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Debt Relief – Insolvency – Bankruptcy Information » Archive

Short Sale – Homeowners Road to Recovery!

When a homeowner defaults on their mortgage, typically after missing 3 – 6 payments, there lender will initiate the foreclosure process. Foreclosure is the legal and professional proceeding in which a lender obtains a court-ordered termination of a mortgagor’s equitable right of redemption. In layman’s terms a foreclosure is the legal process a lender must go through in order to take back a property after a homeowner has defaulted on the terms of their mortgage. Banks are not in the business of owning properties, and therefore every bank has some type of Asset Management department specifically for liquidating non-performing assets. So, as a homeowner, foreclosure doesn’t necessarily mean all hope is lost. One of the ways a lender can liquidate a non-performing or bad asset (mortgage) is to allow a … Read entire article »

Filed under: Foreclosure Help, Insolvency

Are There Tax Implications for Short Sales?

Article by Mayer Dallal What does it all mean? Choosing to do a short sale can be a good option for you and your family when you find that you can no longer carry the burden of the payment. However, you do want to be informed as to how the short sale will affect you. The end result of doing a short sale will keep you credit in a better position, but there are short sale tax implications. A short sale is when the lender will allow the home to be sold for less than what is owed, allowing the homeowner to get out of the loan. The home does not have to be in foreclosure to choose a short sale, but the homeowner must be upside down in the home in order … Read entire article »

Filed under: Foreclosure Help, Insolvency

Can I Stop My House Foreclosure if I File Bankruptcy?

Article by Lisa Jones Real estate has been steadily declining since 2007 from their previous highs. Anyone who bought a house in or before the year 2000 should be okay. However, this is dependent upon the fact of them taking equity out or if they refinanced their houses. If these homeowners do not have a steady job, they could be in for a hard time. Some of them had subprime loans to grab their property’s equity to use it for buying an expensive car or boat. The prices have dropped so drastically now that these people are underwater with their mortgages and they owe more on the house than it would sell for. Today, a lot of these loans are becoming due and many people are beginning to panic, trying to … Read entire article »

Filed under: Bankruptcy Help, Foreclosure Help, Foreclosure Law, Insolvency

Getting To Know The 1099 Form

Article by Paul Wise Did you know that the 1099 Form comes in, well, many forms? It’s likely that, most people wouldn’t have, if they even know what a 1099 is! All things considered, the vast greater part of folks in the country simply don’t have to deal with it whatsoever, so it wouldn’t be surprising that they not only didn’t know that the form can take, uh, many forms but, also, that such a form exists in the first place! Before getting to that, we may recognize our great government to be genuinely suspicious of everyone’s activities due to former problems, but the largest laws remains which is the aforementioned forms. There are many distinctive types of forms with their own unique surveys. Some could find filling out applications to be … Read entire article »

Filed under: Insolvency

Will I Face a Tax Liability If I Choose Debt Settlement?

A growing number of people have experienced financial hardship recently, and an equal number of these individuals, families and small businesses are considering options which may help to eliminate their debt, including debt settlement. Oftentimes, people are concerned that they will face a tax liability as a result of their canceled debt, and it’s very likely you’re asking yourself this same question. Yes, there is a possibility that you may be required to pay taxes on the amount of money you save when a creditor agrees to settle your account for less than the full balance. You see, if you choose this option, creditors are required to send you IRS Form 1099C for the tax season in which your debt was settled. For instance, if you owe your creditor $ 10,000.00, … Read entire article »

Filed under: Debt Relief, Insolvency

Be Prepared: Examining Foreclosure Alternative Options

Article by Christopher M Lee As property values continue to depreciate and more and more homeowners are facing the loss of their homes, it is becoming increasingly important to be well informed of the options available. Foreclosure should always be the last resort, as it can be exceptionally devastating to a credit score. Both a deed in lieu of foreclosure and a short sale are valid alternatives that will have a gentler impact on a homeowner’s credit score. However, there are some key differences that will make each one more suitable to particular situations. Deed in Lieu of Foreclosure A deed in lieu of foreclosure is the most straightforward foreclosure alternative. In this case, a struggling homeowner would voluntarily turn over ownership of a residence (in the form of the deed to the property) … Read entire article »

Filed under: Foreclosure Help, Insolvency

Dealing With Taxes on Your Settled Debts

One of the biggest drawbacks of settling debts is dealing with the tax implications of having your debt cancelled. The IRS requires you to include cancelled debt as taxable income on your tax return and requires businesses to report cancelled debts over $ 600. If your creditor cancels at least $ 600 of debt, the IRS will know about it. They’ll be expecting you to claim this as income on your taxes. You could face an audit if you don’t include the cancelled debt on your tax return. Increasing your taxable income by adding in cancelled debt can decrease your tax refund – that’s if you still get a tax refund after increasing the amount of taxes you’re liable for. The worst-case scenario is that you end up with a tax … Read entire article »

Filed under: Insolvency

Credit Card Debt – Three Easy Options for Relief

Credit card debt has become increasingly prevalent during recent years. Partially due to the current economy, more and more people are spending more while making less. While there are positive and negative aspects to using a credit card, slipping into debt can be a dangerous path. Without proper financial management and fiscal responsibility, many consumers are in need of help. Three factors can help relieve debt: settlement, debt relief, and credit counseling. While these are not the only available options for eliminating card debt, they are three of the most popular and effective methods. Through solid research and determination, consumers in debt can regain financial stability by using these methods. Settlement — Excessively large amounts of debt can often be relieved (partially or wholly) through debt settlement. In order to utilize debt … Read entire article »

Filed under: Credit Card Consolidation, Debt Relief

Making Home Affordable…if you qualify!

Article by Elin M Bullmann Making Home Affordable is part of President Obama’s comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future. The problem is that millions of American families won’t qualify. Yes, on the surface it sounds like everyone’s got a new lease on life, but let’s look at the details. Eligible borrowers who are current on their mortgages but have been unable to take advantage of today’s lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Mac will allow the … Read entire article »

Filed under: Mortgage Refinancing

Benefits of Mortgage Refinancing

Article by Gregory Inoue Reconsideration of refinancing mortgage is such an important decision that can turn your life in a new enjoyable way. Mortgage Refinancing is applying a new loan to pay off an old one. If you have a mortgage for which you have to pay high amount of money each month for a long time, you may refinance by taking another loan to pay off the current loan. However, it is imperative to first know your reasons or needs to go for mortgage refinancing. Once you know the benefits it will be easier for you to take a decision. The benefits of mortgage refinancing are manifold. Mortgage Refinancing Benefit #1 – The first and foremost benefit of mortgage refinancing o cut down the amount of monthly payment that you make for your … Read entire article »

Filed under: Mortgage Refinancing

Credit Card Debt Facts

There are actually many facets to credit card debt. There are multiple myths surrounding these many elements that people tend to believe. These myths may possibly hurt them as they function to pay off their debt. Realizing the credit card debt details, more than these myths, will help you to much better have an understanding of your debt. You may greater recognize what you’ll need to do to pay off that debt. You are able to also much better fully grasp the culture of debt in society, and how you must function to remain away from a growing trend. Interest Rates can Alter Interest rates are not set in stone. While you could delight in a modest rate of interest now, that interest rate could jump with out notice. Even though laws … Read entire article »

Filed under: Credit Card Consolidation

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