loan modification
Congress Extends Mortgage Forgiveness Debt Relief Act
As expected, Congress has extended the Mortgage Forgiveness Debt Relief Act for one more year. This extension assures that homeowners who short sell their homes, obtain loan modifications or are subject to foreclosures, will not be liable for the taxation on mortgage debt that is forgiven by the lender(s). Homeowners who currently have a short…
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Beware: Lender Communication Failure Can Lead to Foreclosure
Some of the big lenders are making grievous errors that are costing homeowners, buyers and their agents time, money and much aggravation. The biggest problem is that oftentimes departments claiming to help borrowers do not communicate. Let’s look at an example. Let’s say a seller is in the middle of a short sale, almost to…
Read MoreDon’t Foreclose Yet…You May Have Options!
With the economy in turmoil and people scared to make big purchases, the real estate business is undoubtedly challenged. In difficult times some people panic, and I see that happening amongst distressed borrowers, yet there is a process to the situation that you need to follow in order to have a chance to save your…
Read MoreThe Latest Distressed Property News
There has been quite a bit going on in the distressed property market as of late, and if you are a homeowner who is underwater or are unable to continue to pay your mortgage, there is some good news on the horizon to help you. HAMP incentives increased for early borrower assistance: Fannie Mae has…
Read MoreUnderwater Homeowner Solution Makes Sense
In trying times you can surely bet that there will be those who will come up with ideas – some good, some bad. There is one mortgage servicer that has been following a plan for the last year, and it has proven successful in helping underwater homeowners (those who owe more to their mortgagors than…
Read MoreWeekly Real Estate News REcap 7/8/11
Obama Administration Extends Foreclosure Programs for the Unemployed. Those who are unemployed and have an FHA loan will soon be given up to a year of forbearance on their payments, giving them time to find a new job before losing their homes. This announcement arose from the fact that many Americans are unemployed for more…
Read MoreThrow the Lenders to the Courts
Over the past several years there have been attempts to let judges take over lender issues, such as those related to foreclosures and bankruptcy. Some states, like California and New York, have allowed judges to intervene in ruling on improper foreclosures, or in cases where lenders assign mortgages for which they have no documented proof…
Read MoreJune Real Estate News
Downpayment increase rule under debate: If you haven’t heard, banking industry regulators have a rule on the table that would require buyers to pay a minimum of 20% down on home purchases. Although many lenders require this already there are some loans that can be obtained with very little money down, such as FHA loans…
Read MoreForeclosure Prevention is in State Hands
I have discussed before the importance of state foreclosure prevention programs, and the fact that more states would be initiating or revising their programs due to cancellation of federal programs and counseling. In my most recent blog on MoneyPress I discuss the main ideas behind these programs and provide a list of which states offer…
Read MoreCould Elimination of Housing Counseling Programs Hurt YOU?
In what I personally think is a big mistake, Congress announced that it is eliminating $88 million in funds for housing counseling programs. These are the programs that allow struggling homeowners and others with questions to call in and get counseling advice. It is often the first step in pre-foreclosure, or even in avoiding foreclosure…
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