How would you like to pay for my spring vacation to Maui? Or make my house payment this month? What? you howl. What do I get out of paying your bills? Good question. Please repeat that question when your mortgage lender gets you to pay for insurance on your home that protects only the lender. [...]
Mortgage Issues
The housing market is looking up in many parts of the country as more people take advantage of low property values and attractive rates. But before you go ahead and sign on the dotted line, consider whether you’re setting yourself up for a major fall. When you buy a house – especially if it’s your [...]
I’ve seen lots of funny men; Some will rob you with a six-gun And some with a fountain pen. ~ Woody Guthrie (Pretty Boy Floyd) Last month, Elizabeth Warren asked a pointed question of senior treasury department officials regarding why no enforcement action had ever been taken against a large financial institution. ”Can [...]
Five million homes lost to foreclosure by next month in the current foreclosure crisis. Many bankruptcy cases have been filed to try to save homes, or, get out of mortgage debt still owed after the foreclosure process. Filing bankruptcy does stop foreclosure. So, five million, we must be about done, eh? as we say in [...]
Unless Congress acts, the Mortgage Forgiveness Debt Relief Act of 2007 will expire on December 31, 2012. What is this law, you may ask. Stated simply the Mortgage Forgiveness Debt Relief Act waives any tax due on debt forgiveness if you are able to negotiate a mortgage modification. Without this waiver, any amount of forgiven [...]
It’s common for a divorce decree to award the marital home to one spouse or the other, with the spouse who is keeping the home being ordered to continue the mortgage payments until the mortgage is fully paid. However, this raises the question of whether the now “homeless” spouse can qualify for a mortgage to [...]
