Posted on: 01st Nov, 2012 12:50 am
I live in California and I have read and heard a little about the debt act or something like that. Not sure what that is. I did a chapter 7 after I got my hamp loan. They are going to take away about 300,000 from my balance for the next three years as long as I keep current. Will I be taxed on that amount? Does anyone know?
As far as I know, you can be taxed upon the amount that has been forgiven by the lender. But as the mortgage debt relief act is still in vogue, you may not have to pay taxes for the forgiven debt amount.
Welcome Cal,
You can speak to a local attorney and take his opinion in this regard. He will let you know whether or not you will have to pay any taxes for the forgiven debt.
You can speak to a local attorney and take his opinion in this regard. He will let you know whether or not you will have to pay any taxes for the forgiven debt.