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You will have to file this in your tax return for the year they issue it, so you have to push them to settle it in 2016 in order to get the relief for the discharge of indebtedness. You will file this 1099 with your tax return but you are not liable for the income tax from the amount forgiven. DEMAND to have in writing that the account is paid in full or settled in full and it is clearly stated that lien will be released on your home. You will have to file this in your tax return for the year they issue it, so you have to push them to settle it in 2016 in order to get the relief for the discharge of indebtedness.

You will file this 1099 with your tax return but you are not liable for the income tax from the amount forgiven. I, too, am attempting to settle with Citizens, but they will not talk to me about settling unless I submit financials.

They are trying apply personal loan online to get me to agree to a payment plan instead of a lump sum. Well - it would help if you are NOT paying both to show true hardship.

I was in a good place in 2012, because back then I was self employed as a 1099 consultant. What I did is I told half my clients to stop paying me for 6 months - this shows I had limited cash flow income. The loans were sold off a few times ending signature loan rates with ultimately Bank of America servicing the first note from Countrywide mortgage and SLS. So in the beginning of 2012, I stopped paying both loans in February 2012. I kept in touch with BoA for purposes of getting a loan mod. I missed a total of 5 payments with BoA, and finally in September, BoA offered me a 3mo trial period to qualify for loan modification. My loan after 6months went to charge off, so my account was sent to their Recovery department. I explained my hardship situation and given that I live in a recourse state, I let SLS. All I did was give a verbal offer and the phone rep placed me on hold (to speak to a manager). Not bad for just ONE phone call after over 10 months!!! I did NOT OWE the income tax on this via the The Mortgage Debt Relief Act of 2007 since the HELOC was originated solely to obtain payday loans victoria the home initially.

I had good timing as this relief act was going to be eventually extended up thru 2016 from what I read. So in the end, I got to keep my 90 day payday loans home with one modified 1st loan NO more HELOC!


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The money I saved from not paying BoA for 5 months and SLS. Even after a loan mod, you are able to buy another home provided you show that you have had excellent mortgage payment history for 24 straight months after apply personal loan online mod. Hope you all have just as good outcomes with your underwater loans! I have finally successfully settled my 2nd with Suntrust Mortgage, after years of not corresponding with them.

It was a long process but I am thankful for all the help I got on this forum. I have finally successfully settled my 2nd with Suntrust Mortgage, after years of not corresponding with them. It was a long process but I am thankful for all the help I got on this forum. You should not have to pay income tax on any debt forgiven for real property (i. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Just to unsecured personal loans with bad credit refresh, I am the client whos second lender is suing for breech of contract even though the security first rule applies. It will cost them so much money for attorney and court fees to do this, im thinking it will be less money for us to just pay the arrears and move forward as usual.. I am thinking they may be trying to force you into bankruptcy, as it is a sure-fire way to avoid garnishment. In a chapter 13, you can ask to strip off the second lien.

If the first does non-judicial in my case, the one action rule binds the 2nd. I believe they want to be able to garnish and bK would eliminate that for them. I believe they want to be able to garnish and bK would eliminate that large personal loans for them. I believe they use financials to perform a BK means test. This is why, to me, no HAMPster wheel divulging of financials is worth the risk. We are trying to decide apply personal loan online if we should walk away from house, or just try to settle 2nd. We are not going to continue to live in house, but could rent in the meantime. Does renting affect your negotiating power on the house? Is just defaulting on 2nd loan much better for credit than an eventual foreclosure? How could your attorney retainer be more than the balance of your 2nd? My question is what department as I suppose to be negotiating with?


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I started getting calls from Wells Fargo Home Preservation to fast cash payday loans see if I still needed assistance. I received a notice from Wells Fargo Home Equity Collections Servicing and started receiving calls from the phone number 1-515-324-8000 (although they left the return number as 1-866-992-0966). Should I be returning their calls to negotiate a charge off? Just read my last post and I think I need to get this mortgage lingo correct... I received a certified letter from WF telling me that I may be eligible for PAYMENT RELIEF on my loan sent by the Home Equity Collections Servicing. I will be ignoring this letter and waiting for a settlement for a percentage of the loan.

If all the money from the heloc was used to pay for the house (payday loans va ie. Just make sure that in the escrow the loan money went straight to the seller and not a check to you which you then gave to the seller. A charge off is simply an accounting term to acknowledge that the debt is most likely uncollectible.

I thought that info was here but maybe it was a different thread.

Therefore I did a simply thread search and realized that this thread was indeed where I saw the questions answered.

Therefore I decide to apply personal loan online post the results I found and the search term to get them. Luckily we have not only the forum search function but the thread search function as well. Filed BK7 in 2009 and have not reaffirmed either the first or HELOC. I contacted them about 9 mths ago and was told the loan was charged off. We really would prefer to keep the home if and would make GMAC whole if BOA would settle at a reasonable amount. I had not heard from BOA since my call 9 mths back so I sent them a letter about 2 months ago informing them that I could be contacted for settlement since I think they cannot contact me due the BK but have heard nothing. I have read most of the thread and believe I am following the guidelines but is there anyway to kick start BOA. I fear that because the BK has precluded them from contacting me (and who knows if they received my letter or not) that I have to do something. It matters not a wit whether BOA contacts you or not.

Because the generally accepted rule is for one to get their 1st permanently handled before worrying about the 2nd. Lynnd - Do you have any idea why if WF charged off the loan they are still interested in what you pay the collections agency.

Is it not the case that WF sold your loan to the CA and then it is up to the CA to make as much profit as they can? Do you have any suggestions on how to effectively counter? Or, you might just choose to forget about ever settling this loan. That, of course, depends on your age and other factors. FYI, a CA is a collection agency, not a debt buyer. The owner of the debt contracts with a CA but still retains ownership. However, if a person or entity were to actually buy that debt, then they would be legally entitled to foreclose on that loan. There have been 3,740 posts, and every conceivable question and situation has already been addressed at least once. There have been no novel questions or new best loan for bad credit situations in many months. The thread, while still very popular, has become overly long and unwieldy. Although the thread is closed, all of the posts and information will remain accessible. Visitors can utilize the thread search tool to find answers, or just browse the pages and posts to learn more about the subject. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Well - it would help if you are NOT paying both to show true hardship. I was in a good place in 2012, because back then I was self employed as a 1099 consultant. What I did is I told half my clients to stop paying me for 6 months - this shows I had limited cash flow income. The loans were sold off a few times ending with ultimately Bank of America servicing the first note from Countrywide mortgage and SLS. So in the beginning of 2012, I stopped paying both loans in February 2012. I kept in touch with BoA for purposes of getting a loan mod.

I missed a total of 5 payments with BoA, and finally in September, BoA offered me a 3mo trial period to qualify for loan loan compare modification. My loan after 6months went to charge off, so my account was sent to their Recovery department. I explained my hardship situation and given that I live in a recourse state, I let SLS.