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Payment from GMAC Mortgage Company of $1875 due to foreclosure years ago taxable??

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    Payment from GMAC Mortgage Company of $1875 due to foreclosure years ago taxable??

    Taxpayer received a check for $1875 from paying agent = Rust Consulting, Inc. Said it is a payment as a result of an agreement between federal banking regulators and GMAC Mortgage in connection with an enforcement action related to deficient mortgage servicing and foreclosure processes. Regulators determined the payment amount based on the stage of your foreclosure process and other considerations related to your foreclosure.

    This taxpayer came to me as a new client in 2012 from out of state. She has not received any 1099-C or 1099-A for foreclosure (yet).

    Would this $1875 be taxable?

    #2
    not if it is reimbursement for monies she had paid out
    Believe nothing you have not personally researched and verified.

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