The Federal Housing Finance Agency “FHFA” has recently announced that effective July 1, 2013, Fannie Mae and Freddie Mac will offer a new streamlined loan modification initiative to help certain eligible homeowners to participate in a new loan modification program referred to as the Streamlined Modification Initiative “SMI”. There are a multitude of benefits for… Read more »
Posts Tagged: Loan Modification Agreements
Pre-Foreclosure Workouts, Loan Modification Agreements and 1099-C Tax Consequences of Debt Forgiveness
In this recent era of mortgage lenders being increasingly open to pre-foreclosure workouts and loan modification agreements, it is imperative that property homeowners understand the potential for taxable income consequences that could arise as a result of the loan modification agreement. In the past when a homeowner was behind on their mortgage, the primary solution… Read more »