Since 2007, homeowners who were given mortgage debt cancellations by lenders, have been free of liability for that amount during tax season. However, the Mortgage Forgiveness Debt Relief Act is set to expire later this year and could have some serious consequences for already struggling homeowners. Loss Not Income When debts are cancelled, the IRS  … Read more

Taking out a mortgage can be scary business, especially in a time when foreclosures are rampant. The key to successful home ownership in a tough economic time is knowing how much you can afford and staying in a reasonable limit. Many people do this by using various mortgage calculators, but not all are the same.  … Read more

The United Way has been serving communities for decades. As one of the nation’s leading charity organizations, it is now reaching out beyond its current scope to help homeowners struggling to find foreclosure help. Now, one Indiana county is getting a “hand up instead of a hand out” to fight the mortgage crisis. Reaching Those  … Read more

If you are like the majority of Americans, you probably carry an uncomfortable amount of credit debt. While it is the debt collector’s job to obtain payment for your creditor, they are required to adhere to certain rules. Fair Debt Collection Debt collectors are notorious for pushing the boundaries of appropriate debt collection practices. Besides  … Read more

If you are currently behind on your debts you may be waiting for that dreaded phone call from a debt collector. Although no one wants to deal with creditors, avoiding the issue is only going to make matters worse. The key to resolve debt collections can be found in a few simple steps: Take the  … Read more

After all of the trouble in the mortgage industry, one aspect continues to worsen an already bad situation; mortgage debt scams. Many homeowners have suffered enough under the pressure of an impending foreclosure and many more have become victim to mortgage relief scams, leaving them out of money and out of home. However, perpetrators of  … Read more

When it comes to dealing with creditors we tend to dodge phone calls rather than make them. If you are considering debt negotiation, you would be better served being the aggressor when it comes to making calls and discussing your account. What Is In A Good Call? When you contact a creditor to discuss your  … Read more

These days, both borrowers and lenders are looking more towards short sales as a foreclosure alternative. With close to 40,000 short sales already completed this year through Fannie Mae, the Federal Housing Finance Agency is announcing new rules to help streamline the process. Efficiency Is Key The new guidelines for Fannie and Freddie are designed  … Read more

The Home Affordable Modification Program (HAMP) is one of the programs designed to help homeowners fight mortgage debt and avoid foreclosure. While the program did not live up to initial expectations, changes have been made recently to broaden the scope of assistance. Tier 2 As of June 1, 2012, new changes have been made to  … Read more

Negotiating debts isn’t easy, which is why many people tend to shy away from the process. However, negotiating with your creditors can be the difference between being stuck under a giant debt load and possibly being forced into bankruptcy, or finding financial freedom from those debts. While the process may not be easy, it is  … Read more