After listening to The Power Is Now Online Radio with guest speaker Chris Sorenson, Founder of Homeowners Education Learning Center (H.E.L.P.)…I was astonished at the numbers. That astonishment turned into a fixation…and that fixation has turned into determination. Determination to Serve with Success! This was one of Mr. Sorenson charges.
The numbers…to date there has been a lost of 3.8 million homes to foreclosure. Currently, there are 5.6 million homeowners delinquent on their mortgage:
- 1.6 million are 30 days delinquent.
- 600,000 are 60 days delinquent.
- 1.5 million are 90 days delinquent.
- Close to 2 million are in foreclosure status
I was shocked at the numbers and glad I was on the call to know that although things are progressing…there is still a lot of work to do! I am motivated…and I know that I have the knowledge…skills…and experience to help homeowners in distressed.
I am determined to continue to be a voice for distressed homeowners and I urge other Real Estate Professionals and homeowners to do the same. The Mortgage Forgiveness Debt Relief Act of 2007 is set to expire on December 31, 2012. Mr. Sorenson spoke on the Homeowners Bill of Rights AB 278 that is set to begin on January 1, 2013….but I decided to blog about the Mortgage Forgiveness Debt Relief
What does this mean to the Homeowner in distressed? It means that if a homeowner decides to take action…take initiative….rather through a loan modification or short sale, they could owe thousand of dollars in taxes. The Mortgage Forgiveness Debt Relief allows distressed homeowners to exclude the forgiviven debt on their principal residence from income. It has saved the homeowners THOUSAND OF DOLLARS!!
TAKE ACTION! Write your local representatives and request that they extend the Mortgage Forgiveness Debt Relief Act and sponsor the current legislation that has been introduced to Congress. The expiration of this tax relief can make a huge difference as to if the homeowner will decide to perform a Short Sale or not.
Challenges are still here...we need to extend the Mortgage Forgiveness Debt Relief Act.
Click Here for Central Valley Realtist Association Press Release to Extend the Mortgage Forgiveness Act
The Power Is Now Online Radio airs every Thursday at 10:30 am. Its a great resource for Real Estate Agents. Here is the episode with Chris Sorenson. I would suggest that all agents...especially Short Sale agents to listen to this broadcast. Eric Frazier and VIP Co-Host, Howard Baker, had very good dialogue with Chris Sorenson.
Comments(3)