Relevant:
- Understanding mortgage loan modifications
- Mortgage Settlement Tally: $10.56B in Relief, Mostly 'Short Sales'
- Unemployment Mortgage Assistance And Foreclosure Alternatives–Can Jobless
- People Are Still Losing Homes Under the Robo-Signing Deal
- Chase Home Loan Foreclosure Prevention After HAMP For Homeowners Considering Bankruptcy
2012-11-26 — huffingtonpost.com
Beginning on Jan. 1, people who lose their home to foreclosure will be required to pay federal taxes on any unpaid mortgage the bank can't recoup through an auction. The same will be true for homeowners whose loan principal is reduced by a mortgage modification, with the wiped-out loan being treated as taxable income.
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