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I am in foreclosure, I have been offered a modification. The…

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I am in foreclosure, I...
I am in foreclosure, I have been offered a modification. The payoff amount is so far above the market value of the home. I would prefer to walk away. My initial judgement was handed down in 2014. If I walk away will I be heavily taxed. When I went down this road the affordable home program was on going which I was to understand allowed me to walk away without a 1099.
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 14 minutes by:
2/16/2016
Real Estate Lawyer: Richard, Lawyer replied 2 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,732
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good afternoon Mark. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more detail? Is this your residence that we're talking about? Thanks.

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Customer reply replied 2 years ago
It is my residence, I am 53 months without paying. Was trying to work with the bank as a short sale but all offers refused.
I was expecting a sale date when modification offer came in.
Real Estate Lawyer: Richard, Lawyer replied 2 years ago

Thanks for following up. If you walk away, you won't be taxed at all. Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, which has now been extended through the end of 2016, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Real Estate Lawyer: Richard, Lawyer replied 2 years ago

Hi .... Your question is showing up on my screen indicating you have a follow up question and that you are waiting on my response. I don't see any follow up so if it somehow got lost, would you mind re-posting it? Thank you!

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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,732
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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