Beware of Mortgage Audits
Recently, there has been another scheme put into place by people that want to steal your money; they are called mortgage audits. The FTC and many Better Business Bureaus have been receiving complaints....
View ArticleTaxes on Debt Settlements and Short Sales
There are times when you have to fill out a Form 1099 and will have to pay taxes on that amount because you earned an “income” on your debts. For instance: When you settle out a debt with a credit card...
View ArticleWhat’s the Difference between Debt Settlement and Debt Counseling?
Debt Settlement They negotiate with the credit card companies or collectors for generally a single payment (Can go up to 6 months) of which is for a percentage of what you owe. This can be anywhere...
View ArticleThe Senate is Looking into Foreclosure Fraud and How to Prevent It
Senator Patrick Leahy and Committee Member Richard Blumenthal are looking into “ongoing abuses and fraudulent practices by mortgage servicers are needlessly forcing foreclosures on families struggling...
View ArticleHome Affordable Foreclosure Alternatives Program or HAFA Program
The HAFA program gives homeowners the option of a short sale or a deed in lieu of a foreclosure in order to help them avoid a foreclosure proceeding. There are many homeowners who are unaware of this...
View ArticleA Few Downfalls of Short Sales
1. Your credit score will drop. Since you must be at least 90 days late in your mortgage payments your score will drop around 140 points. 2. If your bank decides to it can choose to sue you for the...
View ArticleI’ve Completed a Short Sale… Now What? Do I Owe Anything Else?
Deficiency: If after the short sale there is a deficiency between what you owed on your loan and what the house was sold for you may be on the hook for that amount, unless there is a written agreement...
View ArticleShort Sale Numbers
Short sales increased 19 percent in the second quarter of 2011 and account for 12 percent of all sales nationwide Distressed property sales, including foreclosure sales and short sales, accounted for...
View ArticleIs One Choice Better Than Another Regarding Foreclosure, Deed in Lieu of...
Deed in lieu of foreclosure: one voluntarily gives their home to the lender in exchange for cancellation of their loan Short Sale: where the lender allows the homeowner to sell their home for less than...
View ArticleRecent Foreclosure and Loan Modification Numbers
55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent Of proprietary loan modifications that were completed 80 percent...
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