Chase Loan Mod Effective Feb 2011 -- Received Loan Principal Reduction of $191,00 July 2012

Chase Loan Mod Effective Feb 2011 -- Received Loan Principal Reduction of $191,00 July 2012

I was out of town in July and received a vm from Chase. My loan modification was approved and went into effect in February of 2011. I've had no further contact with them...all payments timely etc. I returned the call and much to my surprise they said they were calling in case I had any questions about the recent letter they sent me. When I told them I wasn't home they advised me that as part of a settlement with the Government they had forgiven $191,000 of principal.

This was the same principal I had HOPED they would forgive at the time of the loan mod last year but they didn't.
Obviously I'm pretty thrilled.

Just wonder the behind the scenes and how my loan was marked by Chase last year that caused me to be included or how this came about. I guess there's a slight fear that I'll get a letter saying we made a mistake.

And also, do I have any tax ramifications as a result of this?

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