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

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

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

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

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

My wife’s student loan fm AES is OVER 10% interest: as a single loan, is there any “consolidation” option?

I know that consolidation from multiple loans is possible, I just would like to know if there are any lower interest options out there. American Education Services is killing us with this high interest – and the quicker we pay it off, the higher they raise the interest! … Read entire article »

Filed under: Student Loan Help

is there any point in changing my tax withholding?

Our bank finally approved the short sale on our home. Because we don’t live there we aren’t covered under the mortgage act that protects us from having to pay taxes on forgiven debt. I did some quick and dirty estimates that show our taxes on the “income” will be about six thousand dollars more than what we “usually” pay. Is there any point in changing my tax withholding from married 2 to something else? I don’t think even if I claimed single 0 that it would cover the extra taxes we have to pay? Second question: The only way to not have to pay taxes on the forgiven debt would be to show that we are insolvent at the time of the short sale. Should I do an insolvency form at the … Read entire article »

Filed under: Insolvency

Is there any way to lower your monthly payments for you student loans after consolidation?

Filed under: Student Loan Help

Is there a way I can remove my elderly mother name from my mortgage and deed without refinancing?

My mother may need to be placed in a convelescent home. I was informed it would be best to take her name off of my mortgage I am the primary home owner. … Read entire article »

Filed under: Mortgage Refinancing

Is there actually a legitimate debt consolidation Company out there?

I have a lot of debt ( Ive made A LOT of mistakes in the past two years) and I tried to use one once but when they gave me the name of my lawyer I googled him and it turns out he was a crook! If you have used a good one or know someone who has please let me know! Thanks in advance! … Read entire article »

Filed under: Debt Consolidation and Refinancing

Will refinancing my mortgage save me money given the current rates out there?

Filed under: Mortgage Refinancing

Are there any legitimate debt consolidation companies out there that are not rip-offs?

I am looking to consolidate a large chunk of debt, and I am hoping to lower my interest rate to 14 or 15%. Do any of you have any experience, and what might you suggest? … Read entire article »

Filed under: Debt Consolidation and Refinancing

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