News & Analysis as of September 18, 2024

Foreclosure › Internal Revenue Service

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Litigation Byte (June Edition)

McGlinchey Stafford on 7/16/2024

The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more

IRS Private Letter Ruling Concludes REMIC Can Hold C-PACE Assessments

Dechert LLP on 6/13/2024

Dechert LLP recently obtained an IRS private letter ruling (“PLR”) on behalf of an asset manager concluding that certain C-PACE assessments are “obligations . . . secured by an interest in real property” for purposes of the...more

Clean Energy Tax Credit Transfers Inch Toward Reality

Husch Blackwell LLP on 11/20/2023

Among the benefits afforded the renewable energy sector by the Inflation Reduction Act of 2022, the ability to monetize 11 new or expanded clean energy tax credits via direct transfer was especially interesting to developers...more

Tax Court in Brief | Howland v. Commissioner | Mortgage Interest Deduction in Foreclosure Sale and Accuracy-Related Penalty

Freeman Law on 6/23/2022

A Mortgage Foreclosure Primer

Fox Rothschild LLP on 11/10/2020

We have recently had inquiries about foreclosures. Given the current economic climate, this is probably going to become more common. The good news is that home prices are up, particularly in the Philadelphia suburbs. But for...more

CDC Issues Moratorium on Residential Evictions Through 2020

White and Williams LLP on 9/10/2020

On September 1, 2020, the Centers for Disease Control and Prevention (CDC) announced that it was issuing an order (CDC Order) to temporarily halt residential evictions to prevent the further spread of COVID-19. The CDC Order...more

Debt Forbearance/Settlement Agreements: One of the Most Important and Often Overlooked Clauses

White and Williams LLP on 6/26/2020

The economic impact of the global COVID-19 pandemic will likely result in a considerable number of borrower defaults, workouts and debt restructurings. An often overlooked but significant consequence of debt modifications or...more

Real Estate Industry Alerts Tracker - April 2020 Issue #4

Kelley Drye & Warren LLP on 4/27/2020

$484 Billion Interim Emergency Funding Bill - Congress and the Trump Administration have announced a deal on the $484 billion “interim emergency” relief package (the Paycheck Protection Program and Health Care Enhancement...more

COVID-19 Update: IRS Issues Securitization Guidance on Coronavirus-Related Forbearances

Cadwalader, Wickersham & Taft LLP on 4/17/2020

On April 13, 2020, the Internal Revenue Service issued a helpful revenue procedure that permits loans that are subject to certain forbearances and related modifications as a result of the COVID-19 pandemic to be contributed...more

COVID-19 Update: Coronavirus-Related REMIC Considerations

Cadwalader, Wickersham & Taft LLP on 4/3/2020

I. Introduction - The COVID-19 pandemic has created significant headwinds for mortgage loans. Loan forbearances and workouts raise tax complexities for real estate mortgage investment conduits (REMICs), which are the most...more

IRS Issues a Memorandum on Substantiation Guidelines for Safe-Harbor Hardship Withdrawals from 401(k) Plans

Sherman & Howard L.L.C. on 3/8/2017

On February 23, 2017, the Internal Revenue Service (“IRS”) issued a Memorandum to IRS agents. The Memorandum identified the steps agents should take, in examining a 401(k) plan, to confirm that a hardship withdrawal is...more

First Circuit: Sending Form 1099-A Post-Chapter 7 Discharge Does Not Violate the Discharge Injunction

Goodwin on 1/20/2017

On December 14, 2016, the United States Court of Appeals for the First Circuit affirmed the New Hampshire Bankruptcy Court and District Courts’ findings that a mortgage lender sending Internal Revenue Service Form 1099-A to a...more

IRS Ruling Addresses LLC Eligibility for Cancellation of Debt Exception

Goulston & Storrs PC on 6/22/2015

In new CCA 201525010, the IRS addressed the issue of whether a general “exculpatory” debt of an LLC is recourse or non-recourse for purposes of classifying debt-relief as potential cancellation of debt (COD) income. Recourse...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending November 14 & 21, 2014

Carlton Fields on 11/25/2014

REAL PROPERTY UPDATE - - Harris Act/Inverse Condemnation: dismissal was (1) improper as to landowners’ Harris Act claim because amendments to County’s land use plan were applied specifically to landowners’ property by...more

Banks Not Required to Capitalize OREO Costs

Shumaker, Loop & Kendrick, LLP on 3/11/2013

The Office of the Chief Counsel of the Internal Revenue Service has issued a Legal Memorandum (Number AM2013-001, dated March 1, 2013) (the “Memorandum”), which has important implications and represents a victory for lenders...more

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Foreclosure › Internal Revenue Service

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