In part 1, we discussed what you can do to keep your home. Here, we will look at your choices if you are willing to leave the house.
If you aren’t going to keep the house; you can either sell or abandon it. Selling property in this day and age usually means a short sale – [...]
Posts under ‘General’
Behind in Your House Payment (Part 2)
Behind in Your House Payment? (Part 1)
There are basically four choices for a homeowner who is behind in his mortgage payment.
1. You can get caught up by paying the arrearage. Most mortgage companies want you to do this all at once, but if you can’t afford to come up with that much in cash, you can seek bankruptcy protection (typically a [...]
Share your loan modification experience
Between the Obama plan and the loan modification ads on TV, you’d assume that everyone who need a loan modification can get one. Is that your experience?
If you’ve tried to get a mortgage modification in the past three months, please share your experience with us. Were you offered a modification? What were the terms? Did [...]
Mortgage trouble? Call your Congressman
MoneyNews.com reports on the efforts of two member of Congress to help consituents find help with loan modification. It’s telling that one representative made no headway until she called the chief executive officers of Wells Fargo and Bank of America. Homeowners without that Congressional clout languish on hold listening to canned music and are shuffled [...]
The MHA’s Second Lien Program: Medicine for Modification Nightmares
If you have been dreaming about reducing the interest on your second mortgage down to 1% and extending the term out as far as your first loan, you can make your dreams a reality by applying for a modification or refinance from the Obama Administration.
If My Mortgage Is Modified Will I Have To Pay Tax On The “Forgiven” Amount?
Generally, the IRS will assess a tax on debt you owed that was “forgiven.” This includes mortgage payments that have been modified or have been eliminated by short sale or foreclosure.
But in 2007, Congress passed the “Mortgage Forgiveness Debt Relief Act of 2007.” That law says that should all or part of your first mortgage [...]
Who Needs A Mortgage Modification?
Mortgage modifications save homes. They allow honest, hard working families to keep their houses.
The foreclosure crisis is all around us. Too many families are losing their homes because they can’t afford to keep making the payments. These families are struggling primarily because of a couple of different factors: either they have a catastrophic event occur [...]
Mortgage Modification Companies: Scams or Saviors?
New companies have sprung up to help homeowners save their homes from foreclosures by working out a modification. This seems to be a growth industry here in Northern California, where foreclosures have been high.
The problem is some of these “services” are simple scam artists trying to make a quick buck by preying on the [...]
Modifying the Mortgage
The “Helping Families Save Their Homes in Bankruptcy Act of 2009” (the Act) will allow a Bankruptcy judge to modify the existing mortgage. Although the details of how this will work will need to be ironed out after the bill passes, the basic concepts are not alien to bankruptcy judges or lawyers.
For years the courts [...]