How Is the Forgiveness of Mortgage Debt Recorded on an Income Statement?

Answer Mortgage debt forgiveness happens when a corporate lender believes its unstinting support for a borrower is no longer necessary, either because the debtor is facing financial distress or has filed ... Read More »

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What is the Mortgage Forgiveness Debt Relief Act?

The Mortgage Forgiveness Debt Relief Act was passed in 2007. The legislation enabled citizens who restructured their mortgage to avoid paying taxes on income gained from debt reduction. Prior to th... Read More »

What Is Mortgage Forgiveness Debt Relief?

The Mortgage Forgiveness Debt Relief Act was enacted in 2007 and extends to 2012. For taxpayers whose mortgages are canceled or reduced during this time, the act exempts them from reporting the for... Read More »

Debt to Income Ratio for a Mortgage?

To qualify for a mortgage loan, you must meet certain criteria. Mortgage lenders look at not only your credit score and monthly income, but also at debt. Many mortgage lenders focus on the debt to ... Read More »

How do I calculate debt to income ratio for a mortgage?

Add up all monthly debt payments, including credit card payments, car loan payments, student loan payments, current mortgage or rent payments, line of credit payments, alimony and child support pay... Read More »