Compare Mortgage Quotes

Guest

I have a house that i had to stop making payments. I haven't paid since february. They won't foreclose. I am going to send them the deed in leu of. What are the problems that i will have besides my credit?

adonis · Posted: Sun Sep 27, 2009 11:20 pm Post subject:

Hi betty,

It's good that you are applying for a deed in lieu of foreclosure in order to avoid foreclosure. Your credit score would be lowered by 250 points and it would remain on your credit report for 7 years. Apart from this, you would not be able to qualify for a mortgage in the next 2-3 years. However, as far as the deficient amount is concerned, it would be forgiven and you won't have to pay taxes on it as per the Mortgage Debt Relief Act.

Guest

what happens if i do deed in lieu of

adonis · Posted: Sun Oct 25, 2009 11:08 pm Post subject:

Hi ejm,

Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/modification-lowincome.html

Take a look at it. I hope it will help you.

Guest

I bought a lot in 2006 to build what would had been my primary home. Then the bottom fell out and I was only able to get to the dirt work done before having to go another route and fell behind on my payments. I am on the process of subitting for a DIL. What is going to happen to me? The bank said that I might be hit for the entire amount ($159,000) via 1099. Any advice will be helpful. My credit is already shot, I am needing to minimize the tax hit I will take.

adonis · Posted: Thu Nov 12, 2009 12:30 am Post subject:

Hi Ted ,

Your query has been replied to in the given page:
http://www.mortgagefit.com/inprocess/about30571.html

Hope it helps you.

Guest

What happens after Dec. 2009. Are homeowners not resposible for the capital gains tax?

smithsussane · Posted: Fri Nov 20, 2009 11:27 pm Post subject:

Hi Guest!

Welcome to forums!

I haven't heard of any such rule stating that after December, 2009, you won't be liable to pay the capital gains taxes. Where did you get this information from?

Sussane

Guest

Did they extend the cancellation of debt forgiveness after 12/31/09 yet?

Niicss · Posted: Mon Jan 11, 2010 3:06 am Post subject:

As far as I know, the Mortgage Debt Forgiveness Act is valid upto 2012.

Guest

I just did a Google search which turned up an extension until January 2012

Guest

is the mortage forgiveness debt relief act still good or did it end in 09

smithsussane · Posted: Fri Apr 16, 2010 1:49 am Post subject:

Hi jenrick!

Welcome to forums!

The Mortgage Forgiveness Debt Relief Act has been extended till 2012 as per my knowledge.

Sussane

Guest

it applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.

Guest

HAFA Lasted untill 2009. It is now 2010. Has it been extended? Thanks gene

All times are GMT - 7 Hours
Previous 1, 2, 3, 4 Next
Page 3 of 4

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Tax Break for Mortgage Debt Forgiveness