March 3, 2008 by azrealestate
As if homeowners facing an inability to continue
paying their mortgages didn’t have enough to worry
about, the final blow was owing a very big tax bill
after a foreclosure or short sale or other form of debt
reduction. Typically, this would be an unexpected
blow just when the borrower thought the worst of their
troubles was [...]
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Posted in Foreclosure on Feb 3rd, 2008 No Comments »
Too many people are waking up nowadays, finding that the Adjustable Rate Mortgage ‘good deal’ they bought a few years ago isn’t such the good deal they thought it was, now that it’s adjusting upwards. Assuming that they would be able to re-finance to a similar rate and continue on after the adjustment is what [...]
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Homeowners whose mortgage lenders allow them to walk away from their debt got a big break from the new Tax Increase Prevention Actjust passed by Congress. Under the old law, debt forgiveness was considered taxable income in many cases - pretty painful stuff when the reason you couldn’t pay your mortgage was because you didn’t [...]
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Here’s a quick update on housing, I’ve been asked a bunch lately, so thought I’d send it widely:
In 2005 Enron and Tyco and corporate bad guys made the federal regulators crazy, so they decided to pick on every public company. This included Fannie Mae and Freddie Mac, two mortgage loan underwriters and bond packagers. This [...]
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Tuesday August 28, 2007
“Losing your house is bad enough. Owing Uncle Sam money in connection with your now-gone abode is the epitome of insult to injury,” writes tax journalist Kay Bell over at Don’t Mess With Taxes. Taxpayers who lose their homes might be left with a higher than expected tax liability. Debt canceled by [...]
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Borrowers would benefit from broader FHA access; some experts question bailout concept
By Mary Umberger | Tribune staff reporter
September 1, 2007
President Bush’s plan to help troubled mortgage [...]
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Once upon a time, in a land far, far away…. banks made loans to people and people made their payments to banks. Perhaps it wasn’t that long ago; maybe it was back in the days when our grandparents used to walk uphill to school in the snow – both ways, mind you. Things weren’t all [...]
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Foreclosure notices rose 47 percent from March 2006 to March 2007, according to RealtyTrac, a real estate research firm. The company said banks initiated 149,000 foreclosure actions in March 2007, the most since the company began collecting data.
Many of us in some form or fashion have been touched by this potential reality. If not ourselves, [...]
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