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number335 · 06-16-2010, 09:04 PM

I am upside down on a rental property mortgage and CHASE has offered to reduce/modify my current loan amount from $182,325.94 to $115,500.00 ($66,825.94 reduction). I originally put down $50,000.00 and have paid approx $12,000.00 in principal towards the loan.

I do not occupy the home, so I don't think I qualify for the loan modification relief act that would relieve me from any tax liability for the $66k reduction.

If I agree to this loan modification, will I be screwed with having to pay taxes on the $66k?

06-16-2010, 09:04 PM	#1
number335 Second Lieutenant 22 Rep 254 Posts Drives: E92 Coupe Join Date: Mar 2008 Location: Orange County, CA iTrader: (0)	Any Loan Modification Experts? I am upside down on a rental property mortgage and CHASE has offered to reduce/modify my current loan amount from $182,325.94 to $115,500.00 ($66,825.94 reduction). I originally put down $50,000.00 and have paid approx $12,000.00 in principal towards the loan. I do not occupy the home, so I don't think I qualify for the loan modification relief act that would relieve me from any tax liability for the $66k reduction. If I agree to this loan modification, will I be screwed with having to pay taxes on the $66k?
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