Fannie Mae has issued a notice to its servicers, instructing them to postpone foreclosure proceedings for unemployed homeowners who are receiving financial help through Hardest-Hit Fund programs run by state housing finance agencies.

According to the GSE’s newly released directive, if a housing finance agency (HFA) notifies a servicer that a borrower has been approved for assistance, the servicer must not refer the mortgage loan to foreclosure or conduct a scheduled foreclosure sale for 45 days.

If a notice of trustee or sheriff sale has already been recorded and then the servicer is notified of borrower approval by the HFA, the servicer may elect to postpone the foreclosure proceedings.

CLICK HERE TO READ THE FULL ARTICLE AND FOR A COPY OF THE GSE’s NEWLY RELEASED DIRECTIVE,

How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do.
CLICK HERE TO READ MORE

ATTENTION REALTOR®: SwingSign can help you save your 'distressed' listings, save your client from foreclosure and guarantee your FULL commission! Click on the REALTOR® tab above and fill out the simple form or give us a call at: (866) 631-1015 WE CAN HELP!

 

 

WRITTEN BY KRISTI DUVALL: SWINGSIGN CORPORATION | 20 JANUARY 2011

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

CLICK ON OR COPY AND PASTE THIS IRS LINK INTO YOUR BROWSER to the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:

http://www.irs.gov/individuals/article/0,,id=179414,00.html/

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OK, I'm really beginning to wonder if this is ever going to end! Am I the only one that feels this way? Although my business (preforeclosure/distressed) is actually helped in a strange way; it still comes down to SALES! And baby if there ain't no sales then there ain't no moolah and if there ain't no moolah, then it ain't fun! I want to have more FUN!!

I recently posted an article on our website: www.SwingSign.com, written by:
DR. MAYA BAILEY | 05 NOVEMBER 2010 | "HOW TO STAY POSITIVE NO MATTER WHAT"
Well, even-though I think the article is one of the best I've read in a while, I just have one thing to say to Dr. Bailey...the 'NO MATTER WHAT' part is really tough...HELP!!!!

Be Sure To Vote!

I recently joined another Board: SMABOR® San Marcos Area Board of REALTORS® and went to my new member orientation this morning. Met some really nice folks. Professional presentation by Amy DuBose, SMABOR® Association Executive, but missed the 'welcome' by Holly Morris, SMABOR® President. 

SMABOR® is a relatively small Board, but if the folks I met today is any indication, I'm really going to like this group. 

OK, that's good news, but MarketWatch.com reports new-home sales were still down 21.5 % from same time last year! Reminds me of a bumper sticker I saw when I moved to Dallas in 1989, it read: "Please God give me another Oil Boom! I promise I won't piss it away this time!"

http://www.SwingSign.com

"Bats in The Belfry": An antiquated term for insanity, madness. WE GOT BATS IN OUR BELFRY!  NO!  REALLY, I MEAN IT! Check em'out: http://www.SwingSign.com

 

HAPPY HALLOWEEN!

 

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