Foreclosures Help Information

Archive for September, 2008

Foreclosure Laws

Question: Is there a new foreclosure law stating a deficiency by a short sale on a primary residence is forgiven?

I keep hearing about a new law, that might be part of a presidential order, forgiving the short sale deficiency of a primary residence. Can someone provide confirmation of this new law? If so what are the guildlines, how does it work and what defines a primary residence according to this new law? Everyone who has shared this with me has been in the state of Arizona, is this new law only applicable there?

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Answer: There is no law like that at the present time.

However I have been an activist in the Democratic Party for over forty years.

I have been agitating for changes in our mortgage lending laws for years.

I am currently working with a Democratic candidate for Congress.

We are trying to unseat a do nothing Republican Congressman and I think that we have a good chance of winning.

When we win, we will be holding hearings on this whole mortgage mess.

We will be proposing legislation that will do away with this mess, make the lenders much less arrogant and more willing to work with people.

Ther is no such law on the books, yet.

We will have a Democratic President, a Democratic Congress and a Democratic Senate.

The greedy Republican mortgage lenders have been living off the backs of the working people for much too much time.

The greedy Republican mortgage lenders will learn a lesson they will never forget when we take over the government in 2008.

The Republican creeps will go down in flames in 2008!!!!

Understanding The Foreclosure Process - Part 1

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Phoenix Foreclosed Homes

Question: How does this make you feel Recently bailed-out Citibank gives $1.75 million to La Raza?

If need to complain or whine plz skip this question.
In a pilot program, the charitable arm of Citigroup is giving the National Council of La Raza money to help buy foreclosed homes in Phoenix for rehabilitation and ultimate purchase by low-and moderate-income Latino families.
In all, New York-based Citi Foundation is providing $1.75 million to the NCLR, of which $235,000 will go to its Raza Development Fund. That'll allow the fund to acquire, maintain and rehab properties to sell or lease.
Raza Development Fund chief Tom Espinoza says the fund will add about $4 million and federal stimulus program money will boost the total to about $12 million to target bank-owned vacant foreclosed properties.
He's hoping at least 100 families in three hard-hit Hispanic neighborhoods in Phoenix will be able to buy homes.

http://www.azstarnet.com/altsn/default/newsletterclickthru/302118

Wonder why only La Raza getting this money ?

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Answer: why are they only giving the loans to Latinos??? does that mean whites, asians, blacks and others can't get the loans????

seems like LA RAZA is being bit RACIST to me?? and with government backed funds at that !!!!!!

Phoenix Foreclosures for Sale

Tax Foreclosure Homes California

Question: Short sale vs Foreclosure and taxes 1099 in California?

What will the tax issues be on my home that I owe 475,000.00 and the short sale is for 325,000.00?

Will the same tax issue also apply if it went to foreclosure instead?

The amount I owe is from "purchase money" loans. I have a 1st for 400.00 and a 2nd for 75k.

My agent said the 2nd is going to accept 3 or 4k from the 1st to call it even?

Does Bush's HR 3648 (Debt forgivness) apply to me?

I've been out of work for 8 months and have not been able to make the payments. I also went through a divorce at the same time. I also have c/c debt, but am making the payments on all but 1 of the c/c's. I only have about 6K in the bank and only a old car and motorcycle (paid) as assests.

I thank you in advance for your help. I know there are several questions to answer. Thanks.

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Answer: The federal act will help you out but won't take you completely off the hook. The state of CA is going to clobber you for full income taxes on the 150k that is forgiven. CA has an income graded tax rate schedule that doesn't look good for you. Income up to $40,345 is taxed at rates between 1-8%. Anything over $40,345 is taxed at 9.3%!! This means you are looking at a potential tax bill of ~$12,000 from the state of California.

Even a short sale is going to mess you up for a long, long time, but it would still be better than a foreclosure.

good luck!

How To Buy Foreclosed Homes And Sell For Fast Profit