All Payments Received in Connection with The Independent Foreclosure Review Payment Agreement May be Subject to Taxation as Income | Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledge

All Payments Received in Connection with The Independent Foreclosure Review Payment Agreement May be Subject to Taxation as Income | Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledge: "TAX INFORMATION"

On February 28, 2013, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing ... Regulators have published the payment amounts on their websites. 

"All payments received in connection with the IFR Payment Agreement may be subject to taxation depending on the borrower’s individual circumstances. This webpage provides general information regarding potential U.S. federal income tax consequences of these payments if you are a citizen or resident of the United States.^"

REad more (with details on how to find out which category your payment fits into)by clicking on the title link:All Payments Received in Connection with The Independent Foreclosure Review Payment Agreement May be Subject to Taxation as Income | Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledge:



MY NOTE:  This is IMPORTANT stuff for anyone that receives a sizeable lumpsum payment.. Also it has been said by several sources online that cashing this check removes your right to sue the bank or be involved with class action settlements. Make sure to check and research those two things before cashing the check.   Tax on 300-1K might not be a big deal but over that you could be looking at a shift in your tax bracket. 




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