Got a mod offer- it actually offers to reduce principle 
- BUT- says they will report that reduction as income to the IRS 
. Loan was discharged- how can they claim to be reducing my liability when I have none? Got a call into my attorney, but how do you experts out there think this would play out? The income taxes on the reduction would be more than I could ever afford. Can they do this? They gotta know there is no way anyone would agree to that.
Also, a paragraph stating that I agree to honor all the terms of the original mortgage...blah blah- kinda sounds like they are ignoring the fact that loan is discharged at all- or an attempt at a back door reaffirm, which I know is not legal or binding.
Oh yeah, and they want me to waive my right to any foreclosure notices in the future and they WILL dual track me. Says so right in the paperwork.
I waited 10 months for an offer, I get this crap and they give me 11 days to decide.
This is also the one creditor who continues to report lates and delinquent on my credit reports despite letters from me and my attorney. They responded in writing that it was fixed, but just pulled my reports and it's not.
I need an aggressive attorney to use the violation to apply some leverage. I would love to take them back to court. In light of some of the BK decisions lately, I wonder if they could even prove ownership of the loan to the satisfaction of the BK Judge. (MERS Loan)They have been losing that battle lately in the BK courts. Anyone in SoFl got any suggestions? I don't think my attorney likes to litigate or he would have jumped on this before now.
So sick of this BS with them.
- BUT- says they will report that reduction as income to the IRS . Loan was discharged- how can they claim to be reducing my liability when I have none? Got a call into my attorney, but how do you experts out there think this would play out? The income taxes on the reduction would be more than I could ever afford. Can they do this? They gotta know there is no way anyone would agree to that.Also, a paragraph stating that I agree to honor all the terms of the original mortgage...blah blah- kinda sounds like they are ignoring the fact that loan is discharged at all- or an attempt at a back door reaffirm, which I know is not legal or binding.
Oh yeah, and they want me to waive my right to any foreclosure notices in the future and they WILL dual track me. Says so right in the paperwork.
I waited 10 months for an offer, I get this crap and they give me 11 days to decide.
This is also the one creditor who continues to report lates and delinquent on my credit reports despite letters from me and my attorney. They responded in writing that it was fixed, but just pulled my reports and it's not.
I need an aggressive attorney to use the violation to apply some leverage. I would love to take them back to court. In light of some of the BK decisions lately, I wonder if they could even prove ownership of the loan to the satisfaction of the BK Judge. (MERS Loan)They have been losing that battle lately in the BK courts. Anyone in SoFl got any suggestions? I don't think my attorney likes to litigate or he would have jumped on this before now.
So sick of this BS with them.