Mortgage Debt Forgiveness

If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income.

Distressed Homeowners Beware

Facing foreclosure? Scammers are targeting people having trouble paying their mortgages. Some claim to be able to “rescue” homeowners from foreclosures, while others promise loan modifications – for a fee. The Federal Trade Commission, the nation’s consumer protection agency, wants you to know how to avoid scams that could make your housing situation go from bad to worse.

House Passes Mortgage Reform and Anti-Predatory Lending Act of 2009-H.R. 1728

Washington, DC – The House of Representatives today overwhelmingly approved legislation to curb abusive and predatory lending – a major factor in America’s highest home foreclosure rate in 25 years. H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, will outlaw many of the egregious industry practices that marked the subprime lending boom. It represents a key step in the overhaul of the nation’s financial regulations.

Foreclosure Rescue Scams

Here’s an excellent article by the California Office of Attorney General on avoiding home  foreclosure scams.

If someone who is not your mortgage lender promises to save your home and asks for you to pay money up front, WATCH OUT. Fraudulent foreclosure consultants target homeowners who are behind on their mortgage payments.

Here’s what you can do to avoid becoming a victim: