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The Mortgage Forgiveness Debt Relief Act and Debt Cancellation If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their
Summary of New York’s Foreclosure Laws Topic State Rule Common types of foreclosure process Judicial and nonjudicial. Time to respond Homeowner has 20 to 30 days to respond to a lawsuit. Reinstatement of loan before sale any time before a final foreclosure judgment. Redemption after sale non-special protections for foreclosures
Short Sales & Tax Consequences Many homeowners facing foreclosure opt to go the short sale route. In a nutshell, a short sale is an agreement between the homeowner and the mortgage lender, whereby the mortgage lender allows the homeowner to sell the home for an amount less than what is
Mortgage Modifications The recent economic difficulties in the U.S. have had a drastic impact on homeowners. Foreclosures are at an all-time high and as a result, there are a number of mortgage modification programs available to homeowners. These programs have reduced the number of households that are filing for bankruptcy.
How To Deal With A Short Sale Deficiency Judgment Homeowners who have gone through a short sale are sometimes surprised months or years down the line when their lenders seek deficiency judgments against them. While many states have laws that prohibit lenders from suing borrowers for deficiencies after foreclosure, most
How To Avoid Foreclosure During Divorce Often in the course of a divorce, couples find it difficult to agree on what to do with their home. In the past, when divorcing homeowners faced a foreclosure, they could simply sell the property and equitably distribute the profits. However, due to the
Finding New York’s Foreclosure Laws New York’s foreclosure laws can be found in New York Real Property Actions and Proceedings Law (N.Y. Real Prop. Acts. Law), Sections 1301 through 1391, and New York Civil Practice Law and Rules (C.P.L.R.), Section R3408. To find these statutes online, follow these steps: Begin
Filing for Chapter 13 Bankruptcy Chapter 13 Bankruptcy is a court-approved, court-enforced reorganization and restructuring of personal debt. A Chapter 13 Bankruptcy will provide for the payment of a percentage of your general unsecured creditors over a 36 to 60 month period. While the creation of such a repayment plan
Chapter 13 Bankruptcy Fees When you and your lawyer from Figeroux & Associates Bankruptcy Law decide that filing chapter 13 bankruptcy is the right solution for your financial difficulties, all fees and costs will be discussed and disclosed to you in writing. Fees and costs consist of the fee for
