If the amount forgiven does exceed this, it could be considered income for tax purposes, subject to the Mortgage Forgiveness Debt Relief Act. The buyer may not resell the property for at least 90 days. Reasons for Cancellation Improvement in borrower’s financial situation. Borrower or listing broker does not act in good faith in the listing, marketing, or closing aspect of the sale. Any fraud or misrepresentation in the sale. Substantial change in property’s condition or value. Bankruptcy is filed by borrower. Any litigation that happens (or is in danger of happening) that would affect the title, such as divorce or probate. Participating Lenders Remember lenders can enter into contract to participate in the programs until 12/31/09, so the list may expand. Web Name Phone Service Address Fax Site Allstate Mortgage Loans & P.O. 1201, Investments, Inc. Crystal River, FL 34423 Attn: HAMP Processing American Home Mortage 1525 S. Beltline Road Coppell, Servicing, Inc. TX 75019 3374 Walden Avenue AMS Servicing, LLC Buffalo, NY 14043 P.O. Box 1706 Aurora Loan Services LLC Scottsbluff, NE 69363-1706 P.O. Box 940070 Bank of America, N.A. Simi Valley, CA 93094-0070 Bank United 3333 Clares Street Bay Federal Credit Union Capitola, CA 95010
If the amount forgiven does exceed this, it could be considered income for tax purposes, subject to the Mortgage Forgiveness Debt Relief Act. The buyer may not resell the property for at least 90 days. Reasons for Cancellation Improvement in borrower’s financial situation. Borrower or listing broker does not act in good faith in the listing, marketing, or closing aspect of the sale. Any fraud or misrepresentation in the sale. Substantial change in property’s condition or value. Bankruptcy is filed by borrower. Any litigation that happens (or is in danger of happening) that would affect the title, such as divorce or probate. Participating Lenders Remember lenders can enter into contract to participate in the programs until 12/31/09, so the list may expand. Name Web Site Phone Service Address Fax Allstate Mortgage Loans & Investments, Inc. P.O. 1201, Crystal River, FL 34423 American Home Mortage Servicing, Inc. Attn: HAMP Processing 1525 S. Beltline Road Coppell, TX 75019 AMS Servicing, LLC 3374 Walden Avenue Buffalo, NY 14043 Aurora Loan Services LLC P.O. Box 1706 Scottsbluff, NE 69363-1706 Bank of America, N.A. P.O. Box 940070 Simi Valley, CA 93094-0070 Bank United Bay Federal Credit Union 3333 Clares Street Capitola, CA 95010
HAFA.docx