Otten Johnson’s Business Transactions & Capital Markets practice group has substantial experience dealing with tax consequences of loan modifications. For more information on this Client Alert or on addressing such issues, please contact any of the attorneys in the Business Transactions & Capital Markets practice group (for a listing, click here.)

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1. There is ambiguity and lack of guidance regarding the information reporting requirements for interest paid in cases where accrued, but unpaid mortgage interest is included in a modified mortgage loan. We believe that the IRS and Treasury are uniquely situated to address the issues in a way that is consistent with the law and the best interests of tax administration, including both the best interests of taxpayers and the IRS through proper tax compliance. To

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federal tax exemption for interest on state government bond issues used to help provide mortgages for moderate-income home purchasers; and exemption from income taxation of mortgage amounts forgiven.

Loan Modification. Loan modification is a procedure for changing the terms of your mortgage loan so that it creates affordable payments. For example, your lender might agree to extend the life of your mortgage loan or add your past due amount onto your principal to bring your mortgage current. Actions taken by the lender vary based on your situation.

exchange if the change constitutes a "modification," and the modification is "significant."7 As a threshold matter, it is important to note that although the modifications made to debt in a workout context where debt is in default often address unique issues, the Internal Revenue Service (the "IRS") has generally

When your lender forgives all or part of your mortgage balance, the lender is required by law to issue you an IRS Form 1099-C, a "Cancellation of Debt" notice, which is also sent to the IRS.

Treasury will decide whether it is appropriate to publish guidance that permits certain modifications to commercial real estate loans. If guidance is appropriate, the IRS and Treasury intend to publish proposed amendments to the REMIC regulations permitting additional types of modifications to commercial real estate loans.