is another scenario where lenders may agree to forgive portions of a consumer's dDebt settlement is another scenario where lenders may agree to forgive portions of a consumer's debtdebt.

Even better news — the federal government might forgive a substantial portion of your student debt.

With the proposal, you agree to pay a portion of what you owe to your credits and in return they forgive any outstanding debt once you're done paying down the proposal.

Federal legislation enacted last year allows homeowners who negotiate loan modifications with lenders and have portions of their principal debt eliminated to escape income tax liability for the amount forgiven.

Sue — I know that some provincial governments have looked at forgiving a portion of student loan debt for lawyers who end up practicing in public interest areas.

Having a portion of your debt forgiven may have an adverse effect on your credit score.

A lender will, on occasion, forgive some portion of a borrower's debt, or reduce the principal balance.

A law enacted in 2007 provided temporary relief to troubled borrowers when some portion of mortgage debt is forgiven and the mortgage covers the borrower's principal residence.

A law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven.

Sen. Orrin Hatch, R - Utah, in late August introduced a bill (S. 1282) that would legislate relief for these borrowers, who now pay taxes on any portion of their mortgage debt forgiven by their lenders.

A new law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven.

A law that currently provides relief to troubled borrowers when some portion of their mortgage debt is forgiven is set to expire at the end of this year.

A lender will, on occasion, forgive some portion of a borrower's debt.

Lenders might forgive some portion of mortgage debt in a short sale (when value at sale is less than the amount owed) or in a foreclosure where the debt is wiped out.

Any taxable portion of forgiven debt will then be reported on the homeowner's Form 1040 for the tax year in which the debt was forgiven.