Tag Archives: Could

Law Offices of Kramer and Kaslow: New York Bank Investigation Could Leave Banks Facing Charges

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Calabasas, CA (PRWEB) June 13, 2011

The Law Offices of Kramer and Kaslow is weighing in on a new report from the New York Times that claims that the New York lawyer general is investigating big banks for alleged wrongdoing. According to the Might 16 New York Times report, The New York attorney common has requested details and documents in current weeks from three significant Wall Street banks about their mortgage securities operations for the duration of the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.

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Not too long ago elected New York Lawyer Common Eric T. Schneiderman declined to comment but according to folks briefed on the matter who were not authorized to speak publicly, Eric T. Schneidermans workplace have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley.

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The post also spoke with Daniel C. Richman, a professor of law at Columbia. Element of what prosecutors have the benefit of carrying out proper now, here as elsewhere, is watching the civil suits play out as diverse parties fight over who bears the loss, mentioned Richman. Thats a extremely productive supply of details.

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Noted attorney Philip Kramer, senior companion at the law firm of Kramer &amp Kaslow whose consolidated litigation plaintiffs have been suing banks for their foreclosure practices agrees with Richman, A lot of wrongdoing has been uncovered in civil circumstances. What is specifically fascinating about the New York Attorney Generals method is that they appear to have picked up on some of the problems we have utilized in our suits: fraud and greed in the securitization process being essential elements.

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More of Philip Kramers comments can be discovered at the Law Offices of Kramer and Kaslow weblog.

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ABOUT PHILIP KRAMER&#13

PHILIP A. KRAMER is the senior partner of the Law Office of Kramer &amp Kaslow, in Calabasas, California. Kramer &amp Kaslow is Martindale Hubbell AV rated. Mr. Kramer is a perennial recipient of the prestigious Southern California Super Lawyer award.

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Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on enterprise litigation, and genuine home matters. He has prosecuted and defended cases for over twenty five years.

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Mr. Kramer is a licensed real estate broker and has spent considerable time delivering legal services in connection with true estate issues relating to loan modification and loss mitigation, land use and zoning, environmental problems, easements, building and improvement, finance, and landlord tenant matters.

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Mr. Kramer is admitted to practice ahead of all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has attempted in excess of 200 cases. He has appeared on nationally televised applications relating to pre-trial procedure and trial method and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer regularly lectures on a broad spectrum of various legal and organization issues.

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Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

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Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization devoted to bringing professionalism and civility back into the legal profession. He also serves on quite a few Boards of Directors and serves as an officer in a lot of businesses. For far more info get in touch with (818) 224-3900 or pay a visit to http://kramer-kaslow.com

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Loan Modifications Could Not Be The Best Answer To Avoid Foreclosure

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Orem, UT (PRWEB) August 29, 2012

As numerous home owners across the nation struggle to make mortgage payments, some commence to wonder when the light at the end of the tunnel will arrive. For several, it hasn’t been quick adequate as they see their homes being sold to the highest bidder. Even the typical loan modification has been challenging to get and if successful only provides a short-term answer.

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According to RealtyTrac, roughly two.7 million foreclosure filings were recorded in 2011. That’s 1 in every single 69 households. “It is unfortunate,” says Jarad Extreme, a regional real estate investor and CEO of Foreclosure University. “So many Americans got caught in the bubble and bought a property at the height of the market. Now we are seeing house prices like they had been 15 years ago and now most houses are underwater.”

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Numerous homeowners are now upside down on their mortgage meaning they have damaging equity and owe far more than what their residence is worth. Simply because it was so straightforward to qualify for home loans, most homeowners had been taking out huge house equity lines of credit (HELOC) or 2nd mortgages to either pay off debt or acquire a few toys. Residence prices have been also at a premium and all seemed fantastic till the industry corrected in 2008.

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New CoreLogic information showed that the quantity of home owners that have unfavorable equity is about 11.four million or roughly 24%. That is a shocking statistic. Homeowners in this scenario now face difficult decisions… preserve paying the mortgage or just stroll away. Far more are more are just “walking away” and they refer to this as “strategic defaulting”. But is this the greatest remedy?

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According to Jarad, “anything is greater than just walking away and giving up specifically when there are a number of choices accessible to property owners which they ought to think about before basically letting their property go to foreclosure.”

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A single of the techniques that most home owners do not even know about is settling or eliminating the 2nd mortgage. By eliminating the 2nd mortgage, he says, will allow the homeowner more options, support keep them in their residence simply because of a payment reduction and in most circumstances give the house equity again.

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Serious also says that by settling the 2nd mortgage, as opposed to a quick sale, the homeowner gets to remain in their property and it doesn’t have the adverse effects on a persons credit like a short sale does. It’s comparable to a principal reduction which could aid a lot of property owners appropriate now.

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Understand much more about settling a 2nd mortgage by visiting http://www.ForeclosureUniversity.com

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Connected Loan Modification Press Releases

VA Residence Loan Organization Says Virginia Mortgage Relief Activists Could Serve as A Model For Other Communities

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San Diego, CA (PRWEB) June 19, 2012

Prince William County, Va. has suffered its fair share of foreclosures with much more than 16,000 given that 2004, representing a lot more than ten percent of all properties in the county.

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In current months a group of activists, Virginians Organized for Interfaith Community Engagement(VOICE), has been pressing banks to supply millions of dollars in relief for the homeowners affected. At a current neighborhood meeting two banks identified more than a 1,000 home owners as eligible for help in the $ 25 billion National Mortgage Settlement announced this year.

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Virginia’s Prince William County interfaith group’s activism demanding mortgage reductions could serve as a model for other communities which includes veterans and veterans’ groups in search of mortgage debt relief, mentioned Phil Georgiades, chief loan steward at VA Residence Loan Centers (VA-HLC), a San Diego-based group that specializes in arranging VA loans and advising veterans, active-duty military and their households about homeownership.

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Its great to see some home owners commence to get the much-promised relief from these large banks, Georgiades continues.

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Nonetheless, it is not enough. The scale of the difficulty is massive. VOICE has estimated that Prince William County alone demands up to $ 500 million to fix the harm triggered by the mortgage crisis. The National Mortgage Settlement would supply just $ 480 million to the whole state of Virginia.

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With this type of shortfall, communities that do not have a powerful activist group operating on their behalf are particularly vulnerable.

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But, there are other options, especially for home owners with VA loans. Georgiades explains, VA-HLC has not too long ago launched a new plan,Property owners Action Solutions (HAS), which has been set up specifically to assist eligible property owners with VA residence loans who are facing economic loss when selling their major-residence houses, as effectively as those facing foreclosure as a result of the drop in home values.

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HAS helps veterans, active duty military and their families keep in their residences by offering several mortgage payment-reduction plans, or aid them sell their property even if they do not have equity in their residences.

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VA-HLC provides cost-free processing and counseling for all these choices, adds Georgiades. HAS is about action for our veterans, active-duty military and their households.&#13

Meanwhile, back in Virginia, VOICE continues to lobby for loan modifications and other alterations to support affected property owners.

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With groups like VOICE and applications like VA-HLCs HAS, we are starting to make true progress, said Geogiades. It really is extended overdue.

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For much more info about VA house loans or eligibility needs and loan limits, as well as how VA-HLC aids veterans with VA loans, refinancing and foreclosure avoidance, call 888-573-4496 or pay a visit to http://www.vahomeloancenters.com.

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About VA-HLC / VA Home Loan Centers&#13

VA Home Loan Centers is a qualified lender of mortgage loans to United States Veterans. The VA loan system assists veterans, active and former duty military, and specific spouses of wounded, MIA or KIA United States service personnel attain the American dream homeownership. Services offered by VA Residence Loan Centers contain genuine estate representation such as VA loan short sale processing, obtain assistance and VA loan application processing.

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Needs to Qualify and Get Approved for Principle Reduction Loan Modification DOJ Settlement. Brief Sales Could be a Great Viable Choice if Borrower is Not Authorized, According to ACL Genuine Estate

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Oakland, California (PRWEB) October 15, 2012

Specifications have finally been created obtainable to the public on terms amongst the US Justice Division and Bank of America, Chase, Wells Fargo, Ally Financial (formally Gma) and so on. Its crucial to check directly with your States Attorney Generals Office to figure out what, if any, special specifications/ were integrated.

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If one is unable to qualify for the principal reduction loan modification. A Brief Sale Might Be a Excellent Viable Option If Borrower Is Not Approved. East Bay (Oakland, Berkeley, San Leandro, Castro Valley, Hayward) urged to Speak to a Neighborhood Actual Estate Agent for a specialist opinion on listing your house for a brief sale. &#13

ACL Genuine Estate and Home Management Specializes in all factors pertaining to Distressed Actual Estate and Property Management.

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Valuable Hyperlinks:&#13

Net Present Value Calculator: http://www.CheckMyNpv.com

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Potentially Eligible Borrower. A Potentially Eligible Borrower is a borrower who meets the following criteria:

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i. The borrower presently holds the mortgage and was the owner occupant of the residential home securing the mortgage at the time of origination.

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ii. The borrower has not previously defaulted on a modification that afforded terms equal to or a lot more favorable than these in the HAMP guidelines.

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iii. The loan-to-worth ratio (LTV) of the home securing the borrowers mortgage exceeds 100% at the present marketplace value of the home.

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iv. The borrower is a single whom “BOA” are not prohibited or prevented by law or by contract either from soliciting or from providing principal modification.

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g. Necessary Documentation. Necessary Documentation shall consist of the following documents:

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i. Credit Report.&#13

ii. Salaried/Hourly Wages Most current pay stub.&#13

iii. Self-Employed Verbal financial information followed by completed P&ampL template certified by client.

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iv. Alimony and Youngster Assistance Copy of legal agreement specifying quantity to be received (client shall certify twelve-month continuance if not included in legal agreement) and most recent bank statement, deposit slip or canceled verify as evidence.

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v. Other Taxable and Non-Taxable Rewards (Social Safety /Disability / Pension / Public Assistance) Award Letter OR most current bank statement and, if non-taxable, also want 4506-T.

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vi. Rental Income Signed letter from customer detailing specifics of rental income and most recent bank statement, deposit slip or

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A Settlement Loan Modification is a modification made according to the following priority:

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i. All delinquent interest payments and late charges will be capitalized.

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ii. Principal will be forgiven in the quantity necessary to obtain a DTI of 25%, subject to the provision that the LTV require not be decreased below 100%.

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iii. If, following the principal reduction step, DTI is above 31%, the interest rate will be lowered to the extent necessary to achieve a DTI of 31%, but in no event will the interest price be lowered below two% (starting at year 5, any lowered interest rate will be adjusted upward, so as to boost the net present value (NPV) of modifications). HAMP step price requirements will be utilized, as summarized beneath:

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1. Modified price no lower than 2% is in impact for 5 years.

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two. At the end of 5 years, the rate steps up at (up to) 1% per year, till the PMMS rate in effect at the time of the modification is reached (rounded to the nearest eighth).

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For comprehensive settlement Click Here

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NAPW Manassas, VA Local Chapter Gathered to Support Each Other at Monthly Networking Events in March, April & Could

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Garden City, NY (PRWEB) June 04, 2013

Members and guests of the NAPW Manassas, VA Nearby Chapter gathered on March 10th, April 21st and May 19th for specialist networking meetings at three nearby venues: Carmellos Restaurant, Malones of Manassas Restaurant and Okras Cajun Creole Restaurant.

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The group of specialist ladies networked and supported every single other as they discussed individual and expert objectives, as effectively as thrilling plans for the Chapter.

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At the May networking occasion, Manassas Chapter President Sandra Scott welcomed members Maureen Cummings-Spickle and Stephanie Lane.

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The President offered feedback about her quite constructive encounter at the National Networking Conference in New York in April.

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I met so a lot of fantastic ladies and was inspired by the presentations of Martha Stewart, Arianna Huffington and the guest speaker panel discussion, President Sandra Scott told the group of professional ladies.

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The Chapter President distributed copies of Martha Stewarts magazine that was provided to Conference attendees.

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Sandra also told the group that she saw members Monique Gaskins and Carolyne Onkoba at the occasion.

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The girls also discussed family members, job browsing, retirement preparation, preparing for a second career and legal solutions when it comes to elder parents.

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Per Sandras request, member Maureen Cummings-Spickle provided her info on Louisiana law to assist her with upcoming household matters.

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In April, members of the Manassas Chapter welcomed new member Dr. Darlett Stowers, President and CEO of Stowers Consulting, Inc. located in Woodbridge, VA.

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Darlettes firm offerings consist of specialties in consulting, leadership and motivational speaking.

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In the course of the networking meeting, the ladies spoke about personal interest and household.

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The family members discussion integrated Darlettes current celebration of two young children graduating from college. She informed the group that 1 of her graduating children will be attending a conference with her to provide insight into the operating globe.

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Sandra congratulated her and the future expert achievement of her kids.

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During the March 10th networking meeting, President Sandra welcomed Shalanda Weemswere as a new participating member.

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Shalanda is a licensed Clinical Social Worker specializing in mental overall health/psychotherapy counseling services for children, adults and families with a specialty in trauma and post traumatic tension disorder.

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She received her Master degree from Howard University with an emphasis on social function as her region of study. She is involved with the Association of Play Therapy.

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The Chapter President gave the new member an overview of previous Manassas Chapter activities which includes the groups participation in the Time to Fly Foundation fundraiser, Stephanie Lanes presentation on the recent tax law adjustments and Esq. Bullocks presentation on Elder Law that integrated estate planning with an emphasis on obtaining powers of lawyer, advanced health-related directives, do not resuscitate orders, wills and trusts.

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Attendees also discussed careers, loved ones and extracurricular activities of interest.

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To additional her career, Shay mentioned she would like to expand her enterprise to contain other counseling professionals with her as the business leader. As a outcome, she is evaluating whether to forge ahead to acquire her Ph.D. and most importantly, what need to her location of study be?

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The Chapter President advised her that she had considered the very same path about seven years ago, looking to acquire a PhD in Company Administration with an emphasis in Psychology.

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She provided Shay with the institution and specific degree info for her consideration.

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The next Manassas Neighborhood Chapter meeting will be held on June 23rd, from four:00 to 6:00pm, place TBD.

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The National Association of Skilled Ladies (NAPW) is the biggest and most recognized network of female experts. NAPW provides a forum exactly where girls can interact, exchange tips, educate, network, and empower. NAPW Regional Chapters let members to maximize their encounter by way of meetings, networking opportunities, and skilled events.

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For added details with regards to the NAPW Manassas, VA Nearby Chapter and/or NAPW, please pay a visit to http://www.napw.com.

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Comply with NAPW on Facebook and Twitter.

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Uncover Much more Administrator Press Releases

Property owners Consumer Center Fears Millions of Underwater US Property owners Could Owe New IRS Taxes If Obama and Congress Fail To Extend Mortgage Forgiveness Debt Relief Act

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(PRWEB) December 20, 2012

The Homeowners Consumer Center is urging President Obama, and the US Congress to immediately extend the Mortgage Forgiveness Debt Relief Act now, ahead of time to do so comes, and goes. Without having an extension of this law over ten million existing US homeowners, who owe far more on their house than it is worth could get hit with a enormous IRS tax bill, should they do any variety of loan modification, a deed in lieu of foreclosure, a short sale, or anything else that entails a mortgage principal reduction from their mortgage lender in 2013. The Home owners Consumer Center says, “We worry most US property owners are not conscious of the truth that without having an extension of the Mortgage Forgiveness Debt Relief Act by President Obama, and the US Congress, any sort of principal reduction by a bank involving a loan modification, a brief sale, a deed in lieu of foreclosure, or foreclosure will be treated as ordinary earnings by the US IRS. Just as an example if you live in Las Vegas, Los Angeles, Oakland, Miami, Chicago, Cincinnati, Phoenix, Saint Louis, Atlanta, Minneapolis, Memphis, Boston, or any other US city, and town, and your lender, or mortgage loan servicing firm agrees to a mortgage principal reduction as part of a loan modification, or a short sale-the mortgage principal reduction will be treated by the IRS as ordinary revenue by the US IRS. Is this actually what President Obama meant when he mentioned Forward for the duration of his 2012 presidential campaign?” http://HomeownersConsumerCenter.Com

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According to Bloomberg News on November 29th 2012, “The Mortgage Debt Relief Act of 2007 enables borrowers to avoid paying revenue taxes on the amount of principal thats forgiven as part of a loan modification or in the course of a brief sale in which they sell their houses for significantly less than they owe. If the measure expires, home owners would have to count such debt reduction as money they earned.” http://HomeownersConsumerCenter.Com

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The Property owners Consumer Center believes casualties from President Obama, and the US Congress failing to extend the Mortgage Forgiveness Debt Relief Act will incorporate:&#13

The Homeowners Consumer Center says, “What happens if President Obama’s Tax the Rich presidential campaign theme backfires, and the US economy tanks since of elevated taxes on little enterprise owners, or farmers? We think unemployment goes up. We also feel upside down homeowners will be forced to stroll away from their homes in droves. How does a newly unemployed person spend his, or her principal reduction IRS tax bill, if they no longer are employed?” &#13
More US property foreclosures, and far more instability in the US housing markets. &#13
Thousands of real estate agents that specialize in short sales could suddenly be unemployed. What homeowner is going to do a short sale on their below water house if they get taxed on the principal reduction-as ordinary earnings? &#13
Mortgage lenders, banks, mortgage brokers, and law firms that specialize in loan modifications will also be joining the unemployment lines-what homeowner-who owes more on their residence than it is worth would want to do a loan modification, if the principal reduction is taxed as ordinary revenue?

The Property owners Consumer Center says, “What happens to the 22.eight% of all US homeowners, who are upside down on their house mortgage when they all of a sudden understand-if they never stroll away from their houses now-they may well get taxed on any sort of principal reduction in 2013, if they do a loan modification, a brief sale, a deed in lieu, or something involving a principal reduction from their bank? At this moment we are saying if the US Congress, and the Obama Administration do not extend the Mortgage Forgiveness Debt Relief Act-now-its not just rich men and women who could be facing a enormous tax improve in 2013, it could also be almost 25% of our nations homeowners.” http://HomeownersConsumerCenter.Com

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five Suggestions from a Quick Sale Specialist that Could Save a Residence

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Woodland Hills, CA (PRWEB) February 12, 2007

Millions of Americans are faced with the possibility of foreclosure but do not understand they have definite and trustworthy alternatives to save their house. Quick sales expert, Eli Tene is operating to inform distressed home owners of these viable options, the foremost getting a quick sale transaction.

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“We have seen a wave of 100% financing, refinancing and cashing out beyond the true affordability level of the buyer in the last couple of years,” stated Tene, CEO of I Quick Sale Inc. “Buyers are taking money out of their properties as casually as if they were generating an ATM withdrawal.” Tene explains that, sadly for the buyer, payday comes at a time when they are least prepared for it. “Mortgages utilised to be up to 25% of your total revenue. We now see in several cases that the mortgage is 60, 70 and 80% of the buyer’s total income. There is no way to survive it. Any slight change in your life or revenue immediately affects your capability to pay,” says Tene.

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I Quick Sale Inc. has noticed a dramatic boost in distressed house owners opting for a quick sale rather than letting their residence go into foreclosure. The true estate market is just now “catching on” to this wave of alternative and creative financing choices nevertheless, Tene has been facilitating brief sales for more than 16 years.

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Most property owners who uncover themselves unable to pay their mortgage nevertheless have possibilities to preserve their home and protect their credit. Tene offers five guidelines that could save your property:

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1.