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League City Texas Form 982: What You Should Know

Real Property: Cancellation of Debt and Foreclosure (Revised April 6, 2015) Form 990, Schedule F (Exchange of Information) Form 990, Schedule F (Exchange of Information) is used only in the case of a return or other payment received by a borrower in the middle of a delinquency or foreclosure proceeding and is used to compute the amount of the deficiency related to the delinquency of the loan. Real Property: Cancellation of Debt and Foreclosure (Revised April 25, 2018) Form 990, Schedule F (Exchange of Information) is used in the case of a return or other payment received by a borrower in the middle of a delinquency or foreclosure proceeding. It is required by the borrower to compute the amount of the deficiency related to the delinquency, and if a portion of the mortgage loan was canceled during the period from the date of the delinquency through the date of the foreclosure. It is also used to compute other deficiency related to the delinquency. The cancellation of debt procedure requires more data. First, the form is sent to the borrower, and he must enter all information provided on the return (Form 1040 or 1040A, IRS Form 1099 or any other report filed with a lender). Then, to be sure that the information is entered correctly, the borrower is informed of the option of a return or payment that includes the information received on Form 990. If the homeowner chooses this option, he should include the following information on the return, in the column labeled “Invoicing Statement:” Payment received, Description of outstanding balance, Amount of cancellation (including amount of payment received and other information about the amount of cancellation) If the delinquent mortgage loan was cancelled, the amount of the cancellation is used instead of the amount of the payment received, but the foreclosure notice for the property is received by the borrower. On Form 990-EZ, the delinquent mortgage loan amount is entered in box (A) of the Form 990 EZ. The delinquent mortgage loan amount cannot be placed in box (D) of Form 990-EZ. Next, the delinquency notification number.

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