Posted in Home Mortgage on November 4, 2007 | Leave a Comment »
With the soaring number of U.S. homes in some stage of the foreclosure process, many individuals and families are wondering just what the process of foreclosure entails.
At the same time, few homeowners would welcome the prospect of discussing their situation with their banker or lender.
“Especially if they’re in foreclosure, talking with a lender can be [...]
Posted in Home Mortgage, tagged 2661124 on November 2, 2007 | Leave a Comment »
As borrowers fall behind in their payments, they can expect lenders to react in specific ways at specific times. Here’s a look at the time line from late payment to foreclosure.
Day 1
It’s the first of the month, and the mortgage payment is due. The borrower misses the payment.
Day 16 to day 30
A late charge is [...]
Posted in Home Mortgage on November 1, 2007 | Leave a Comment »
So yes, you could indeed pay tax on the money that was used to pay back the mortgage even though you don’t get any of it.
Let’s assume the example homeowner mentioned earlier has nonrecourse mortgage debt of $110,000 and an adjusted basis of $20,000 in the home, which has a fair market value of $100,000. [...]
Posted in Home Mortgage on October 31, 2007 | Leave a Comment »
If you thought a bank foreclosure ended the financial miseries associated with your former home, think again. You could soon be hearing from the IRS about taxes due in connection with the residence you no longer own.
“You can walk away from the big house payment, but not from the potential tax implications,” says John W. [...]
Posted in Home Mortgage on October 30, 2007 | Leave a Comment »
You see the Day-Glo signs everywhere these days: We buy houses! Cash for your home! Fast refi now!
Chances are, you mentally filed these come-ons under good old-fashioned American entrepreneurship in action. Maybe you even think kindly toward companies that would offer a hand to debt-ridden homeowners on the brink of foreclosure.
Fat chance. The majority of [...]
