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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Relief"

Help from Mortgage Debt Relief Act 2010

Article by Ask Bill Mortgage debt relief act 2010 or the Mortgage Forgiveness Debt Relief Act 2010 may be thought of as an extension of the Mortgage Forgiveness Debt Relief Act 2007 which would provide relief to taxpayers whose debts were forgiven from 2007 to 2012. This Act was passed so as to help home owners whose homes were sold or foreclosed when the home prices dropped. The result was that the homes were worth less than the principal of the mortgage. The resultant loss incurred due to foreclosure or short sell would be considered as forgiven debt which would in turn be treated as income and hence taxable. The debtor who was finding it extremely difficult to pay off his debt now was to take a double hit in terms … Read entire article »

Filed under: Foreclosure Help, Insolvency, Mortgage Refinancing

The Mortgage Forgiveness Debt Relief Act of 2007

Article by Hanri Parker President Bush signed into effect on December 20th of 2007 the Mortgage Forgiveness Act of 2007. The debt forgiveness act through mortgages applies to transactions taken place in 2007, 2008 and 2009. Finding out further information is what a person must have to make an informed decision and to see if the act applies and works for the individual. There is specific information that can be attain through the Internet at http://www.irs.gov, by calling the IRS at 1-800-829-1040 or by visiting a local IRS office. Many people confuse the act with general debt relief, but this is incorrect since this act deals primarily with mortgages. The Mortgage Forgiveness Debt Relief Act provides assistance to struggling homeowners by not taxing the debts forgiven or cancelled through either buying, building … Read entire article »

Filed under: Debt Relief, Foreclosure Help, Insolvency, Mortgage Refinancing

There is Tax Relief for Taxpayers Facing Foreclosure

Article by Karin Velez The economy has hit taxpayers pretty hard over the last few years and many have had to negotiate with lenders to reduce their debts. In many cases, these lenders have allowed taxpayers to settle their debt for much less than what was owed. However, any cancelled debt over $ 600 may create a tax bill to the taxpayers. This includes mortgage forgiveness in the case of foreclosure or short sale. Generally any time you have a foreclosure or a cancelled debt you are hit with a second hardship – a tax bill. Lenders who have forgiven a debt issue a Form 1099-C, Cancellation of Debt, which shows both the taxpayer and the IRS the amount that was forgiven. The IRS considers this to be taxable “other” income since … Read entire article »

Filed under: Foreclosure Help, Insolvency

Nail Your Debt with Credit Card Debt Relief Options

Unpaid debt often leaves a person with a combination of overwhelming feelings that can literally send his or her life spiraling out of control. As stressful and overwhelming it can be there are a number of credit card debt relief options that could help you save money and in turn get you out of debt. Most importantly to make any credit card debt relief option work, you are advised to stop accumulating any new credit card debt and use the credit card wisely. As with high interest rates, high monthly payments, large credit lines, and late fees a credit card can dig a person deeper into debt. To attain freedom from debt, different common types of debt relief options are available like roll up strategy, debt consolidation, consumer credit counseling and … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

Home Affordable Refinance Rates Offer Mortgage Relief

With the advent of Obamas making home affordable program, many lenders have made its guidelines a part of their business practices. Bad credit mortgage refinance are loans approved for people with any type of credit to not only avoid foreclosure but also to make ready cash available for their emergency needs. With the advent of Obamas home affordable refinance program, many lenders have made its guidelines a part of their business practices. Bad credit mortgage refinance are loans approved for people with any type of credit to not only avoid foreclosure but also to make ready cash available for their emergency needs. Comparative information on mortgage refinancing rates can be easily got thru free quotes from many companies on the internet. Just make sure they are accredited by reputable national organization … Read entire article »

Filed under: Mortgage Refinancing

Get Out of Credit Card Debt – Proven Credit Card Debt Relief Tips

Article by matt couch Credit card debts are ever massive and expensive due to the weird ways of repayment. Many people are in search of legitimate and proven ways to get out of their credit card debts. Those people who are in massive debts are in critical financial crisis and looking for debt relief tips. It is a natural thing that whenever you will be in trouble, you will choose the first tips or help you get; that first help will attract you the most. Many people declared themselves bankrupt when they saw that others are doing the same thing. This is not true and this is not fair even to demolish your financial future. This is not only your future; your whole family is involved with you. The recession period will … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

Credit Card Debt – Three Easy Options for Relief

Credit card debt has become increasingly prevalent during recent years. Partially due to the current economy, more and more people are spending more while making less. While there are positive and negative aspects to using a credit card, slipping into debt can be a dangerous path. Without proper financial management and fiscal responsibility, many consumers are in need of help. Three factors can help relieve debt: settlement, debt relief, and credit counseling. While these are not the only available options for eliminating card debt, they are three of the most popular and effective methods. Through solid research and determination, consumers in debt can regain financial stability by using these methods. Settlement — Excessively large amounts of debt can often be relieved (partially or wholly) through debt settlement. In order to utilize debt … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

Mortgage Forgiveness Act Provides Income Tax Relief To Foreclosed Householders

Article by Terry Henry What’s positive about being foreclosed upon or selling your home for but you owe? Well, for most people, not much. Yes, you are relieved of an onerous mortgage loan and you are currently free to seek out housing that is more reasonable among your budget. However not everyone fully understands the lingering effects of a foreclosure because it pertains to the mortgage debt forgiveness. This applies to foreclosures, short sales and a deed in lieu of foreclosure. Foreclosure will be one among the most devastating things a home-owner will face. At a minimum, they will finish up with broken credit. Till recently, the tax laws more penalized homeowners who were relieved of mortgage debt obligations with extra taxation. Homeowners owe taxes on the quantity of the debt obligation … Read entire article »

Filed under: Foreclosure Help, Insolvency, Mortgage Refinancing

The US Government Owes You – IRS Debt Relief Programs Are in Place to Repay Their Mistakes

Over the past few years, the instability of the economy has been becoming more and more noticeable, and thankfully the government have taken steps to help out the people who really could do with a helping hand in these hard times. There are various IRS debt relief programs that have been introduced to give people more flexibility on their income tax returns. For instance, if you receive any help with your mortgage then this is not counted as additional taxable income anymore. Indeed, if it was counted, the extra tax you owed would actually cancel out the help in the first place! These IRS debt relief measures have been effective since 2007 and apply to the income tax returns that were filed in 2007, 2008, and those that will be … Read entire article »

Filed under: Uncategorized

How do debt relief agencies benefit?

I have a friend who is in debt and needs my help. He gets mail from different debt companies about how he can have all of the debt he has made into one simple monthly payment. I am wondering if this is really legit and how do those certain companies benefit from all of this. Thanks … Read entire article »

Filed under: Debt Relief

What is the best way to settle your debt. Should I contact Credit card bank or debt relief company to settle?

I am a single parent and have close to $ 15,000 in credit card debt. I tried calling credit card company to make an offer in lower amount. Do you think if credit card company settle with in lower amount of payment would it affect my credit history. What is the best way to go … Read entire article »

Filed under: Debt Relief

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