Internal Revenue Service
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
Mortgage Workouts,
Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form Reduction
of Tax Attributes. Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Form 1099-C, Cancellation of Debt.
Service members Civil Relief Act (SCRA)
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Home Affordable Foreclosure Alternatives Program (HAFA)
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. To qualify under these new guidelines:
* The property must be the home owner's principal residence.
* The home owner must be delinquent on the mortgage or close to defaulting.
* The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
* The borrowers' total monthly mortgage payment must exceed 31 percent of their before-tax income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale.
Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens.
Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.
Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.