This recent article from Realtormag offers some hope to those faced with paying income tax on the part of their mortgage debt that their lender may have forgiven after a short sale or foreclosure. An effort is under way in the Senate to renew legislation that spares underwater homeowners from having to pay income tax … More Push to Renew Mortgage Debt Forgiveness Gains Steam in Senate.
If you’re a struggling homeowner trying to save your house from foreclosure, beware the latest mortgage-relief scam: Dozens of companies have been accused of falsely promising mortgage relief—while collecting millions of dollars in illegal upfront fees, according to a report by the Los Angeles Times. The Consumer Financial Protection Bureau recently filed three lawsuits against eight firms accused … More Don’t Fall For This Mortgage-Relief Scam
Q: I purchased a home in a court sale. I am going through the closing now and found out that the owners can’t sell the house to me because of an IRS lien that should have been removed. The title company says their investigation shows that proper notice was not given of the sale to … More Can an IRS lien prevent a Court ordered sale of a home?
This CNN Money article points out how many who lost their homes to foreclosure and short sales are taking a fresh start at home ownership. Borrowers who lost homes to foreclosure during the housing bust are starting to buy again. Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 … More Boomerang Buyers Return to Market After Foreclosure