3-Hour Program

See Credit Details Below

Overview

Why you should attend

Attend this training to improve your ability to counsel homeowners in financial distress.  The training will provide an overview of the financial issues - including tax and credit consequences - homeowners may face after a foreclosure, short sale or loan modification.  Tax experts will explain the fundamentals of how cancelled mortgage debt is treated under state and federal tax law, and provide insights into changes in tax law that may take effect as early as next year.  Practitioners will discuss what types of personal liability homeowners may still face following a foreclosure, short sale or deed-in-lieu, and will use case examples to illustrate the credit impact of various forms of mortgage delinquency resolution.  Panelists will also outline legal strategies for addressing these issues through bankruptcy, fair debt collections and fair credit reporting claims.

What you will learn

  • The basic types of mortgage delinquency resolution, from loan modification to foreclosure
  • How cancellation of mortgage debt income is taxed under state and federal law
  • Why we may see changes in the tax law relating to cancellation of mortgage debt starting January 1, 2013, unless Congress and the President act soon
  • How to determine if a borrower will still face personal liability for mortgage debts after losing the home
  • How foreclosures, short sales and loan modifications impact a borrower’s credit score and future ability to buy another home - and how scammers often misrepresent the facts to lure in victims
  • Legal strategies for addressing post-foreclosure debt collection and credit reporting errors

Who should attend

Legal aid and private practitioners who work with homeowners in financial distress and want to gain a better understanding of the financial consequences of various options their clients face will benefit from this program, as will consumer law attorneys interested in learning more about post-foreclosure debt collection and fair credit reporting act claims.

Credit Details