Are Loan Modifications Working?

In short, no, but like so much of life, it’s not that simple. The reasons why attaining a loan modification is a bad idea for struggling homeowners are tied into the banks and mortgage companies willingness to work with customers, the potential for fraud and our own psychological tendencies. To explain, let’s examine the definition […]

Extension of the Mortgage Forgiveness Debt Relief Act

Homeowners who are considering a short sale of their homes received a much-needed reprieve last week. As part of the American Taxpayer Relief Act of 2012 (fiscal cliff bill), Congress voted to extend the Mortgage Forgiveness Debt Relief Act until December 31, 2013. This means that debt forgiven under short sales or loan modifications will […]

Short Selling After Bankruptcy

Common sense might tell you that getting rid of your home in a short sale is pointless if you have declared bankruptcy. Once you are officially and legally bankrupt, you will no longer owe any money to the bank on your house. So, why bother with a short sale? When you short sell your home, […]
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