IRS Issues Guidance on Loan Modifications

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 · Federal Issues DOJ fair lending fair Housing Act Predatory Lending Mortgages. On July 30, the DOJ announced several settlements with a group of California-based mortgage loan modification service providers to resolve allegations that the defendants violated the Fair Housing Act by targeting Hispanic homeowners for predatory mortgage loan modification services and interfering.

In addition to the excise tax provisions, the tax reform package also maintains the interest deduction for business loans, and the deductibility. and the Internal Revenue Service (IRS) may issue.

exchange if the change constitutes a "modification," and the modification is "significant."7 As a threshold matter, it is important to note that although the modifications made to debt in a workout context where debt is in default often address unique issues, the Internal Revenue Service (the "IRS") has generally

1. There is ambiguity and lack of guidance regarding the information reporting requirements for interest paid in cases where accrued, but unpaid mortgage interest is included in a modified mortgage loan. We believe that the IRS and Treasury are uniquely situated to address the issues in a way that is consistent with the law and the best interests of tax administration, including both the best interests of taxpayers and the IRS through proper tax compliance. To

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The loan modification division of mortgage company will thoroughly review financials and current mortgage status; Lender may decide borrower is a great candidate for a loan modification; Once approved for a loan modification, the mortgage loan originator can present several programs that are best tailored to homeowner

Certain payments on the balance of a mortgage under the Home Affordable Modification Program; When a loan is secured by property, such as a mortgage where the home and land stand as collateral, and the lender takes the property as full or partial settlement of the debt, it is considered a sale for tax purposes, not a forgiven debt.

It told the industry it would not respond to any more requests for PLRs until it can determine the legal position properly and provide more general guidance. mutual funds could be launched if the.