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The Mortgage Forgiveness Debt Relief Act of 2007

Prior to the signing of The Mortgage Forgiveness Debt Relief Act of 2007, when a lender decides to forgive all or a portion of a borrower's debt and accept less than the full amount owed, the forgiven amount was considered income for the borrower and was liable to be taxed as income.

 

The Mortgage Forgiveness Debt Relief Act of 2007 includes amendments to remove such tax liability and allow the borrower and lender to work freely together to find a common solution that is beneficial to both parties. This protection is limited to primary residences so consultation with a tax advisor is necessary ensure that a borrower qualifies.

 

Get help now.  Speak with a Mortgage Loan Modification Specialist at 1-800-276-2965 and select option 1 or click here for your free no obligation consultation.