Posted on: 26th Feb, 2009 02:11 pm
IM IN THE PROCESS OF A LOAN MODIFICATION. IHAVE A 80/20 LOAN AND MY 20% LOAN I VE RECEIVED A CANCEL...OF DEBT. I KNOW I NEED TO REPORT TO IRS, BUT AM I OBLIGATED TO PAY BACK THE MORTGAGE COMPAMY ?
Can you elaborate on your question?
I was not sure what you meant that you received a cancelation of debt.
If the lender is releiving you of the debt why would they expect you to repay them?
I was not sure what you meant that you received a cancelation of debt.
If the lender is releiving you of the debt why would they expect you to repay them?
hi bertabeasley,
even i did not understand what you wanted to say by "cancellation of debt". i haven't heard of cancellation of debt in a loan modification. as far as i know, in this process, the lender's loss mitigation department will give you a new repayment plan through which you will have to pay off the debts.
thanks
even i did not understand what you wanted to say by "cancellation of debt". i haven't heard of cancellation of debt in a loan modification. as far as i know, in this process, the lender's loss mitigation department will give you a new repayment plan through which you will have to pay off the debts.
thanks
