Upside Down Mortgage

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Mortgage Relief Help

Question: Does the Mortgage Forgiveness Debt Relief Act apply to short sales?

Hi - I am considering entering into a short sale of my townhouse, but I was wondering if anyone can advise me on if whether or not the Mortgage Forgiveness Debt Relief Act 2007, applies to the difference between what I purchased the townhouse for in 2006 and what it will ultimately sell for (much lower) in 2008? Thank you in advance!

Answer: Yes, the act would apply to you. However, the act applies to the amount of debt forgiven, which is not exactly the same as the purchase and sale prices.

For example, let's say you bought the house for $200,000 but took out a $195,000 mortgage. By now the mortgage has been paid down to $193,000. However, the house is now only worth $160,000 so that is how much you do a short sale for. So the amount of debt forgiven would be $193,000 minus the $160,000 the bank received, or $33,000.

Also, keep in mind that the act only applies to debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

WOWING for 23 years: Delinquent Mortgage Relief and Help

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Loan Modification Credit Card Debt

Question: In Ca.if you declare bankrupt,you lose your home?

I have a huge credit card debt,I try loan modification but don't qualified due to my debt,my only option is bankrupt .Do you know any way to keep the house,if you continue doing mortgage payments

Answer: Your house is exempt in a bankruptcy if you are not behind in your house payment. If your are behind the bank can foreclose, but the bankruptcy would slow down the foreclosure process.

Point...if you don't name your house lender in the BK you will be able to keep your home as long as you continue to make the payments.

Arizona Loan Modification

Mortgage Relief Counseling

How much debt do you think the average American has? Well, a recent figure that I found says that the average American has about $8000 in just credit card debt, that, of course, is not including mortgages and car loans! Now if you are anything like the average American, than you are probably trying to find all the debt relief options that you can find, am I right? Let me give them to you plain and simple.

1. Consolidation - This is probably one of the most popular options that you have to choose from and I would say it is also probably one of the best. Basically, what it is, is a way for you to take all your debt from all your credit cards and credit companies and pay them all off with a single lower interest loan. All you have to do after that is pay off one loan rather than many, thus, taking off some of the stress and burden of all those bills every month.

2. Counseling - Another option that you may want to consider is debt relief counseling. A good debt relief counselor will help you to evaluate and organize your finances in a way that you have probably never considered before. They will also help you to find a good, reputable consolidation loan company and teach you how to budget so that you can stay out of debt for good.

3. Bankruptcy - This is definitely not an option that I would encourage but it is available. I would strongly advise that you give the above 2 options a try before even considering this one.

As easy as bankruptcy sounds, and as appealing as it may seem, the disadvantages far outweigh the so called advantages. Besides that, I pretty much consider it a legal form of stealing from your creditors.

About the Author:

There you have it, my Debt Relief Options Plain and Simple! So, if you are at the end of your rope and knee deep in bills that you just can't pay, or are just looking for some more debt relief tips, go on over to www.bestdebtrelief.org. You'll find all the Free Tips and info you'll need to get out of debt and get there fast.

Source - Debt Relief Options (What Are My Options?) - Here They Are, Plain and Simple

Debt Relief & Management Tips : How to File Bankruptcy