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Debt Collectors Pursuing Foreclosed Home Owners

By Roy Kelley

Real Estate Agent with Realty Group Referrals 16766

December 30, 2013 10:42 PM

Re-Blog

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Noah Seidenberg

Coldwell Banker - Evanston, IL

Chicagoland and Suburbs (800) 858-7917

Hi Roy this is sad new for people who have fallen on hard times. So many have lost jobs and it may not be their fault for the misfortune they have suffered. Let us hope the laws do change.

Dec 30, 2013 10:51 PM

Roy Kelley

Gaithersburg, MD

Doug Dawes

Keller Williams Realty - Topsfield, MA - Georgetown, MA

Your Personal Realtor®

This is a real shocker for those that had their properties foreclosed on. Another shocker will be to those who sold their homes via short sale. Did that provision get extended where the forgiven debt does not become taxable income?

Dec 30, 2013 10:57 PM

Roy Kelley

Gaithersburg, MD

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Roy, I think many homeowners faced with foreclosure stick their heads in the sand and turn a blind eye. They need to know what the ramifications are!

Dec 30, 2013 11:07 PM

Roy Kelley

Gaithersburg, MD

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Thank you very much for your comments. Your feedback is much appreciated.

No, Doug. Congress has not yet extended the tax exclusion for forgiven debt in short sales. Short sale sellers need to be advised of their potential tax liability.

You are correct, Joan. Many families that are in financial distress do give up. We have seen stacks of unopened mail in many foreclosures.

Happy New Year!

Dec 30, 2013 11:16 PM

Will Hamm

Hamm Homes - Aurora, CO

"Where There's a Will, There's a Way!"

Hello Roy, To many people do not know this can happen. They think that they can walk away and they will be ok. They need to be more educated somhow about this.

Dec 30, 2013 11:41 PM

Debb Janes EcoBroker and Bernie Stea JD

ViewHomes of Clark County - Nature As Neighbors - Camas, WA

REALTORS® in Clark County, WA

It's a bummer and it will be interesting to see what happens. I predict, if Congress doesn't act soon, those folks who are underwater, will forego short sales, and just plain give up. Let's hope Maryland shortens that time line for debt collection - it could prove to be devastating.

Dec 30, 2013 11:49 PM

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

Roy, I had heard the Lenders were turning these cases over to debt collectors to see if they can bring in some money to cover it. I don't know how they will get any money from people that don't have any and some don't have any job either.

Dec 31, 2013 12:34 AM

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

When debt collectors have up to 12 years to take action, they can wait for borrowers to reestablish themselves with new jobs and new homes.

Dec 31, 2013 12:38 AM

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Roy. Wanted to swing by and wish you and Dolores a wonderful New Years Eve. Like you Debbie and I will be laying low and staying home tonight. We've had our heyday of New Year Eve parties in the past. It's time to stay home and watch a good movie.

Dec 31, 2013 01:05 AM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Roy: 12 years is an incredibly long time, which means the collectors have a better than average chance at collecting something down the road.

Dec 31, 2013 01:20 AM

Rob Thomas

Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN

Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Roy ....Why would they give them 12 years? I can see why they want to lower the time frame.

Have a great day in MD!

HAPPY NEW YEAR!

Dec 31, 2013 01:31 AM

Roy Kelley

Gaithersburg, MD

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Roy,

The two words, debt collector are ludicrous...debt equals no money, what does one collect? LOL, Happy New Year to you and your lovely Dolores, Cheers, R & A

Dec 31, 2013 02:34 AM

Roy Kelley

Gaithersburg, MD

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Thanks for stopping by on New Year's Eve. It is always good to hear from you.

Happy New Year!

Dec 31, 2013 03:11 AM

Conrad Allen

Re/Max Professional Associates - Webster, MA

Webster, Ma, Realtor

Holy smokes 12 years. Happy New Year Roy.

Dec 31, 2013 03:54 AM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Roy and this issue of debt collection for the deficiency could get even worst this year.

Wishing you a successful 2014

Dec 31, 2013 02:25 PM

Roy Kelley

Gaithersburg, MD

Scott Godzyk

Godzyk Real Estate Services - Manchester, NH

One of the Manchester NH's area Leading Agents

Happy New Year ROY. Thank you for the MOST inspirational pictures and comments. I truly enjoy looking at your pictures and learning about your area. Wishing a wonderful 2014 for you and your family.

Dec 31, 2013 09:54 PM