foreclosure: Mortgage Forgiveness Act: What it Means
- 02/14/10 10:07 PM
An Act To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled , SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Mortgage Forgiveness Debt Relief Act of 2007’’.SEC. 2. DISCHARGES OF INDEBTEDNESS ON PRINCIPAL RESIDENCE EXCLUDED FROM GROSS INCOME. (a) I Revenue Code of 1986 is amended by striking ‘‘or’’ at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and … (0 comments)
foreclosure: Short Sale Defined
- 02/14/10 01:35 AM
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the … (0 comments)
foreclosure: Dealing with Short Sale Rejection.
- 02/14/10 01:32 AM
Buying houses by means of a short sale can be a great way to make significant amounts of money, but they're not for everyone. You have to find a seller who will work with you to persuade the lender to sell the home rather than allowing the foreclosure process to continue. Then you have to submit an offer that's low enough to make a profit, yet not so low as to be rejected altogether. If a lender does reject your offer, all isn't lost. The first thing to do is to try to determine why your offer was rejected. There are … (0 comments)
There are Ways to Avoid Foreclosure! We can help you find a solution. You must understand that you have options when you are facing foreclosure. The white paper will help you make informed decisions about how to handle your pending foreclosure. If you would like to speak to a foreclosure prevention specialist directly please call our offices at the number at the bottom of the page. We have helped homeowners avoid foreclosure and we may be able to help you! What is Loan Modification? Loan modification is a permanent change in one … (0 comments)
On August 22nd, 2008, the Foreclosures Help resource website conducted a survey of U.S. residents who are either now in foreclosure or at least three months delinquent on their mortgage. The purpose of the study was to get a better understanding of the needs of people who are facing foreclosure. Below are the survey results, ranked in order of popularity from most to least. 1) How exactly do I protect my home from foreclosure? The most popular question on foreclosure homeowner's minds was naturally how to stop the foreclosure. In many cases the … (0 comments)
According to a report on 60 Minutes last Dec. called The Mortgage Meltdown, the number of foreclosures that we will face in the next 12 - 36 months is frightening. The next wave of loan defaults will come from Alt-A and Payment Option Arm loans. How do we deal with this next wave? Pres. Obama's Housing Affordability and Stability plan is a start but I think the administrative aspect is unwieldy at best. There are still a huge number of homeowners that will face foreclosure no matter what. Homeowners that don't meet … (0 comments)
foreclosure: SAVE HOME FROM FORECLOSURE
- 02/26/09 10:01 PM
Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers If you are behind in your mortgage payments and the home may be going to foreclosure soon, there may be a way to delay foreclosure and possible save the home. Many of the mortgages we currently have were sold. Original mortgage notes may be lost or difficult to find. I saw a news program today that indicated that one way to get some extra time is for seller to ask for the Mortgage Note. When the Mortgage Co tells you the home will go to foreclosure, ask to see the note. In some cases … (0 comments)
foreclosure: Why We Refinance...
- 02/12/09 04:46 AM
by Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers Refinancing a mortgage loan basically means that the homeowner is changing mortgage payments and terms of the loan to new terms and monthly payments. Homeowners refinance mortgage loans for several reasons. Mortgage payments are one of the largest monthly expenses for any family. Reducing the payments gives extra cash to the homeowner to manage other expenses. First and one of the best reasons could be to lower their monthly mortgage payments. Interest rates for home loans change all the times based on economy. If the mortgage interest rate goes down then it may be … (0 comments)
foreclosure: There are other options rather than Foreclosure
- 02/12/09 03:30 AM
by Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers Homeowners who have the option of completing a short sale in order to avoid foreclosure may be better served by saving their home in this manner. In some cases I can actually renegotiate the term, monthly payment and back debt to a more comfortable payment allowing you to keep your home. You owe more on your home than it is worth. Perhaps you have lost your job and are behind several payments. Maybe you are dealing with an increasing payment from an adjustable rate mortgage and are now facing foreclosure. A short … (0 comments)
An Act To amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled , SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Mortgage Forgiveness Debt Relief Act of 2007’’.SEC. 2. DISCHARGES OF INDEBTEDNESS ON PRINCIPAL RESIDENCE EXCLUDED FROM GROSS INCOME. (a) I Revenue Code of 1986 is amended by striking ‘‘or’’ at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and … (0 comments)
;)
;)
