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Topics
IRS on Non-Judicial Foreclosure, Redemption and the Tax Implications of Redemption
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A foreclosure is the process by which an owner's right to a property is terminated, the foreclosing party's interest is liquidated, and junior creditor interests on the property are extinguished. This IRM contains instructions and information related to third party foreclosures. It does not address the Service's suits to foreclosure lien interests.
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There are two types of foreclosures discussed in this IRM. Judicial foreclosures as referenced in 28 USC § 2410 and 26 USC § 7425(a) and non-judicial foreclosures as referenced in 26 USC § 7425(b). State law governs whether the foreclosure is judicial or non-judicial. The location of the property being foreclosed will determine which state's laws are followed................................
FHFA on Home Foreclosure Process
Among the most prominent features of the current housing crisis has been an unprecedented jump in the incidence of mortgage delinquencies and foreclosures. Public policy and financial market observers have attributed delinquency and foreclosure increases to a wide range of causes and have offered varying policy prescriptions for what remains a continuing problem. Allegations of improper or deficient practices on the part of mortgage originators and servicers have also been a major source of controversy over the past few years. By identifying and describing the procedures and requirements that characterize an appropriately executed foreclosure process, FHFA-OIG seeks to provide useful context and understanding for policymakers and members of the public........................
Read more ›26 CFR 400.5-1 - Redemption by United States.
§ 400.5-1 Redemption by United States.
(a) Scope. The purpose of this section is to prescribe rules with respect to the provisions contained in section 7425(d), relating to redemption of real property by the United States. Section 109 of the Federal Tax Lien Act of 1966 (80 Stat. 1141) amended the Internal Revenue Code of 1954 by adding a new section 7425, relating to the discharge of tax liens, effective after November 2, 1966.
(1) In general. In the case of a nonjudicial sale of real property to satisfy a lien prior to the tax lien, the district director may redeem the property within the redemption period (as described in subparagraph (2) of this paragraph (b)). The right of redemption of the United States exists.......................
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FFIEC's Consumer Help Center
Welcome to the FFIEC’s Consumer Help Center. The Consumer Help Center directs consumers with complaints and questions about their bank or financial institution to the appropriate federal bank regulatory agency that can help them with their concerns........................
Read more ›Request a Home Affordable Modification
Start your application for the Home Affordable Modification Program SM (HAMP SM) by submitting a complete “Initial Package” to your mortgage company servicer (the company to which you make your monthly mortgage payments). The Initial Package..............................
Read more ›Loan Modification Programs: How to Qualify and Apply
The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of the borrower’s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.........................
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