Is "Phantom Income" Taxable if the Property was Homesteaded by the Owner?
Is “phantom income” taxable if the property was homesteaded by the owner? This is shaky ground. Some people attempt to discover the answer to this question on a state-to-state basis, but in fact, it’s covered in The Mortgage Forgiveness And Debt Relief Act. Sometimes it feels like the IRS is out to ...
The HAFA Program Ends on Dec 31, 2013. What Does that Mean for Homeowners?
The Home Affordable Foreclosure Alternatives (HAFA) Program was enacted as part of the Homeowner Affordability and Stability Plan (HASP) in 2009 as a reaction to the subprime mortgage crisis and subsequent economic slowdown. The HAFA program offers borrowers options of short sales or deeds in lieu t ...
When a Property Owner of a Foreclosed House has Roommates, are there Rights the Same as there Roomates/Tenants?
It is an unfortunate reality that many individuals have had to go into foreclosure as a result of the economic downturn. Some people have been successful at paying down their mortgage by renting out extra rooms to increase cashflow. However, sometimes it is not enough and the property still goes int ...
Is There a Statute of Limitations on a Foreclosure After Discharge of Mortgage in Bankruptcy?
The statute of limitations on any action by a creditor to collect a debt must be made within five years from the date of default or acceleration. If the statute of limitations expires your lender cannot foreclose. Nevertheless, the lien remains a burden on the property for at least another 15 year ...
