The Internal Revenue Service is offering guidance on mortgage principal reductions in the federal government’s program for mortgage modifications for borrowers who have fallen behind on their payments.

The guidance in Revenue Procedure 2013-16 aims to help borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction Alternative offered through the Treasury Department’s and Department of Housing and Urban Development’s Home Affordable Modification Program, also known as HAMP-PRA.

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