Upside Down Mortgage

Posts Tagged ‘act’

Mortgage Relief Bill Signed

Question: Is the housing bill Bush signed today another example of his refusal to acknowledge the Constitution?

WASHINGTON - President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets.

Bush signed the bill without any fanfare or signing ceremony, affixing his signature to the measure he once threatened to veto, in the Oval Office in the early morning hours. He was surrounded by top administration officials, including Treasury Secretary Henry Paulson and Housing Secretary Steve Preston.

Answer: i do agree with you this should be something reserved to the states, this is their problem and our nation was founded with having the federal government control only what is specifically stated (reserved powers)

Mortgage Forgiveness Debt Relief Act of 2007

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Mortgage Relief Act Of 2007

Question: If I let a mortgage go into forclosure will the tax debt relief act signed in 2007 help me?

This was my principle residents for three years. The original loan was for 84,000. I refinanced and it came up to 94,000. I refinanced again and it came up to 102,000. I know probably it might cover only the original loan of 84,000. Will the relief act not the bailout help me? How much phantom tax would I have to pay on the remaining 18,000? Thanks for your answers!

Answer: The best thing to do is AVOID foreclosure. If you are having trouble affording your mortgage, there are a few options you should try:
1. Short Sale
2. Loan Modification
Since the Debt Relief Act passed in 2007 any homeowner that sells their primary residence via short sale is not responsible for tax implications or loss incured by the lender.
A loan modification may help make the loan affordable, but you will usually have to pay a fee for this service. Try www.NationalShortSaleOffice.com. They are one of the less expensive companies out there and are reputable.
Good luck!

ABC6's Emily Reimer on U.S. Rep. Mary Jo Kilroy's Medical Debt Relief Act

Mortgage Forgiveness Act Of 2007

Question: Will my second home qualify under the mortgage forgiveness debt relief act of 2007?

I had to buy a second home for my sister under my name because she did not qualify for a mortgage at the time. My sister is considering a deed in lieu for her house that is under my name. I understand the mortgage forgiveness debt relief act only applies to primary homes (I am also foreclosing on my primary house). Will there be tax consequences that I will have to pay for on my second home? or can I explain to the IRS that the house was technically not mine. The title is under both our names but only the mortgage is under my name.

Answer: I don't think second home qualify under mortgage forgiveness debt relief. Not under this provision. Only canceled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion.

HOW TO DO A SHORT SALE in 3 Minutes! - Simple SOFTWARE