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Help from Mortgage Debt Relief Act 2010

Article by Ask Bill Mortgage debt relief act 2010 or the Mortgage Forgiveness Debt Relief Act 2010 may be thought of as an extension of the Mortgage Forgiveness Debt Relief Act 2007 which would provide relief to taxpayers whose debts were forgiven from 2007 to 2012. This Act was passed so as to help home owners whose homes were sold or foreclosed when the home prices dropped. The result was that the homes were worth less than the principal of the mortgage. The resultant loss incurred due to foreclosure or short sell would be considered as forgiven debt which would in turn be treated as income and hence taxable. The debtor who was finding it extremely difficult to pay off his debt now was to take a double hit in terms … Read entire article »

Filed under: Foreclosure Help, Insolvency, Mortgage Refinancing

How Could I Benefit From A Credit Card Debt Consolidation Program?

Article by Suzy Vanstrusen Copyright (c) 2010 Suzy Vanstrusen There are different ways to solve credit card debt problems. On of which is through a credit card debt consolidation program. How does such program works? Will it really help you? However, almost all finance experts would agree that debt consolidation can assist consumers in finally paying off their existing credit card debts. These professionals know the benefits of consolidating credit card debt and for sure they will encourage people with less than perfect credit scores to try out this credit program. In order to know more about credit card debt consolidation, we encourage you to continue reading this article. Below you will find some basic information about this option and the benefits that you can get from using debt consolidation in settling your card … Read entire article »

Filed under: Credit Card Consolidation

The 1099-C And Cancellation Of Debt From A Short Sale

Do you know about the 1099-C and cancellation of debt? When a home owner sells his or her property using a short sale a 1099-C is generated.The IRS issued a news release on Sept 17, 2007 trying to clarify the 1099-C in regards to foreclosures. Many homeowners are unaware of this situation and feel once the property is gone all financial obligations are wiped out. That may or not be a correct assumption. This will illustrate how the IRS determines your potential liability in a short sale or a foreclosure. How to figure cancellation of debt income 1. Enter the total amount of the debt canceled/forgiven. ____________________ 2. Enter the fair market value of the property from Form 1099-C, box 7. ____________________ 3. Subtract line 2 from line 1. If less than zero, enter zero. ____________________ Keep … Read entire article »

Filed under: Insolvency

Now a word from our National Taxpayer Advocate

Nina Olson talks about the perils of cancellation of debt income, and recommends that you seek professional advice. For more information, go to … 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

How long does it take from the time you get a foreclosure notice to the sheriff is kicking you out?

I know someone who like many americans is out of work and behind on their mortgage. They got a notice from Wachovia that they are starting the proceedings for foreclosure. If they don’t get a job and make money they will be forced to live with relatives however how long do they have? Some say a year or two. I thought it was only a matter of months before the bank sends the sheriff to kick you out. … Read entire article »

Filed under: Foreclosure Help

How do I buy a foreclosure straight from the bank?

We are interested in buying a foreclosure but not from a realtor or FSBO. We have looked on the county website but don’t know how to proceed…Please tell us where to start! … Read entire article »

Filed under: Foreclosure Help

What happens when you walk away from your home?

By Chris Taylor NEW YORK | Fri Jan 27, 2012 2:52pm EST (Reuters) – It was just last summer that Charlotte Perkins made the hardest decision of her life as she and her husband Jim were caught in the vise of the housing bust. Wanting to downsize their lives as they headed toward retirement, they bought a new house in Mesa, Arizona, before they sold the old one, also in Mesa. Their previous home had been appraised at nearly $400,000 at the height of the market, but as the housing crisis ravaged Arizona, they were told they’d be lucky to get $200,000 for it. They were carrying a loan of $260,000 on their original home alone, meaning they were well ‘underwater,’ owing much more than it was worth. Combined with the mortgage on the new house, their … Read entire article »

Filed under: Foreclosure Info, Mortgage Refinancing

How can I protect myself from renting a home in foreclosure?

My family and I are relocating to Arizona and we are afraid that we will have a hard time renting a home due to the high foreclosure rate. We are aware that many homeowners and investors are attempting to rent out homes that are being repossesed. … Read entire article »

Filed under: Foreclosure Help

Old mortgages rise from the dead, haunt homeowners

(Reuters) – In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of the low interest rates that were all the… View full post on Reuters: Money … Read entire article »

Filed under: Mortgage Refinancing

Florida Hardest Hit program could keep Floridians from losing homes due to foreclosure

Paul Baltrun, director of the Homeowner Assistance Division at Paul A. Krasker PA, describes the Florida’s Hardest Hit program available to assist qualified Florida homeowners with mortgage assistance. http … Read entire article »

Filed under: Foreclosure Law

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