A group of Senate Democrats, apparently opposed to passage of the “Helping Families Save their Homes in Bankruptcy Act of 2009,” are likely to push the bill to a vote this week on the Senate floor.
This is, unfortunately, bad news for those of us hoping to give bankruptcy judges the power to work out mortgage modifications [...]
Posts on ‘April 26th, 2009’
Vote on Modification May be This Week
Foreclosure Discussion in Chico on April 30
A discussion of foreclosures and possible alternatives will take place at the Chico Council Chambers on Thursday evening, April 30 at 6:00 pm. This is a free event open to anyone interested.
The program is being sponsored by the Butte County Bar Association and Legal Services of Northern California.
A panel of three professionals, knowledgeable about foreclosures [...]
If My Mortgage Is Modified Will I Have To Pay Tax On The “Forgiven” Amount?
Generally, the IRS will assess a tax on debt you owed that was “forgiven.” This includes mortgage payments that have been modified or have been eliminated by short sale or foreclosure.
But in 2007, Congress passed the “Mortgage Forgiveness Debt Relief Act of 2007.” That law says that should all or part of your first mortgage [...]