Posts Tagged: "Foreclosure"

Housing Market 2013

CBS Moneywatch article predicts housing depression will persist through 2013; interest rates will stay low through 2013 and probably through 2014; short sales and loan modifications will continue to increase.

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Mortgage Debt Relief Extended

The final act by the 112th Congress to avoid the fiscal cliff was a significant victory for homeowners. As a part of the legislation that cleared the US House of Representatives, Congress extended the cancellation of the mortgage debt relief provision for one year, through the end of 2013.

What does this mean?
If a lender forgives some portion of a homeowner’s mortgage in 2013, either as part of a short sale or foreclosure, or in a loan restructuring that reduces principal, the owner/seller will not be required to count that forgiven amount as income for tax purposes.

Why is it important?

  • Homeowners shouldn’t be forced to pay a tax on money they’ve already lost with cash they never received – and will never receive.
  • More than 20% of current homeowners with a mortgage are in a distressed financial situation and owe more on their homes than the current market value.
  • The housing market, while recovering, is still fragile enough that this tax relief is necessary to provide stability in the coming year.
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Flood of foreclosures to hit market

Now that a settlement has been agreed upon by the big five banks, we will be seeing more foreclosures. Although a flood of foreclosures hitting the market has its downsides, it is good for buyers that are looking at bank owned properties hoping to find a “good deal”.

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Short Sell To Avoid Foreclosure

Short Sale is a good option for struggling homeowners that are facing foreclosure. This MSN Real Estate article goes over some of the benefits.

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How HPF Can Help You

If you are struggling to make your mortgage payment, HPF Homeownership Preservation Foundation offers some help including reliable, free foreclosure prevention counseling and advice.

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Prices May Withstand Foreclosures

Another wave of foreclosures is on its way according to this article on AOL Real Estate.

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HAFA Program – Do you qualify?

This site will give you all the info on the Home Affordability Forgiveness Alternatives HAFA Program.
What is it? Do you qualify?

Read full article Home Affordable Foreclosure Alternatives HAFA Program on MakingHomeAffordable.gov

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BofA ‘Mortgage to Lease’ Program

Homeowners with Bank of America mortgages that are facing foreclosure could stay in their home and make rent payments rather that mortgage payments. It is only available in select markets at this point, but it will be interesting to see how it works.

Read full article Bank of America offers rentals to some facing foreclosure on CBS News

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Foreclosures: a rising tide ahead

According to this CNNMoney article it looks we might be seeing an increase in foreclosures.

Read full article Foreclosures fall, but there’s a ‘rising tide’ ahead on CNNMoney

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Foreclosure vs Short Sale

Download Foreclosure vs Short Sale PDF

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