California Loan Modification Scams: Kicking the Financial Can Down …
Here is a new Post at California Loan Modification Scams: Kicking the Financial Can Down ….
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How does a loan modification effect your income during tax time? Does the company write off the loss?
See IRS publication 4681. You will get a 1099-C if the loan modification writes off any part of your loan balance.
Depending on when the modification occurs, you may be able to postpone including the money as income on form 982. (If the house ever recovers in value, you would have to include the money as income in the year you sell.)
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Here is a news article on related topic:-
US Govt Unveils New Mortgage Modification Incentives
The administration said it will take steps to incorporate Hope for Homeowners into its loan modification program. Servicers will be required to determine …
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To acquire loan modification approval, get yourself aware of all the new rules and regulations for preparing loan mod in you area and for your specific lender using the aid of a professional who is knowledgeable in processing successful loan mod applications. Don”t forget to get all the required files ready ahead of submitting the application to your loan provider .