California Citibank Borrowers Nonetheless in Need to have of Mortgage Relief Despite Current Lawyer General Settlement


Roseville, California (PRWEB) June 25, 2012

Even though Citibank has stated it will offer modifications in accordance with the recent attorney general settlement, many home owners excluded from the settlement agreement are left without relief.

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Even though settlement was reached not too long ago with the States Attorneys General, UFAN Legal Group, Pc (UFAN) continues to see significant interest in litigation against Citibank and the other significant banks participating in the settlement. In spite of the settlement, a lot of California property owners continue without having relief.

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UFAN filed its very first complaint against Citibank on February 16, 2012 in Los Angeles County Superior Court (Apostel v. Citibank, Case No. BC057629). The case targets troubles origination of loans, Citibanks alleged improper servicing of borrowers loans, and other claims primarily concerned with contract law. The case is set to be amended on July 9th, 2012 and UFAN is presently seeking new clients, similarly situated with current plaintiffs, who are left without relief.

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Current news headlines talk about the settlement in between the States Attorneys General and 5 significant banks, such as Citibank. While Citibank, by way of this settlement, agreed to a massive cash payout each to participating states and particular groups of distressed borrowers, many borrowers continue to be left with out relief. For instance, as reported by the LA Occasions in February, the settlement does not cover property owners whose mortgages are owned by government sponsored entities like Fannie Mae and Freddie Mac. Reportedly, these loans make up much more than 60% of California homeowners, and the settlement itself will only apply to about 250,000 California property owners.

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Even though the settlement precludes specific new actions by state officials against participating banks, it does not limit private lawsuits filed on behalf of property owners. UFAN continues to fight for the rights of distressed property owners who have been injured by the poor company practices of Citibank, and who have been left without having help in spite of governmental efforts.

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If you think you may have been injured by your lender, UFAN provides complementary attorney consultations to help distressed property owners in assessing possible choices for relief which includes, but not limited to, litigation and bankruptcy.

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Click here to get in touch with UFAN.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Pc dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm offering mortgage litigation and other debt associated legal services. The dedicated attorneys and employees at UFAN work tirelessly to seek justice and fight for the rights of its clientele. For much more information contact toll free 1-866-400-4242.

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This release could constitute attorney advertisement. Kristin Crone, Esq. is the attorney accountable for this advertisement. The info in this release and on the UFAN website (ufanlaw.com) is for basic details purposes only. Nothing in this release or on the UFAN site should be taken as legal tips. Prior successes are no guarantee of future overall performance. Litigation is inherently uncertain and final results in litigation are never assured.

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Associated Loan Modification Services Press Releases

Homeowners Wronged By Banking Fraud Are Missing Their Independent Foreclosure Assessment Letter and Gaining Mortgage Aid and Reimbursement Funds


Minneapolis, Minnesota (PRWEB) June 26, 2012

Property owners can uncover support for foreclosure action taken between January 1, 2009 and December 31, 2010. Diverse from the $ 26 billion National Mortgage Settlement, the Fed has essential the 14 major servicers to hire independent consultants to make fair and impartial suggestions for monetary remediation for impacted borrowers. U.S. federal bank regulators, the Board of Governors of the Federal Reserve Technique and the Workplace of the Comptroller of the Currency (OCC) are pushing out new details on the system, new reminders, and have newly appointed members to serve our housing recovery efforts.

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The Federal Reserve has extended the deadline for Independent Foreclosure Evaluation applications to September, 30, 2012. In addition, a economic remediation framework was released on June 21 that offers examples of errors in foreclosures covered by the regulators consent orders in the April 2011 regulations. Residence Destination finds home owners are quicker to engage the Independent Foreclosure Assessment System after they comprehend it much better.

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New information add to the OCC site on June 21, 2012 states, “Remediation may contain suspending a pending foreclosure or rescinding a completed foreclosure, offering lump-sum payments, reimbursing improper costs plus interest, supplying a loan modification, and correcting credit reports and other errors in the borrowers records.”

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For homeowners who have shied away from the complaint approach pondering reimbursement funds are as well low, it may properly be worth the effort. The OCC says, “lump-sum payments can range from $ 500 for lesser injuries to $ 125,000 plus equity in the most egregious instances.” &#13

Anna Alvarez Boyd, of the Federal Reserve spoke in a recent video to help mortgage borrowers gain and not miss out on offered support. It is free of charge beware of anybody asking you to pay for your Independent Foreclosure Overview.

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Several wronged property owners are missing out on recognizing their chance for aid. According to the OCC, by February 20, 2012, only 90,000 eligible property owners had submitted claims. Surprisingly, these funds for struggling property owners are going largely unnoticed. Only a fraction of the four.four million home loan borrowers potentially eligible for overview have responded to solicitation letters sent out by the banks. As of Might 31, only about 340,000 cases have been slated for overview, according to a progress report released for June by the Fed and the OCC. Via May possibly 2012, almost four.4 million folks were sent letters explaining how to request a free of charge assessment of their loan files. Only 136,000 or three percent of qualifying borrowers who have been contacted have asked for the independent review.

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Reminders of the original letter informing homeowners that they are eligible for a review by an independent consultant and might be compensated are getting sent. Home owners qualify if:&#13

You sent your loan payments to one particular of the mortgage servicers participating in this method. &#13

The action to foreclose on your home was initiated, pending, or completed in between January 1, 2009 and December 31, 2010. Nevertheless, your property did not have to be sold to be eligible for the assessment. &#13

The foreclosure occurred on your principal residence, which is the property where you lived for most the year. You do not need to reside there now to be eligible for the review.

Jenna Thuening, owner of Property Location, finds that, some concerned that borrowers who get the evaluation form in the mail might not recognize it as a legitimate document. We are hoping that as the OCC releases yet another round of marketing and outreach to encourage borrowers who were victims of wrongful foreclosure to comprehensive the forms, that we will see far more property owners send them in.”

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Even if mortgage borrowers didnt file a request for overview, they might be sent receive a letter and overview kind. Consultants are reviewing files from every servicer to uncover borrowers who suffered monetary injury due to the fact of foreclosure errors and sending the letters out. Servicers will be needed to compensate all injured borrowers identified as component of this assessment.

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Home owners can submit their application for the Independent Foreclosure Review online at http://www.IndependentForeclosureReview.com. To make it less complicated, the OCC says, “There have been a quantity of changes made to integrated claims process to guarantee a single, uniform method among the servicers”.

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Serving the housing recovery and property owners, yesterday, The OCC announced that Carrie Moore has been named Director for Congressional Liaison. Also, yesterday Federal Reserve Chairman Ben S. Bernanke presided more than a meeting where Jeremy C. Stein and Jerome H. Powell had been formally sworn in as members of the Board of Governors of the Federal Reserve Program.

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Home owners might speak to Home Destination at 612-396-7832 for additional help to file or respond to an Independent Foreclosure Overview.

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Related Loan Modification Services Press Releases

Property owners with U.S. Bank Mortgages in California Still in Require of Mortgage Relief


Roseville, CA (PRWEB) June 29, 2012

Even though settlement was reached not too long ago amongst five main mortgage lenders and the States Attorneys General, U.S. Bank was notably absent from the agreement. The settlement will need participating banks to supply modifications to eligible borrowers among other relief, but has left numerous borrowers with non-participating banks no relief.

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UFAN Legal Group, Computer (UFAN) continues to see considerable interest in litigation against US Bank in addition to these banks that have settled with the Attorneys Common.

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UFAN filed its complaint against U.S. Bank on January 13, 2012 in San Diego County Superior Court (case quantity 37-2012-00065198-CU-OR-EC). The case targets issues connected to loan origination, U.S. Banks alleged improper servicing of borrowers loans, and other claims mainly involving principals of contract law. UFAN continues to accept new consumers similarly situated with existing plaintiffs, for litigation.

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Recent news headlines discuss the settlement amongst the States Attorneys Basic and five significant banks. Even though the banks, by means of this settlement, agreed to a massive cash payout both to participating states and particular groups of distressed borrowers, many borrowers continue to be left with out relief.

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U.S. Bank is not bound by this settlement despite the fact it is alleged to have the identical fraudulent conduct as participating banks. UFAN continues to fight for the rights of distressed home owners who have been injured by the poor enterprise practices of U.S. Bank, and who have been left with out assistance.

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If you believe you may have been injured by your lender, UFAN provides complementary attorney consultations to assist distressed homeowners in assessing possible alternatives for relief including, but not limited to, litigation and bankruptcy.

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Click here to speak to UFAN.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Computer dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm supplying mortgage litigation and other debt related legal services. The committed attorneys and employees at UFAN perform tirelessly to seek justice and fight for the rights of its customers. For a lot more details get in touch with toll cost-free 1-866-400-4242.

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This release may possibly constitute lawyer advertisement. Kristin Crone, Esq. is the lawyer responsible for this advertisement. The info in this release and on the UFAN web site (ufanlaw.com) is for common details purposes only. Nothing in this release or on the UFAN website ought to be taken as legal guidance. Prior successes are no guarantee of future functionality. Litigation is inherently uncertain and final results in litigation are never assured.

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Far more Loan Modification Services Press Releases

The Karten Group gets Mortgage Balance of $196,414 forgiven by lender on Mountains Edge Brief Sale for Las Vegas Homeowner


Las Vegas, Nevada (PRWEB) July 02, 2012

The Karten Group at Rothwell Gornt, Las Vegas Realtors who specialize in assisting distressed home owners, have successfully closed an additional short sale, relieving the home owners of almost $ 200,000 in damaging equity.

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Mark Karten, who negotiates with every lender personally mentioned, “This is a clear example that shows no two brief sales are alike. These property owners were relocated to California and decided to rent out their residence, hoping the market would turn around.” Karten continues, “Following 3 years of paying the distinction every single month and contemplating letting it go to foreclosure, they finally reached out to us for support.”

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“Homeowners no longer living in their house nonetheless have the chance to short sale, even if it really is tenant-occupied or vacant. Investor suggestions differ from lender to lender, so it really is essential to meet with an seasoned quick sale listing agent.”

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Karten says, “Banks prefer brief sales over foreclosures, which saves them tens of thousands in further legal costs and maintenance fees. As well a lot of distressed homeowners continue to think their property will have constructive equity in the close to future. The truth is that a quick sale is the lifesaver they’ve been waiting for – however many continue to ignore the indicators.”

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A brief sale is a complicated transaction and Karten holds many quick sale designations and certifications along with his encounter in countless short sale closings. “The peace of mind that my clients feel soon after we close on their house is a single of my greatest rewards.” says Karten, “I wish everybody would reach out and seek advice if they’re experiencing any difficulty paying their mortgage, whether or not it is for a loan modification or a short sale.”

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There’s a misconception that short selling your residence will cost you funds. At The Karten Group, there are no charges, the bank pays the cost of promoting the home and in many circumstances, pays the homeowner to assist move to their new residence.

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About The Karten Group – Began in 2007, Mark Karten heads a team of Las Vegas Realtors who specialize in representing sellers and buyers throughout Las Vegas and Henderson. Mark Karten is extremely trained to accomplish the ideal outcome for property owners. His designations and certifications incorporate Certified Distressed Home Professional (CDPE), Certified Foreclosure Alternatives Consultant (CFAC), Certified Quick Sale Skilled (CSP) and Quick Sale and Foreclosure Resource (SFR.) Even though headquartered in Las Vegas, the group serves the whole Las Vegas Valley, like North Las Vegas, Summerlin, Rhodes Ranch, Mountains Edge, Green Valley, Henderson and Lake Las Vegas.

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The Karten Group has negotiated profitable brief sales for home owners with loans from Bank of America, Wells Fargo, Citi, Chase, GMAC, Seterus, Nationstar, Suntrust and a lot of other people.

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More Loan Modification Services Press Releases

California HARP Mortgage Lenders Continue to Lead the Nation in HARP Loans as the Housing Market place Heats Up


Los Angeles, California (PRWEB) June 06, 2013

Harp Mortgage Lender, a national lending network of mortgage pros approved to work with the Obama Administrations Residence Reasonably priced Refinance Plan (HARP), reports that current data from the Federal Housing Finance Agency (FHFA) sees California as the No. 1 user of HARP loans in the country via early 2013, a trend that has been occurring all through the programs four-year history, and 1 that continues to spell savings of over $ 4,300 a month on average for the HARP-eager borrowers of the Golden State, who have been steadily utilizing a lot more and much more loans as the housing market continues to heat up.

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In the FHFAs Refinance Report published May 7, California HARP borrowers utilized 14,204 HARP loans for the most current month on record, February of 2013. This was up 27 loans from Januarys total of 14,177, and up a whopping two,990 loans from 11,214 in the final month of 2012all signs that there is only rising demand for a system that had as many loans in 2012 nationwide (1.1 million) as it did in its initial three years prior to that combined. A reason for this boost is undoubtedly the revisions to HARP in late 2011 that produced the program much more accessible to deeply underwater borrowers, not to mention the recent housing rebound that is seeing median property sales values spiking in 2013 from San Diego up to San Francisco, giving underwater borrowers significantly much more of an incentive to hang on to residences which have grow to be increasingly useful assets.

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CLICK Here to verify HARP loan eligibility.

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In reality, the most current data from analytics company RealtyTrac sees the median sales value for properties in L.A. up 14.7 from a year ago, up 19 percent in San Diego, and up a California metro-major 30.four percent in Bakersfield from the previous year. What this data implies for underwater borrowers is that its a wonderful time to get locked into the low California HARP rates ahead of they rise alongside the prospering California housing market. It also indicates that Californians are beginning to see homes as a profitable investment again, which could clarify why RealtyTrac sees foreclosure filings down 59 % year-over-year.

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Combine these stats with the current prediction by Fannie Mae that California HARP refinancers are saving far more than $ four,300 a year on their mortgages, and its clear why tens of thousands of Californians are turning to the program every month. A single could argue that HARP loans are a lot more useful than ever just before to California borrowers trying to keep away from a foreclosure or brief sale, says Alameda, California Mortgage Professional Garrick Werdmuller at Very first Priority Economic. Positive, $ four,300 a year is a nice chunk of modify, but that quantity could really pale in comparison to the return borrowers who use HARP to stick with their mortgage could reap numerous years from now if the housing market place continues to gain worth at this price.

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CLICK Here to apply for a HARP loan

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About HARP

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The Property Affordable Refinance Plan was amended in October of 2011 via an agreement amongst the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, which simplified the accessibility of the plan for borrowers searching to refinance by way of mortgage lenders.

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A main goal of the Home Reasonably priced Refinance Program (HARP) is to help accountable borrowers with the method of streamline refinancing. Eligible borrowers who are current with mortgage payments but have noticed their property lose worth are given the selection of HARP refinancing.

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HARP two. eligibility suggestions:

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1) Fannie Mae or Freddie Mac owns or has guaranteed very first loan.&#13

2) Fannie or Freddie purchased the loan prior to Might 31, 2009.&#13

three) Borrowers must be current with mortgage payments.&#13

4) Borrowers owe more than their house is worth, or there is minimal equity.&#13

five) All mortgage payments have been prompt in the previous six months.&#13

Aurora Borrowers in California Still in Need of Mortgage Relief


Roseville, California (PRWEB) July 03, 2012

While settlement was reached not too long ago amongst 5 key mortgage lenders and the States Attorneys General, Aurora Bank was notably absent from the agreement. The settlement will demand participating banks to offer modifications to eligible borrowers amongst other relief, but has left numerous borrowers with non-participating banks no relief.

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UFAN Legal Group, Pc (UFAN) continues to see significant interest in litigation against Aurora in addition to those banks that have settled with the Attorneys Basic.

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UFAN filed its complaint against Aurora on October 25, 2011 in Sacramento County Superior Court (case quantity 34-2011-00112919), which is now in Federal Court. The case targets troubles associated to loan origination, Auroras alleged improper servicing of borrowers loans, wrongful foreclosure and other claims mainly involving principals of contract law. UFAN continues to accept new clients, similarly situated with existing plaintiffs, for litigation.

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Recent news headlines go over the settlement amongst the States Attorneys General and 5 significant banks. While the banks, via this settlement, agreed to a big cash payout each to participating states and specific groups of distressed borrowers, several borrowers continue to be left with out relief.

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Aurora is not bound by this settlement despite the fact it is alleged to have the very same fraudulent conduct as participating banks. UFAN continues to fight for the rights of distressed property owners who have been injured by the poor organization practices of Aurora, and who have been left with no assistance.

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If you think you might have been injured by your lender, UFAN gives complementary attorney consultations to help distressed home owners in assessing attainable possibilities for relief such as, but not limited to, litigation and bankruptcy.

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Click right here to get in touch with UFAN.

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ABOUT THE UNITED FORECLOSURE Lawyer NETWORK

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UFAN Legal Group, Computer dba United Foreclosure Lawyer Network (UFAN) is a Roseville, California-primarily based law firm supplying mortgage litigation and other debt associated legal services. The dedicated attorneys and employees at UFAN perform tirelessly to seek justice and fight for the rights of its consumers. For a lot more data get in touch with toll totally free 1-866-400-4242.

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This release might constitute lawyer advertisement. Kristin Crone, Esq. is the attorney accountable for this advertisement. The data in this release and on the UFAN website (ufanlaw.com) is for general data purposes only. Practically nothing in this release or on the UFAN website should be taken as legal suggestions. Prior successes are no guarantee of future efficiency. Litigation is inherently uncertain and results in litigation are by no means assured.

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Federal Trade Commission Enforcements Against Illegal Robocalls Targeting Delinquent Property Mortgage Loan Owners


Eden Priaire, Minnesota (PRWEB) July 12, 2012

Yesterday the Federal Trade Commission (FTC) put out a press release providing homeowners and consumers guidelines on how to respond to robocalls and stay away from mortgage relief scammers. Fairly merely, there are 4 basic guidelines mentioned:

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1)

Vernon Mortgage Broker Offers Aid in Navigating Mortgage Reforms


Vernon, BC (PRWEB) November 18, 2012

Late in the summer, a series of mortgage reforms took impact for the country of Canada that to some extent mitigated the reality that interest prices had been as low as they had been in history (reaching to extraordinarily low levels for extended-term, low-threat, fixed-price mortgages). The impetus behind these federal-primarily based mortgage reforms are known to several, but there particulars are generally more vague.

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In autumn of 2008 a global recession took place as America went into crisis-mode more than, amongst other issues, the collapse of the housing bubble. As was steadily produced clear in the intervening years, in between now and then, a single of the issues that brought on this collapse, and set it up in the first place, was irresponsible lending practices on the part of economic institutions and irresponsible borrowing practices on the part of mortgage buyers.

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Although this was largely an American problem with global repercussions, some of the concerns with the USs financial sector have been evident in other nations as well, like Canada. The tendency for a household to overextend itself financially in this nation was alarming, and the federal government was searching to uncover techniques to make sure the stability of the housing marketplace and the mortgage marketplace for many years to come.

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Nonetheless, the end outcome of these reforms in numerous circumstances was that average Canadians had a a lot more challenging time finding a appropriate loan and, when theyd located it, acquiring it. These measures have been place into effect so as to preserve interest prices low, realizing that the housing market place may well be slowed down, but realizing that the bigger economy may possibly be salvaged also.

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For these who were hoping for a 30-year mortgage, or wanted to refinance far more than 85% of their property, these alternatives have been cut off and the mortgage marketplace, which several perceive as somewhat abstruse at the best of instances, was made even much more hard to navigate for the average customer. Although the climate is difficult, and remains so (as evidenced by these current figures relating to housing sales), the new method is not entirely inflexible and these searching for mortgage plans can nonetheless discover exceptional bargains if the conditions are appropriate.

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This is where a Vernon mortgage broker can come in handy. Mortgage brokers have been typical mortgage consumers 1st line of defense against the complex planet of monetary institutions and abstruse regulations, and nowadays its no diverse. A mortgage broker can enable a potential borrower to recognize these modifications rapidly and concisely, so that progress can be produced from a starting-place of comprehension and confidence.

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Despite the fact that recent housing figures recommend the mortgage reforms are creating it tricky for potential buyers, The Lender Guy, a division of Axiom Mortgage Solutions which operates across Western Canada, has opened themselves particularly to these who are in search of to overcome these obstacles, supplying a plan that starts by educating new customers thoroughly on the content material of these reforms and evaluating or re-evaluating their ambitions subsequently.

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More Loan Modification Press Releases

Homeowners Customer Center Now Warns If The Congress Fails To Extend Mortgage Forgiveness Tax Provisions It Will Be A New Disaster For All US Home owners & The US Economy


(PRWEB) November 19, 2012

The Home owners Consumer Center is now warning that without a Congressional, and Obama Administration extension of the current mortgage debt forgiveness federal tax provisions for homeowners who do a loan modification, a short sale, a deed in lieu, or go by way of a foreclosure, and acquire a principal reduction in what they owe their lender anytime following December 31st 2012- the homeowner is going to get hit with a federal tax bill. The principal reduction received by the homeowner after December 31st 2012 will be treated as revenue by the US IRS. The Property owners Customer Center says, “We worry if the US Congress does not move quickly to extend the mortgage debt forgiveness tax provisions immediately, we could finish up with a stampede of US property owners walking away from their houses prior to December 31st 2012-with the net outcome reduced residential actual estate costs nationwide, that are brought on by a tidal wave of new residence foreclosures-or in this case deed in lieu of foreclosures. We’d call this a disaster, for the US housing markets, the US economy, and for all US property owners. We’d also get in touch with it a bipartisan should do-extend this now.” http://HomeownersConsumerCenter.Com

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Important Note from the Property owners Customer Center:”Who need to be worried about Congress, and the Obama Administration failing to extend the Mortgage Debt Forgiveness Tax Provisions? Answer: All US property owners who owe a lot more on their property than it is worth, all US genuine estate agents, all US Certified Public Accountants, all US tax planners, all US bankruptcy attorneys, all US banks, or mortgage lenders, all investors that personal mortgage back securities, and all US property owners who recognize a sudden surge of millions of US home owners walking away from their properties in December of 2012 additional devalue the already challenging hit US residential actual estate markets.” http://HomeownersConsumerCenter.Com

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On March 1st 2012, CNN Funds wrote, “The number of home owners who have fallen underwater on their mortgages-owing more than their properties are worth — climbed to 11.1 million in the final three months of 2011, a three.7% increase. Those in this upside-down position, also known as unfavorable equity, represent 22.eight% of home owners with mortgages. The count rose from 10.7 million borrowers (22.1%) only 3 months earlier, according to a report from CoreLogic.” The Homeowners Customer Center says, “Considering that the re-election of President Obama has anybody else noticed the lay off notices getting described in the enterprise sections of many US newspapers? What takes place to the 22.8% of all US homeowners, who are upside down on their house mortgage when they all of a sudden comprehend-if they never stroll away from their properties now-they may possibly get taxed on a principal reduction in 2013? At this moment we are saying if the US Congress, and the Obama Administration do not wake up now, 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 extended prior to December 31st 2012.” http://HomeownersConsumerCenter.Com

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Connected Loan Modification Press Releases

Homeowners Consumer Center says Its Crucial Congress Extend The Mortgage Tax Forgiveness Provisions Now-Or Millions Of Upside Down US Home owners May well Stroll From Their Properties


(PRWEB) November 26, 2012

The Homeowners Customer Center is urging the US Congress, and President Obama to right away extend the Mortgage Forgiveness Tax Provisions that are set to expire at midnight December 31st 2012. The group fears millions of US homeowners, who owe far more on their home than it is worth have no clue that without having this extension prior to midnight December 31st 2012, they could get a giant tax bill if they attempt to do a loan modification, a brief sale, go via a foreclosure in 2013-if a reduction in the principal of the mortgage is involved. The Home owners Consumer Center says, “We do not think most existing underwater US property owners realize that without this mortgage forgiveness tax provision extension they, or their neighbors are about to get hit with what could be a gigantic federal tax bill, need to they do a short sale, a loan modification, or a deed in lieu of foreclosure-that requires a mortgage principal reduction in what they owe their mortgage lender. With out an extension of this bill, anytime right after December 31st 2012, if a homeowner receives any variety of principal reduction from their mortgage lender-they are going to be taxed by the IRS on whatever the principal reduction was-as if it was income. Without an quick extension of this legislation we worry there could be a stampede of US home owners undertaking a deed in lieu, and walking away from their home prior to December 31st 2012.” http://HomeownersConsumerCenter.Com

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The Home owners Customer Center believes its not just the US home owners who owe much more on their properties than they are worth that will be the only casualties if the Mortgage Forgiveness Tax Provisions are not extended by the US Congress &amp the Obama Administration. The group believes further casualties incorporate:&#13

All US homeowners. The Homeowners Consumer Center says, “If we get millions of new deed in lieu of foreclosures prior to December 31st 2012 since the US Congress did not extend the Mortgage Forgiveness Tax Provisions-it lowers the value of all US residential real estate markets nationwide.” &#13
The thousands of real estate agents that specialize in quick sales would all of a sudden be unemployed. What homeowner is going to do a brief sale on their under water residence if they get taxed on the principal reduction-as ordinary income? &#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 far more on their residence than it is worth would want to do a loan modification if the principal reduction is taxed as ordinary earnings? &#13
A sudden influx of millions of instant deed in lieu of house foreclosures prior to December 31st 2012 could be disastrous for the US economy, and worldwide economic markets.

The Home owners Consumer Center says, “What occurs to the 22.eight% of all US property owners, who are upside down on their property mortgage when they all of a sudden realize-if they do not stroll away from their homes now-they may get taxed on a principal reduction in 2013, if they do a loan modification, a quick sale, a deed in lieu, or anything 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 Tax Provisions now-we are going to have a gigantic mess on our hands, and its going to start off extended ahead of December 31st 2012.” http://HomeownersConsumerCenter.Com

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