Dec 30 2008
With any crisis come those looters that prey on the victims and make the situation worse. Dont allow yourself to become another statistic. Dont allow people who claim to be able to help you take your last dollar and add insult to the injury of foreclosure. Take matters into your own hands and defend yourself against foreclosure with the methods described at www.ForeclosureDefenseSecrets.com.
Dec 24 2008
With Christmas upon us, many banks have been feeling the giving spirit and putting files on hold as to protect themselves from damaging publicity and to buy some more time to complete loss mitigation at a time when they are short handed due to a mass number of employees taking holiday vacations. This time has quickly come to an end.
If you have missed a mortgage payment and are thinking that the banks have forgotten about you or that they are willing to put the file on hold for as long as it takes to complete loss mitigation, you are sorely mistaken. Come February, all of these files will be coming off of hold and the banks will soon be giving my firm the orders to speed up the process and complete the foreclosure as quickly as possible.
Experts in the field have already predicted more foreclosures in the first half of 2009 than we saw in the first half of 2008. We are not at the beginning of the end of the mortgage crisis, we are merely at the end of the beginning. There are plenty more foreclosures to come, and you or someone you know will surely be affected by this foreclosure epidemic.
The only way to prevent becoming a victim of the spreading plague of foreclosures is by defending yourself and the best way to defend yourself is with knowledge of the system. Educate yourself at www.ForeclosureDefenseSecrets.com.
Dec 21 2008
For more on how to successfully defend yourself against foreclosure, visit www.ForeclosureDefenseSecrets.com.
Dec 19 2008
This past May, an administrative order was passed in Palm Beach County that provided a new procedure to encourage the working out of defaulted loans. Institutional mortgagees must now provide the name, address, telephone number, and fax number of the office of the plaintiff’s representative who has the authority to re-work or otherwise modify the existing loan, along with the total amount due, at the time they file the complaint.
The requirement immediately opens the lines of communication and solves the problem of the borrower not being able to get ahold of anyone at the bank. Those parties that who wish to resolve their matter and get back on track have the ability to exchange information and can request a mediator to finalize any pending issues. For homestead debtors, this is a great opportunity the matter effectively and efficiently.
However, mediation only works with parties that are open minded to consider alternative choices to the pending situation. If the banks are unwilling to renegotiate their loans in situations where the debtor wants to pay but cannot, there is no room for negotiation. In these situations, you need to force the bank to negotiate by using the legal system to your advantage. Find out how at www.ForeclosureDefenseSecrets.com.
Dec 15 2008
Foreclosure filings may have decreased over the past month due to a lot of large lenders putting temporary holds on files for the purpose of loss mitigation, or so as to avoid the bad public relations that comes with the eviction of someone from their home around the holidays, but as soon as Christmas and New Years Day are behind us, the foreclosure filings are sure to pick up.
As the economy worsens and job losses mount, more and more home owners will be facing the harsh reality that they can no longer afford their monthly mortgage payments. If this sounds like a situation you might be facing soon, you need to be prepared to defend yourself. Find out how to defend yourself from foreclosure at www.ForeclosureDefenseSecrets.com.
Dec 06 2008
While the popular thought these days is to walk away from a bad mortgage and an ever-decreasing property value, you cannot look past the consequences of such an action. Aside from the obvious damage to your credit, there are tax implications and the danger of a deficiency judgment being sought against you.
When a property is foreclosed, the house is auctioned by the county and usually goes back to the bank as the highest bidder at the auction. At that point, the bank will either write the property off as a loss and deduct it from their own tax return, or they will sell the property to another buyer and right off the difference in what they are able to sell it for and the amount they originally lent to you.
When the bank rights off this difference in money, the IRS gives them a break on their taxes but inquires as to where that money went. When the IRS sees that you were given a loan of $300,000 and gave back a house that sold for only $200,000, they want to know what happened to that $100,000 difference. Even though you don’t actually have that $100,000 in your bank account, for the purpose of filing your tax returns, you are considered to have a capital gain of $100,000 and the IRS requires that you pay 15 percent of any capital gains on a 1099 tax return.
The other worry is that the bank might seek that $100,000 themselves. The bank could institute another action against you personally asking the court to force you to pay back the loss that the bank recognized when the property sold for less than the amount they originally lent to you. When a deficiency judgment is entered against you, the bank can come after all of your personal assets and even garnish you wages until the full amount is paid back.
Deficiency judgments and capital gains worries are only a couple of reasons why you need to fight tooth and nail to prevent a foreclosure judgment from being entered against you. There are simple ways to avoid deficiency judgments, tax worries, and foreclosures as a whole. Learn these ways at www.ForeclosureDefenseSecrets.com.
Dec 03 2008
The most common victim of foreclosure is the borrower who bought more house than they could ever afford, be it in order to flip the house for profit or to live in a dream house that should have remained a dream. However, a large number of people facing foreclosure are people who bought the house they should have purchased. These people had good jobs and good credit and entered into a mortgage that was fair and affordable.
These borrowers were making their mortgage payments until one catastrophe or another occurred in their life. For some, it was illness or family fatality. For most, it was the loss of income due to downsizing or the outright closing of the company they worked for. For these people, mortgage foreclosure was never a concern because these people were not in over their heads. If you think you are safe, you are wrong. The only true way to protect yourself is to educate yourself.
Educate yourself at www.ForeclosureDefenseSecrets.com.