Dec25th
Tuesday, December 25th, 2007
President Bush signed the Mortgage Forgiveness Act into law last week.
Prior to this act, banks and lenders, if negotiating a short sale, were allowed to tax homeowners on the amount of debt negotiated and send them a form 1099. Ultimately, what this meant to the homeowner is that the forgiven debt was treated as income. Here’s an example:
Fred and Mary Smith had a home with a loan balance of $300,000. Let’s supposed that someone purchased it, after negotiating a successful short sale, for for $225,000. The lender, in the past, could have sent a form 1099 to the Smiths, and the $75,000 of debt that “magically” disappeared would have been treated as taxable income.
With this new law in effect, that $75,000 will no longer be treated as income. At least until the end of 2009.
So what does this mean for you, the homeowner?
Well, if I were facing foreclosure, and struggling under a lot of debt, I would seriously consider getting out from underneath it.
That means that I would try and sell my property, using a short sale, because there would be NO taxable impact on me if I sold it via a short sale.
Remember that while many realtors might want to help you list your property as a short sale, finding an investor who is actually going to BUY your home (and not just list it), is your best bet.
If you’re in need of finding an investor to buy your home via a short sale, please visit www.SaveMeFromForeclosure.com today.
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Dec5th
Wednesday, December 5th, 2007
Has Maryland escaped the brunt of the foreclosure meltdown affecting the rest of the country? What is really happening on a local level and what are homeowners doing for help to stop foreclosure in Prince Georges. Mike Haynes, a stop foreclosure help specialist in Prince Georges County, Maryland provided a snapshot of the current local real estate and foreclosure situation.
Like most places in the United States, the foreclosure situation in Prince
Georges
County is very severe. Some reports claim foreclosures are up about 400 some odd percent. As of April, 2007
Prince
Georges
County was ranked 38th for highest foreclosure rates in the nation.
The root cause for the foreclosure problem in Prince
Georges
is due to a combination of house values decreasing (more like correcting themselves) along with the predatory lending that took place, seems like everyone has three ARM’s..
In Prince
Georges
the typical foreclosure filings are from all areas regardless of income or social class.
As predicted earlier this year foreclosure filings in Prince
Georges
the number of foreclosures in
Prince
Georges
County are on the rise. It’s going to get worse according to Mr. Haynes
The numbers started increasing in 2006 and have been on the rise since then. Local experts believe that this is just the beginning of a upward tend that shows little signs of reversing in the immediate future
The percentage of increase in foreclosures is still running in the double-digits as Prince
Georges showed a 416% increase over 2006 numbers.
There is help available as Prince Georges stop foreclosure expert Mike Haynes explained. His company for example offer homeowners help to stop foreclosure in the way of loan modification, refinance, bankruptcy attorney referrals, short sales, straight purchase, and listing on MLS.
Prince
Georges
County is seeing a lot of overleveraged homeowners in the county with either zero, or worse yet, no equity in their property. The option of choice right now is loss mitigation and listing the home for sale.
Stopping home foreclosure in Prince Georges County, Maryland calls for immediate action the same as it does in all other parts of the country. The county seems to be pretty flat at this point in regards to real estate. Some properties are overvalued and upside down, while some are lived in for 2-3 years with little to no equity. If you have found this article while looking for help to stop foreclosure then the very best advice we can give is to act now
stop foreclosure Prince Georges county Maryland
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