Comments on: Mortgage Forgiveness Debt Relief Act? http://www.debt--relief--blog.com/uncategorized/mortgage-forgiveness-debt-relief-act Blog topics covering all forms of debt relief Tue, 22 May 2012 14:46:54 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Quicken Loans http://www.debt--relief--blog.com/uncategorized/mortgage-forgiveness-debt-relief-act/comment-page-1#comment-498 Quicken Loans Mon, 05 Jan 2009 06:04:20 +0000 http://debt--relief--blog.com/renting-real-estate/mortgage-forgiveness-debt-relief-act/#comment-498 This appears to be true. The only reference I can find in regards to 2 years is that the home must be your primary residence - as defined by the IRS, a primary residence is a home that you must have lived in for an aggregate of 2 years in the last 5 years. It's difficult to interpret, but yes, it says you need to have lived in the home for 2 years to make the home qualify as your primary residence. In turn, a home must be your "primary residence" to qualify for the Mortgage Forgiveness Debt Relief Act. This appears to be true. The only reference I can find in regards to 2 years is that the home must be your primary residence - as defined by the IRS, a primary residence is a home that you must have lived in for an aggregate of 2 years in the last 5 years.

It’s difficult to interpret, but yes, it says you need to have lived in the home for 2 years to make the home qualify as your primary residence. In turn, a home must be your “primary residence” to qualify for the Mortgage Forgiveness Debt Relief Act.

]]> By: Auntie Mame http://www.debt--relief--blog.com/uncategorized/mortgage-forgiveness-debt-relief-act/comment-page-1#comment-497 Auntie Mame Sat, 03 Jan 2009 00:54:00 +0000 http://debt--relief--blog.com/renting-real-estate/mortgage-forgiveness-debt-relief-act/#comment-497 The full text of the bill has not yet been released. When it is released the link below will have the full text. There is nothing in the summary about 2 years that I could find. Be aware, this is NOT forgiveness of your debt to the lender. But rather, if the leader does decide to forgive (example: the house was mortgaged for $500K but is sold for $450K and the lender forgives you the $50K), then the forgiven amount ($50K in this example), is not taxed as income by the IRS. The full text of the bill has not yet been released. When it is released the link below will have the full text. There is nothing in the summary about 2 years that I could find.

Be aware, this is NOT forgiveness of your debt to the lender. But rather, if the leader does decide to forgive (example: the house was mortgaged for $500K but is sold for $450K and the lender forgives you the $50K), then the forgiven amount ($50K in this example), is not taxed as income by the IRS.

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