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If a debt is cancelled by a mortgage company one may still have to pay tax on that amount. If the debt was an income on a main home then one may be able to have this excluded from tax payments although the maximum amount is $2 million. One can find further information on the IRS website.
What else can I help you with?
Are you debt free if you have a mortgage?
No. You are in debt as much as you still owe on the mortgage.
Is a home mortgage debt considered a federal debt?
No. A federal debt is a debt that is owned to the federal government. A home mortgage is a debt that is owed to the lending agency, be it a bank, a mortgage company, etc.
What type of debt is a mortgage?
A mortgage is a type of debt that is used to finance the purchase of a home or property.
Where is it possible to get a debt consolidation mortgage?
You can get a debt consolidation mortgage from mortgage brokers, commercial mortgage bankers, commercial banks, credit companies, online lenders, savings and loan associations.
Can a mortgage debt from foreclosure be leined against a vacation home?
The answers on this depend greatly on the state the home is in, whether or not the home that was foreclosed was an investment or primary residence, and what type of mortgage debt you're referring to. If you can clarify these points I will be better able to answer your question. No matter what the answer, no lien can be placed on your other property without a court judgment. Whether or not the mortgage company can take you to court over the debt is what depends on the facts mentioned above.
Where can I find information on mortgage debt relief?
Mortgage debt relief is an incredibly hot topic the world over. Generally, one should look into a credit repair type company for assistance in any type of debt relief, including a mortgage debt.
Is mortgage considered good debt?
Mortgage debt is generally considered "good debt" because it is used to purchase an asset that typically appreciates in value over time. Additionally, mortgage interest rates are often lower than other types of debt, and the interest paid on a mortgage may be tax-deductible.
Who is responsible for mortgage debt after death?
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
Which debt relief programs apply to mortgages?
The The Mortgage Forgiveness Debt Relief Act was enacted by congress to help give relief to American families having trouble paying their mortgages. Research shows that the banks have been slow to work with families as the law outlines they should.
Mortgage charge off and debt forgiveness?
wells Fargo charged off my 56,000 dollar home. Reported as 0 payment. 0 balance, and 0 old. What does that mean to me. I have not paid anything since 2007.
What does the term bad debt mortgage mean?
The term 'bad debt mortgage' implies that the borrower has applied for a mortgage and been accepted. However, the borrower has then defaulted on his mortgage payments and it is considered that they are unlikely to be able to repay the loan.
How many people are in mortgage debt in the US?
Reliable figures on the total number of people in mortgage debt are unavailable, but there is over $14 billion of mortgage debt outstanding as of 2009 (figures based on Census projection figures from 2009). A very large number of Americans face mortgage debt, but accurate estimates of total numbers are very hard to come by.
