Think you owe too much on your mortgage?
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Short Sale = Sell BEFORE 2012 = NO Taxes owed
Loan Mod = Sell AFTER 2012 = Big IRS Taxes Owed
Late IRS taxes = late fees,interest,penalties,liens,bank levies,wage garnishment
IRS tax law (ENDS in 2012)
http://irstax.notlong.com
We could buy your house AND negotiate the short sale!
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Why the Biggest 1099 Tax Hurricane, Tsunami, Tidal Wave, Earthquake, Flood, Eruption, Fire, and Natural Disaster is going to hit in the year 2014 to those that did Loan Mods!
The Year Is 2014, and an Alarming amount of homeowners have been hit with the largest 1099 Tidal Wave they’ve ever seen. The amount is so [...]
There are numerous reasons not to do a loan modification. Our stats show that only 1.8% of loan modifications are reducing the principle balance which is the main problem for most homeowners right now. Our stats show that 31% of all loan mods actually result in an increase in payments. Some people are reporting to [...]
Short Sale Assistance Group discusses how many people will not qualify for a loan modification. You must have a Fannie Mae or Freddie Mac loan. If you are unemployed you won’t qualify he states. If it’s a rental property, or you have a high debt to income ratio. More than 110% [...]
Todd talks about how 14.7% of all loan modifications are working out. If you make too much money you may not be approved for a loan modification and be turned down. If they can see that a little bit of a lower interest rate still doesn’t fix your problem, you will likely be turned [...]
http://www.bloomberg.com/apps/news?pid=20601103&sid=a7kYntqozaKo
“Bank of America Corp. and Wells Fargo & Co. were the worst performers among the biggest U.S. banks in modifying loans for struggling homeowners, according to a Treasury Department report.”
It appears the large banks aren’t prepared to handle all of these loan modification requests, so many aren’t getting done.
“Many banks don’t yet have the capacity to [...]
There is a new ruling as of June 15th, where the timeline could shift for a minnesota foreclosure in hopes that the lenders and homeowners can do more loan modifications.
http://www.foreclosurenightmare.com/LOANMOD-TIMELINE-Postponement of foreclosure affidavit.pdf
http://www.foreclosurenightmare.com/LOANMOD-TIMELINE-FactSheet_Postponement_foreclosureFAQ.pdf
The property is to be classified as homestead under Minnesota Statutes, section 273.124, is occupied by owner as a homestead, and is [...]
“From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic.”
http://www.nytimes.com/2009/07/30/business/30services.html?pagewanted=1&_r=1
It appears from this article that mortgage servicers are in the business just to collect fees. They’s like to keep [...]
You can see the full article here
http://foreclosurenightmare.com/loan-modification-risks.pdf
The 2nd way a loan mofication is done is Amortization Term Increase
The typical mortgage term is 30 years. The loan is “amortized” or paid back with principle and interest over a 30 year period. In order to make the loan more affordable, the lender may offer to extend the [...]
You can see the full article here:
http://foreclosurenightmare.com/loan-modification-risks.pdf
A loan modification is a change to the original terms of a mortgage. When a borrower purchases property secured by a mortgage, the lender will specify the terms of the loan. These terms include interest rate, amount of the loan, terms of the loan (number of years until the [...]
