Tag Archives: January

Property owners Customer Center Warns All US Homeowners About A Large Situation Facing Them On January 1st 2013 -AKA- The Mortgage Debt Forgiveness Tax Provisions – Help Wanted

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(PRWEB) November 13, 2012

The Property owners Customer Center is a single of the premier advocates for US property owners, and the group is warning issues are about to get considerably far more complex for the US housing market place, and all US property owners if the US Congress, and President Obama fail to extend the Mortgage Forgiveness Tax Provisions. With out an extension, borrowers who get reductions in mortgage principal next year in the procedure of a brief sale, loan modification, foreclosure, or deed in lieu of foreclosure would be hit with federal earnings taxes at their standard marginal rates on the amounts forgiven. The Home owners Consumer Center says, “The US housing marketplace needs stability. We do not think most present underwater US property owners realize that without this tax provision extension they, or their neighbors are about to get hit with what could be a gigantic federal tax bill, ought to they do a quick sale, a loan modification, or a deed in lieu of foreclosure-that involves a mortgage principal reduction in what they owe their mortgage lender. Without an extension of this bill, anytime following December 31st 2012, if a homeowner receives any sort of principal reduction from their mortgage lender-they are going to be taxed by the IRS on what ever the principal reduction was-as if it was earnings. Without having an quick extension of this legislation we worry the US housing marketplace gets much, a lot worse-not greater. How is that Forward?” http://HomeownersConsumerCenter.Com

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On March 1st 2012, CNN Funds wrote, “The number of property owners who have fallen underwater on their mortgages-owing a lot more than their properties are worth — climbed to 11.1 million in the last three months of 2011, a three.7% enhance. These in this upside-down position, also called adverse equity, represent 22.eight% of property owners with mortgages. The count rose from 10.7 million borrowers (22.1%) only three months earlier, according to a report from CoreLogic.” The Property owners Customer Center says, “Given that the re-election of President Obama has any person else noticed the lay off notices becoming described in the organization sections of many US newspapers? We have, and lay off notices, are not a very good issue for consumer self-assurance. What happens to the 22.8% of all US property owners, who are upside down on their mortgage when they all of a sudden understand if they do not walk away from their homes now-they may get taxed on a principal reduction in the future? Given the Fiscal Cliff our nation faces on December 31st 2012, everyone should be worried about the US Senate majority’s push for higher taxes on the quote wealthy, what this will imply to the fragile US economy, tiny firms, and US employment. Nonetheless, at this moment we are saying if the US Congress, and the Obama Administration do not wake up, and extend the Mortgage Forgiveness Tax Provisions now-we are going to have a truly big mess on our hands, and its going to begin long prior to December 31st 2012.” http://HomeownersConsumerCenter.Com

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Note from the Home owners Customer Center, “We know there are many US homeowners out there who do not really feel like homeowners who are upside down on their mortgages ought to get any breaks at all-we get that portion. Even so, the reality is if we have a new tidal wave of immediate deed in lieu of foreclosures-exactly where the homeowner sends their keys back to the mortgage loan servicing organization, all US home owners get hammered with reduce home values. We do not feel anybody in their correct mind would want that.” http://HomeownersConsumerCenter.Com

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Advantage Legal Group Providing three Foreclosure Defense, Mortgage Mediation Seminars in January for Property owners in Washington State Facing Foreclosure

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Bellevue, WA. (PRWEB) December 19, 2012

Benefit Legal Group is Supplying three Foreclosure Defense Seminars in January 2013 to teach Washington State home owners facing foreclosure about the choices offered which includes mortgage mediation under the Washington State Foreclosure Fairness Act, mortgage modification, real estate brief sales and bankruptcy.

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The Washington Foreclosure Fairness Act (FFA) offers Washington State property owners facing foreclosure a little known proper to force their bank to the mediation table. Washington State was the third state to implement such a foreclosure mediation system right after Nevada and Maryland. Although the law has been in effect since July 22, 2012, it is estimated that much less that ten% of those eligible have availed themselves of the system to date. &#13

The so referred to as Foreclosure Fairness Act, offers distressed home owners operating with an lawyer or housing counselor, the right to an in-particular person mediation procedure to steer clear of foreclosure of their primary residence. Home owners can’t request mediation themselves and have to request it by way of an attorney or housing counselor. Numerous smaller sized banks and credit unions are exempt if they had much less than 250 foreclosures in the state in the previous year.

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Washington State attorney, Jonathan Smith, with the law firm of Advantage Legal Group says this can be extremely effective indicates for most homeowners facing foreclosure to mediate a modification of their loan and avoid foreclosure. For those eligible, the Foreclosure Fairness Act (FFA) provides framework via which mortgages can be re-negotiated.

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The method is overseen by the Washington State Department of Commerce. Once mediation is requested by an lawyer or housing counselor, the Department of Commerce assigns a mediator. The law then requires the parties to exchange monetary data and demands the banks to provide proof of ownership of the loan as effectively as an accounting of all charges and charges. If the homeowner was previously declined for a modification, they are necessary to state why and supply any appraisals or other details relied upon. The Act also requires the bank to appear at the face to face mediation with their attorneys and a individual from the bank present with the authority to sign off on a loan modification on the spot.

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Jonathan Smith, whose firm serves most of Western Washington, notes that a excellent quantity of his clientele are acquiring modified loans by way of this procedure and numerous have seen dramatic reductions in their month-to-month loan payments. Smith says Of course it dependent on the customers circumstance, but we are typically in a position to bring a clients loan, that is months or even years behind, existing and lengthen their loan period out to 40 years in a fully amortized loan. Mr. Smith routinely attains these outcomes for his clientele. It is not unusual for my customers loans to be recast at rates as low as 2% interest price says Jonathan Smith.

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Carmen Arruda, Regional Account Manager, with Fidelity National Title, says I am seeing excellent results from this program and hope that much more property owners will avail themselves of this mortgage mediation plan. It is heartbreaking to see so several individuals foreclosed upon every single month who do not even know about this fabulous program offered to Washington State property owners. I do not recognize why the state or the media dont market the Foreclosure Fairness Act or mortgage mediation far more.

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As a bankruptcy lawyer in Bellevue, Seattle and Western Washington, Jonathan Smiths law firm also utilizes federal bankruptcy law to eliminate unsecured debt, and if the value of the home is much less than what is owed on the very first mortgage, to strip off second or third mortgages and discharge them in bankruptcy. The mediation method can also be employed to negotiate brief sales as properly. Says attorney Jonathan Smith. Our firm has negotiated hundreds of quick sales, says Mr. Smith and we frequently combine these approaches, renegotiate the very first mortgage via mortgage mediation and strip off second mortgages all together via a chapter 13 reorganization bankruptcy to attain fantastic results for our consumers.

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Benefit Legal Group is a debt relief agency providing foreclosure defense services in Washington State which includes mortgage mediation, mortgage modification, brief sales and bankruptcy.

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Benefit Legal Group provides free of charge foreclosure defense seminars in Western Washington. The following is the schedule of upcoming foreclosure defense seminars for January 2013. &#13

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