Principal Reduction and the Robo-Signing Settlement: What is Occurring?
Thanks to the signing of the National Mortgage Settlement in February of 2012, homeowners may owe less on their mortgages than they did previously. This settlement, which came as a result of the robo-signing scandal that showed banks were rushing through the foreclosure process on many homes witho ...
Strategic Default versus Continuing to Pay on an Upside Down Investment
When you are upside down on an investment, such as your home, it means you owe more than it is worth. Many homeowners in this situation are weighing their options, and often it comes down to taking one of two paths. They can either continue paying on a mortgage that may never allow you to make a r ...
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 un ...
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, there a ...
