foreclosure: Facing Foreclosure? Mortgage Forgivenness Debt Relief Bill Sails Through the House of Representatives - 10/13/07 07:44 AM
There could be some good news on the horizon for people facing foreclosure, yet worried about being hit with taxes after the sale.
Currently, when someone goes through a short sale on their home, the homeowner would receive a Form 1099-C in the amount of the forgiven debt, being responsible for income tax on the amount of debt written off.  This just adds further stress to the situation.  With the current foreclosure market in this country, this bill would help people get back on their feet.
The NAHB, or National Association of Home Builders, as written a great article detailing this bill. 
"Addressing … (1 comments)

foreclosure: What happens to your mortgage if your lender goes belly up? - 08/23/07 07:31 AM
Answers for you from one of my preferred lenders........1. "Keep making your payments. Regardless of what kind of trouble the mortgage company may be in, you still need to send in your payments on time. Remember, your payments are considered an asset to the company. If a lender declares bankruptcy, those assets will just be sold to another lender." 2. "Know Your Rights: the terms of your loan should always stay the same, no matter who holds your loan. It's important that you thoroughly review the details of your mortgage agreement. The interest rate and the type of loan you get … (11 comments)

 

Mike Nooning

Blue Springs, MO Real Estate

Blue Springs, MO

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Chartwell Realty

Address: 783 Anderson Lane, Lee's Summit, MO, 64064

Office: (816) 877-8710

Mobile: (816) 739-9200

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Mike Nooning, Real Estate Consultant - Your Missouri & Kansas Real Estate Information Source.


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