We recently went through a loan modification and now owe $195,000 on a house we originally...
financed for $180,000. If we have to offer deed in lieu of loan in the future, does that mean we will be taxed on the additional $15,000?
I believe the amount you owe taxes on is the difference between what you owe and the value of the property at the time you do the deed in lieu of foreclosure, regardless of the original value. So if the property's value has dropped since you bought it, you might owe taxes on more than $15,000. You really should consult with a good accountant on this to be sure.
by Shepherd's Lamb 2 years ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for closing. Two years later I refinanced to get into a fixed interest rate of 5.5%...
by blackbob 6 years ago
I am with Bank of america and they have granted me a hardship loan for the next 3 months. What are my chances of getting a loan modification and does anyone really know what the guidelines are I cant get an answer from them on this. Has anyone had a hardship loan and then was able to...
by king1964 7 years ago
Loan modification with Chase Declined due to my Mortgage being with Ginnie Mae Investors, FHA...Loan.............WHY?????
by wishingonastar 8 years ago
Let me start off by saying that this loan is a Freddie Mac loan. This loan has been sold so many times throughout the 10 years I have lived here. I fell on hard times and tried for a loan modification. My lender granted me a modification, or so I thought. They recalculated my income and...
by edsacks 8 years ago
I have a several million dollar mortgage; do I qualify for your Loan Modification Program?
by Cody Hodge 5 years ago
Would you rather spend $50,000 on a house or a student loan?With the cost of college rising, is it better to go into debt to purchase an asset, or go to college and risk the possibility of not getting a job?
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