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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Foreclosure"

The Four Options the Bank has When There is a Foreclosure Deficiency

One of the most common questions that a homeowner looking for help with their pending foreclosure asks is – what will the bank do to me if there is a defiency owed? Before I answer that question let me first discuss what I mean by deficiency. When your property is distressed and is facing foreclosure there is often a deficiency owed your lender/bank after a short sale, foreclosure auction, deed-in-lieu-of-foreclosure, etc. In other words the bank only receives back an amount less (i.e. deficient) than what they lent you. That difference of what they were paid back and what you borrowed from them is the “deficiency”. The bank has a number of options to deal with the deficiency you owe them. I want to point out here that the method you use … Read entire article »

Filed under: Foreclosure Help, Foreclosure Law, Insolvency

Home Foreclosure and Debt Cancellation FAQ’s

Article by Chris Sims Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief. This provision applies to debt forgiven in 2007, 2008 or 2009. Up to $ 2 million of forgiven debt is eligible for this exclusion ($ 1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. The amount excluded reduces the taxpayer’s cost basis in the home. More information on claiming this exclusion will be available soon. The questions and answers, below, are based on the law prior to the passage of the Mortgage Forgiveness Debt Relief Act of 2007. 1. What … Read entire article »

Filed under: Foreclosure Help, Insolvency

There is Tax Relief for Taxpayers Facing Foreclosure

Article by Karin Velez The economy has hit taxpayers pretty hard over the last few years and many have had to negotiate with lenders to reduce their debts. In many cases, these lenders have allowed taxpayers to settle their debt for much less than what was owed. However, any cancelled debt over $ 600 may create a tax bill to the taxpayers. This includes mortgage forgiveness in the case of foreclosure or short sale. Generally any time you have a foreclosure or a cancelled debt you are hit with a second hardship – a tax bill. Lenders who have forgiven a debt issue a Form 1099-C, Cancellation of Debt, which shows both the taxpayer and the IRS the amount that was forgiven. The IRS considers this to be taxable “other” income since … 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

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

The nightmare of foreclosure does not end there!

Article by Chintamani People have their own views about foreclosure. For most it is nothing less than a disaster to lose their own home. But for a few others it is just a narrow escape and they again start to look for a new, cheaper home elsewhere. Apart from how you react to foreclosure, you should also be aware of the consequences this foreclosure has on your tax obligations. When a homeowner loses his property due to foreclosure, the mortgage lenders try to sell off the property to pay off the loans. But many times the money is not enough to cover up the mortgage. In such case the bank will have to sell your home at a loss. This transaction technically means that original homeowner has still not paid the full … Read entire article »

Filed under: Insolvency

Received Irs 1099c From A Short Sale Or Subsequent Foreclosure?

Now is time to address and resolve your IRS Tax Debt. The IRS has implemented unprecedented Leniency Programs and there has never been a better time to solve your IRS Tax problems than now. Here is a sample of a few IRS workout options available, Offer in Compromise An IRS Offer in Compromise is an IRS program that allows individuals to settle tax debt for less than the total amount originally owed. The IRS has strict requirements to qualify for an Offer in Compromise. The purpose of an Offer in Compromise is to find a compromised or settlement amount that works for you, the tax payer and the IRS. Penalty Abatement Penalty abatement is forgiveness of penalties associated with tax debt that have been added over the course of the debt. Sometimes the IRS … Read entire article »

Filed under: Insolvency

What is the difference between foreclosure and auction?

My brother was in jail for a while and he suddenly got notices in the mail about foreclosure and other letters about house up for auction, what is the difference? … Read entire article »

Filed under: Foreclosure Help

Prevent Foreclosure of House with HARP Program

If you are struggling home owner who is in the adjustable rate mortgage slab, not able to make monthly mortgage payments; than Government making home affordable refinance program (HARP) is here to help you. Millions of homeowners as the result of financial crunch have not been consistent with their mortgage payments, and which is why federal government has come up with various programs, and HARP is one of them. If you’re presently in an adjustable rate mortgage and finding yourself having problem coming up with the monthly installments, you’re in the same place as millions of other Americans are. Fortunately, there is help for everyone, counting you that are having complexity. You could avoid foreclosure through Obama’s home affordable refinance program. The main matter is that numbers of homes are now … Read entire article »

Filed under: Mortgage Refinancing

Where can I find a Foreclosure houses list for free?

Hey, I’m planning to buy a house, a friend recommend me to look for foreclosure or repos, What do you recommend? and where can I find info? … Read entire article »

Filed under: Foreclosure Help

How do I file a foreclosure on a property?

I am a lien holder on a property and the person who is buying the property has not paid their taxes and is always late on the payments? Is there a form I can fill out to start the foreclosure process? I live in Harris County, Houston, Texas. Thank you. … Read entire article »

Filed under: Foreclosure Help

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