Sentences with phrase «relief on loan modifications»
• Tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief on loan modifications, short sales and foreclosures.
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The IRS will not count the amount forgiven by the mortgage holder as income to the seller, thus giving distressed borrowers incentive to sell short rather than default; (2) restored the tax deduction for mortgage insurance premiums that expired at the end of 2011; (3) the mortgage interest deduction untouched; and (4) tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief on loan modifications, short sales and foreclosures.
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 residence.
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Comments Off on Florida Foreclosure Help Scams and Mortgage Relief Fraud: Con Artists Prey on Florida Homeowners and Borrowers Promising to Help Fight Foreclosure — Don't Be a Victim Tags: Florida Real Estate Foreclosures, Foreclosure defense attorney, Foreclosure Help, Loan Modification, Short Sale Counseling
Never pay your mortgage payment to a third party foreclosure relief company on their promise that they will forward the mortgage onto the bank, or that they are holding onto the mortgage payments as a «strategy» to get the bank to agree to a loan modification.