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Foreclosure Options For Home Owners - Kansas Metro Area
Foreclosure Options For Home Owners - Kansas Metro Area
Many distressed homeowners who are behind on their mortgage payments in the Kansas City area are not aware of what foreclosure options may be available to them.  Very few of these distressed home owners are aware of the foreclosure options that the federal government has put in place as possible solutions to their mortgage issues.
 
In 2007, the federal government enacted H.R. 3648, the Mortgage Foregiveness Debt Relief Act, to help provide options to address the increasing number of foreclosures by removing the tax burden resulting from debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with homeowners who conducted short sales. Recently, H.R. 3648 has been extended through 2012 under The Emergency Economic Stabilization Act, H.R. 1424. The Obama Administration has continued to pursue options to the foreclosure problem with the Financial Stability Plan that helps homeowners and lenders find solutions and options to foreclosure.

 
Foreclosure options typically available for distressed home owners that are not able to come current on their loans can be:
Forbearance Agreement Loan modification Short Sale Deed-in-lieu of foreclosure I encourage home owners who are behind on their payments to proactively communicate and explore ... more

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