Report: #303381

Report: Ocwen Loan Servicing, Orlando Florida

Category: Mortgage Companies

Ocwen Loan Servicing, Orlando Florida I filed hardship papers, had a investor willing to buy and OCWEN still foreclosed, I now have a 1099 A from them and the balance between the principal and FMV is my 2nd note with them. Orlando Florida

...Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) You may not have tqaxes to pay!

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Ocwen Loan Servicing, Orlando Florida

Phone: 800-746-2936
Fax:

12650 Ingenuity Drive
Orlando, Florida 92399
U.S.A.

Submitted: Friday, January 25, 2008

Last posting: Saturday, January 26, 2008

Colton, California

I started in early 2007 to try and get help with my loan. My spouse lost his job and I was diagnosed with cancer. I called the HOPE line and the deal they worked out with OCWEN still was too much money in a lump sum. I found an investor who was willing to pay what they have listed as the FMV on my 1099A. They were so diffcult to get int touch with and it seemed that we kept resending the same papers every two weeks. Finally the date of auction fast approached. Sale was set for Nov 15th. My investor grew tired but kept on trying. Fearful of being without a home, one week before the sale we moved out. I had enough. My investor tried up to day of auction to get his offer accepted. They just wanted more of the same paperwork resent. Auction came and went. I just got in the mail a 1099 A from OCWEN. The Principal and FMV are the difference of my second note. I have tried to call to see if I am getting a 1099 A for the second note...of course, the lines are all busy, my wait time is 2 hrs . They said I can set up an appt. I tried that and the phone keeps getting disconnected. I have had enough of these people. They got a home in much better condition than when I bought it.What more do they want?????I barely make enough to pay the bills now. So when I file my taxes I guess the 79K profit they list on my 1099 A is my problem with the IRS. Thanks OCWEN for nothing!!!

Debbie
Colton, California

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Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) You may not have tqaxes to pay! Steve [1/26/2008]

Submitted: Saturday, January 26, 2008

Posted: Saturday, January 26, 2008

Steve

Corona
U.S.A.

Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) You may not have tqaxes to pay!

You may NOT have a tax liability on the 1099 debt forgiveness income income. You want to consult with a qualified tax preparer for your 2007 Federal taxes to make sure you qualify.

Basically here is the deal. If you never refinanced or modified the terms of your original mortgage notes on the purchase of your house, you should qualify for this program. If you took cash out at any time or if the 2nd mortgage was added AFTER you purchased your home you do not qualify. The mortgages MUST have been used to purchase your home.

Get to a qualified tax preparer and be sure to ask them if they are knowledgeable of HR 3648 before you begin. You can google HR 3648 and get 1000's of hits explaining it. I have pasted a bit about the law below. Good Luck!

"The President signed, the Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648). For those homeowners who qualify, they are relieved of this tax liability. The bill is effective retroactively for debt discharged from January 1, 2007 through December 31, 2009. The Act deals only with personal residences where debt is discharged through foreclosure, short sale, renegotiations, etc. And for those who keep their homes put pay mortgage insurance, it also extends the tax deduction for payment of governmental and private mortgage insurance for another three years."

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