The Internal Revenue Service announced this week procedures designed to aid as many homeowners as possible who are facing the year-end expiration of a tax provision that excludes from income mortgage debt forgiven in connection with the Principal Reduction Modification Program (PRMP) and the Home Affordable Modification Program (HAMP).
The Good News. The IRS notice offers clarity and assurance to homeowner-borrowers that if they are in the trial period of the PRMP or HAMP programs, or will enter into the trial period before the end of 2016, even if the debt… Read More
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