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Tax Fact 1-The Mortgage Forgiveness Debt Relief Act of 2007

3/10/2010 7:19 PM

The IRS wants taxpayers to know about the Mortgage Forgiveness Debt Relief Act of 2007. In the waning weeks of 2007, Congress passed and President Bush signed into law this remedial legislation. Initially limited to tax years 2007, 2008 and 2009, the law was intended to prevent debt cancellation tax for unfortunate home owners who [...]...Read More

Ten Tax Facts About Mortgage Forgiveness

3/9/2010 12:46 PM

Home foreclosure numbers are growing despite (inadequate) government efforts to stem the tide. Due to falling prices and a floundering economy more homes are likely to be lost in the future. The Mortgage Forgiveness Debt Relief Act of 2007 provides some relief from possible tax liability associated with foreclosure. With this in ...Read More

MERS Note Assignments

3/2/2010 4:37 PM

An investigation into a foreclosure defense will include tracing the rights to a mortgage and its underlying promissory note. MERS is very careful to only execute assignments of mortgages and not of notes. I’ve never seen it assign a note, and I’m reliably informed that MERS’ bylaws prohibit it from owning rights ...Read More

Congressional Oversight Panel: Still Failing

2/28/2010 10:16 PM

The December report of the Congressional Oversight Panel comes as no surprise to consumers and their attorneys; TARP may have prevented a bigger financial crisis for the United States but it has failed to stem the foreclosure crisis Related posts:

Can I Still Get the New Home-Buyer Tax Credit of $8000?

2/26/2010 10:56 PM

You can still get the tax credit for buying a new home, but time is running out. The much heralded tax credit for new home buyers was extended in November 2009. The tax credit is available to both first-time home buyers and homeowners who have owned their home for five years. First-time homeowners will receive an [...] Related posts:

Is The FDIC Paying OneWest Bank Not to Modify Loans?

2/14/2010 5:48 PM

No, the FDIC is NOT paying OneWest a bonus if they avoid loan modification. Despite the allegations of a recently circulated internet video, the FDIC agreement with OneWest Bank does not provide a financial incentive to encourage short sale rather than the modification of delinquent home loans. In fact, OneWest Bank is contractually required to [.....Read More

January 2010 Sees 315,000 New Foreclosure Notices – Up 15%

2/12/2010 10:31 AM

I picked up two newspapers today and one said the housing market is coming around, and the other said foreclosures are up 15% from the same month last year. The reality is the numbers don’t mean anything when people are losing their homes. In January 2010, over 315,000 households in the United States received a [...] Related pos...Read More

Is There A Mortgage Double Standard: Commercial and Residential Real Estate

2/9/2010 4:19 AM

As a mortgage foreclosure defense attorney, it really burns me up that homeowners are once again getting the short end of the stick. There is a double standard going on in this real estate meltdown. Lenders are telling homeowners that they have a “moral obligation” to pay their mortgages, and the failure to do so [...] Rel...Read More