foreclosure options: Mortgage Forgiveness Debt Relief Act Extended - 01/01/13 10:57 AM
J. Philip Faranda shares some great news in his post below on the extension of the mortgage foregiveness debt relief act!  The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night thereby extending the 2007 Mortgage Foregiveness Debt Relief Act which was due to expire.  
In short, the bill extends mortgage cancellation relief for home owners and/or sellers who have a portion of their mortgage debt forgiven by their lender. Without the extension, any debt forgiven, typically due to a short sale or foreclosure sale would be taxable.  Thus creating an additional financial burden for underwater … (5 comments)

foreclosure options: The Right to Rent Act of 2010 ~ Allowing homeowners to remain in their house as renters - 05/04/10 03:25 PM
The Right to Rent Act 2010 recently introduced on Tax Day and making its way to the House of Representatives, will allow homeowners of moderate-value homes who are subject to foreclosure proceeding remain in their homes as renters for up to five years.   
Right to Rent Act of 2010 would basically prevent the homeowner from having to move out of the house they already live. The homeowners would remain in their house as renters paying fair market rent.  Here's how would work:  An owner-occupant, within a week of getting a foreclosure letter, can agree to pay "fair market rent," as determined by an appraiser under … (3 comments)

 
Gina Chirico, Real Estate Agent - Essex County, New Jersey (Lattimer Realty)

Gina Chirico

Real Estate Agent - Essex County, New Jersey

Fairfield, NJ

More about me…

Lattimer Realty

Address: Walgreens Shopping Center, 397 Route 46 West, Fairfield, NJ, 07004

Office: 9735756353 x17

Mobile: (973) 715-1158



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