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foreclosure: Foreclosure Tax Relief Bill is Finally Passed! - 12/23/07 01:48 PM
President Bush signed into law Tuesday a new bill providing tax relief for homeowners facing foreclosure or bankruptcy. The bill eliminates federal taxes due from homeowners who have had mortgage debt forgiven as part of a foreclosure, short sale or the renegotiation of a loan. Currently such debt forgiveness is treated as taxable income.
The bill came in response to the current mortgage crisis, which has become more prevalent in booming metropolitan cities over recent years including Northern Virginia and Washington DC. It is anticipated to reduce taxes on strapped homeowners by $650 million. “When you’re worried about making your payments, … (0 comments)

foreclosure: Interest Rate Freeze on Subprime Loans - 12/06/07 07:35 PM
Foreclosures in Virginia, Maryland and Washington DC have been fueling price depreciation and a glut of housing inventory over the past several months. Today, the White House announced their policy to freeze subprime interest rates for 5 years in order to help hundreds of thousands of homeowners stay in their homes and avoid foreclosure. The deal with the mortgage industry is “a step in the right direction” after the increasing number of foreclosures have driven home prices down, hurt neighborhoods and threatened the economy.
The plan will not effect everyone facing foreclosure, but only consumers with subprime loans, which account for … (2 comments)

foreclosure: Buying a Home After Foreclosure? There is still hope... - 11/19/07 05:11 PM
Many of those who lose their home to foreclosure in Virginia, Maryland & Washington DC, are often interested in buying a home after foreclosure as quickly as possible. While the foreclosure will stay on the former homeowners’ credit for 7-10 years, this does not mean that they won’t be able to qualify for a new home loan in a shorter period than that. However, it takes work to be able to qualify for a new home after foreclosure. The quickest way to get a mortgage after facing foreclosure is to save up 35% as a down payment. Some foreclosure lenders will … (0 comments)

foreclosure: Watch Out Foreclosure, Short Sale to the Rescue! - 10/02/07 11:03 PM
Foreclosures and Short Sales in Virginia, Maryland and Washington DC have become more prevalent in recent times. As a result of the rise in delinquencies, short sales have become popular as a solution for homeowners who need to get out of homes as trouble-free as possible.
A short sale becomes an option when the homeowner cannot afford to make the payments on their loan due to whatever circumstance. In a nutshell, the lender agrees to accept less than the total amount owed. In reality, the lender agrees to release the home from the lien of the Deed of Trust for less … (3 comments)

 
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