If you’re a homeowner, savvy investor, Realtor, accountant, or in any way concerned about the US housing market, chances are you’ve heard of the Mortgage Forgiveness Debt Relief Act of 2007. Passed in (you guessed it) 2007, this Act is centered around one main idea, but broken into two separate scenarios.
Well the inevitable has happened! Homeowners who received home loan modifications in the past several years are beginning to default on their modified loans at an alarming rate. In fact the pattern of homeowners going from default to modification then back into default is becoming so prevalent that society has seen fit to give it […]
Well it seems that what we all suspected was in fact true! According to a former Bank of America employee, Loss Mitigation Specialists were told to delay the Home Affordable Modification Process (aka HAMP) and were even given bonuses for foreclosure initiations!
Before we begin I am going to ask that all of you do as I did when sitting down to write this article: clear your mind of political affiliation/bias, and look at the facts as objectively as possible. Whether you are a fan of President Barrack Obama, or absolutely loathe him, is neither here nor […]
As we approach the deadline to file a lawsuit against the “big” banks for their alleged fraudulent behavior and activity, with regards to their involvement in the housing market crash, we are starting to see a new round of promises for retribution from government “heads” across the country; but are the promises sincere or […]
2007 Mortgage Debt Relief Forgiveness Act expiring at the end of 2012, is it too late for a short sale?
Are you winning the fight but losing the battle?
In recent weeks, the Obama administration released data on Making Home Affordable Program. According to the 10 page report, HAMP’s participants climbed – on constant basis – to reach over 1.1 million trial modifications with 23% granted permanent modification. East Cost Homeowners top the South California in total percentage of HAMP activity. Overall, 12.2% of […]
