I thought it was worth passing along.Nine Facts about Mortgage Debt Forgiveness If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

I'm not concerned with respect to a deficiency resulting in a 1099-C, as a seller is protected against either via the Mortgage Debt Relief Act (owner-occ) or via insolvency (non-owner occ), although educating and convincing a misinformed lay person or realtor can be quite a challenge on the tax forgiveness issue as well.Another frequent objection from sellers and agents alike is that because my offer is so low, it will create an unecessary delay when they're of the belief the bank will most likely deny a "lowball" investor offer in the end - and all those weeks or months in which an offer at or close to market value could've been accepted were forfeited in vain.

If the property is upside down, then you still can have a deal.A lot of times the mortgage company will request a motion for relief from stay, in which the property will be removed from the bankruptcy, due to the fact there is no equity (negative assets).

It would be a relief to have the work done for me especially if I end up buying more houses in the process.

thanks, thats a huge relief. but still leaves me with a lot of work to do, to help them out.

Relief.

It's a non-profit organization that partners with companies like Bank of America and Citigroup.And, for reference, their default rate on loans is less than 2%...making them MUCH more efficient and successful than any for-profit lender or financial institution I've ever heard about.Here's the link to the 2010 event I'm guessing you're referring to:http://www.examiner.com/mortgage-in-atlanta/naca-event-draws-thousands-to-gwcc-seeking-foreclosure-relief

An escape even for a short while is a great mental relief.

Some of those who "sold early" are now crying in their beer that they need relief from their upside down loans.

Now, we(meaning myself and the other person who I trust completely because they have as much to lose or gain) finally got on the phone with one of them(both of them are too hard to get a hold of for the most part) and we fortunately think we, or they figured out what was going on so at least that is a huge relief.