Tag Archives: says

Stick to-up Action Required to Set Standards for DOMA Choices, Says John Marshall Law School Professor

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(PRWEB) June 27, 2013

Adhere to-up action is required from the Obama Administration or the courts to support clarify how the Defense of Marriage Act (DOMA) will be applied across the nation, says Associate Dean and Professor Anthony Niedwiecki of Chicagos John Marshall Law School.

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Although the Court struck down DOMA in United States v. Windsor, No. 12-307 (U.S. June 26, 2013), it did not deliver any further directions, arguing that it had no other purpose to venture into matters typically left to the state except to stigmatize and demonize gay people.

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For that reason, a question still remains on whether or not all or some of these rights will extend to those folks who have been married in one state but now live in a state that doesn’t recognize very same-sex marriage, the professor stated.

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Niedwiecki, a gay activist, said he is anxious to see what the next step will be in clarifying the Wednesday ruling. He referred to as the selection granting gay couples equal protections under federal law an historic ruling. The court said defining marriage as between one particular man and one lady was wrong. All couples, regardless of sexual orientation, are eligible for federal rewards, such as tax rules and Social Safety payments.

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The Court stated that the law unfairly treated legally married same-sex couples differently than legally married opposite-sex couples an action that violated the Equal Protection Clause of the U.S. Constitution,” the law professor explained.

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Niedwiecki predicted the impact of this choice will be quick for those identical-sex couples who are legally married in their state. A query nevertheless remains on whether or not all or some of these rights will extend to those people who were married in one state but now live in a state that doesn’t recognize identical-sex marriage.

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In its second choice Wednesday, Hollingsworth v. Perry, No. 12-144 (U.S. June 26, 2013), the Court examined an objection to Californias Proposition 8 authorized in 2008 that declared marriage between a man and a woman. In its choice, the Court ruled that these opposed to gay marriage lacked standing to bring an appeal in which the federal district court and the 9th Circuit Court of Appeals each located the California law unconstitutional.

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While the case was getting appealed, no same-sex marriages had been performed, but California Governor Edmund Jerry Brown has ordered all clerks in the state to commence issuing marriage licenses to exact same-sex couples as soon as the district court lifts its “stay.”

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About The John Marshall Law School

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The John Marshall Law School, founded in 1899, is an independent law college positioned in the heart of Chicagos legal, financial and industrial districts. Via classes, clinics and unique programs, students create the strategic, analytical and transactional lawyering skills that are so useful to employers. Its superb curriculum, coupled with outstanding abilities and experiential finding out, aid make John Marshall graduates practice-prepared from day a single. For practicing attorneys, John Marshall delivers nine LLM degrees, a lot more than any other law college in the Midwest. John Marshall is also a leader in supplying distance education alternatives in intellectual home, estate planning and employee benefits at the advanced graduate degree level. John Marshall provides six clinical experiences, such as the nationally recognized Veterans Legal Support Center &amp Clinic and the Fair Housing Legal Clinic. U.S. News &amp Planet Reports Americas Best Graduate Schools 2014 edition ranks John Marshalls Lawyering Abilities Plan second and its Intellectual House Law plan 12th in the nation.

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New American Funding Says Hope for Homeowners Program Wants Change

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Irvine, CA (PRWEB) April ten, 2009

Government programs to assist homeowners do not function. So says Rick Arvielo, president of New American Funding, a completely delegated FHA lender that works distressed borrowers by way of effective create-down negotiations and loan modification activities. Borrowers have inundated the firm with requests for the Hope for Homeowners item given that Congress’s creation of the system in October 2008.

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“The government’s want to give financing to borrowers in distress or even the appetite of investors to personal those loans mean really tiny unless each and every group or organization in the process is prepared to participate. 1 missing step will derail the entire strategy,” Arvielo says. “The major banks that retail loan centers, independent brokers and smaller sized interim banks rely on as a required step in the funding process do not have any want to fund and personal the responsibility of collecting payments from borrowers that are clearly in distress.”

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Even even though a borrower’s “loan” quantity is ultimately guaranteed by Fannie, Freddie or FHA, the responsibility for the payment collections falls squarely on these main banks. Due to current increasing default prices, the banks merely do not want the added workload, threat and upfront price associated with borrowers that have displayed a pattern of not paying their mortgage, regardless of the explanation, Arvielo says.

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Can you blame them?

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Arvielo says he was quite frustrated when Hope for Homeowners was introduced. New American Funding was anxiously anticipating a windfall of company opportunity when the suggestions had been initial released, but when Arvielo referred to as his contacts at all of the big institutional lenders — on which all mortgage banks rely to sell loans — he was met with zero interest in cooperating with the system.

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“Out of frustration, I went toe-to-toe with 1 of the significant investors at the Mortgage Bankers meeting in San Francisco, exactly where I even brought up the fact that they had just received billions in TARP income and weren’t going to use any of it for the Hope for Property owners plan when this gentleman stated anything to me that stopped me in my tracks,” Arvielo says. “He stated, ‘If we would agree to buy these loans from you, where you are on the hook for the borrowers’ 1st four payments, the standard timeframe for a mortgage bank, or you would have to acquire the loan backwhat would you do?’ Admittedly, I am no longer an advocate for the program.”

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Arvielo says the subsequent time money and time is spent making a plan to help homeowners, the government wants to apply a small discovery to the systemics of truly originating and funding loans. The government may well also do nicely to get the major banks to “sign off” on the plan and agree to some level of assistance, Arvielo says.

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“The Hope for Property owners plan should have included a ‘First payment default’ guarantee and funds earmarked for the servicing of these loans. Then, it may have had a possibility,” Arvielo says.

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For more details on New American Funding or president Rick Arvielo’s position on the Hope for Home owners plan, pay a visit to http://www.newamericandirect.com.

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About New American Funding&#13

New American Funding is a HUD authorized FHA direct lender. The firm staffs an expert group of loan specialists that can assist home owners get out of an existing adjustable rate mortgage and into an cost-effective 30-year government insured loan. In addition, New American Funding staffs a complete group of loan modification specialists to assist property owners in saving their houses from foreclosure.

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New Jersey Lawyer Says Fraudulent Robo-Signing Creates Foreclosure Factory

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Westwood, NJ (PRWEB) February 7, 2011

These days, many homeowners are below the impression that they can take no action and have no rights in defending their house. The underlying idea in foreclosure as with any legal matter in the United States is “due method.” In instances exactly where banks have circumvented due procedure, they are in violation of the law and the case can be dismissed. It is not sufficient in this day and age to know your rights, 1 has to exercising those rights. Banks are utilizing fraudulent paperwork and taking shortcuts to trigger foreclosures. Homeowners have the proper to question the validity of the supporting paperwork and documentation, and bring the matter prior to a judge.

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“Robo-signing doesnt capture it. Youre talking about fathers and mothers and children and pets and schools, and all the items that make up living its not just a bunch of technicalities or useless paperwork,” according to Josh Denbeaux of Denbeaux &amp Denbeaux, a Westwood law firm top the fight against fraudulent foreclosures.

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In truth, the sad truth is, occasionally a bank will foreclose on a home that is not in default, leaving residence owners at their wit’s finish.

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Take one particular New Jersey homeowner for instance: they were paying their mortgage, taxes and insurance coverage on time to the bank, but due to the fact the bank was paying the taxes on a various (non-existent) address, it looked as if the taxes weren’t becoming paid. All of a sudden, the bank decided to initiate foreclosure proceedings, and ignored the protests of the homeowner. Although the bank does not have the appropriate to do this, it can trigger foreclosure proceedings if it desires to. Sadly, for unsuspecting property owners who are performing the correct thing, they wind up having to take the bank to court to protect their house. Whilst it might not be the intent of the bank to do the wrong factor – it is clear that they are not performing the correct point in this case. What is essential here is that the homeowner has the right to question the validity of the supporting paperwork and documentation, and bring the matter just before a judge.

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“Its grow to be a massive factory operation, only it isnt a factory that produces widgets,” said Denbeaux. “Its a factory that produces heartbreak and insanity.”

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In another case, a bank has attempted to proceed with a foreclosure, nevertheless, with out getting an actual mortgage assigned to them which would enable them to proceed with foreclosure in the occasion of a default. Whilst this would look like an apparent error, the practices of refinancing loans by residence owners and purchases of mortgages by banks and other institutions can at times lead to shortcuts being taken. Laws governing real estate are old and especially tied to state and regional procedures in recording transactions and transfers. Lately, instances are cropping up where signatures have been not obtained on documents, and documents simply do not exist that give a bank or institution the correct to claim them, hold the mortgage, and for that reason, have a proper to foreclose on a home. But as we have observed ahead of, banks never necessarily do the proper issue.

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Today, many homeowners are under the impression that they can take no action and have no rights in defending their house. The underlying concept in foreclosure as with any legal matter in the United States is “due approach.” In instances where banks have circumvented due approach, they are in violation of the law and the case can be dismissed. It is not adequate in this day and age to know your rights, 1 has to workout those rights.

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“The Supreme Court has ultimately stated, ‘Wait a second lets see whats going on,” says Denbeaux. “The courts have ultimately come about.”

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Property owners want to be in a proactive state of mind in order to know their rights and make very good selections about their possibilities when dealing with banks. If you have questions about a property foreclosure, or are possessing difficulty in obtaining a property loan modification please get in touch with Joshua Denbeaux of the Westwood New Jersey law firm, Denbeaux and Denbeaux to answer your inquiries at 201-664-8855. On the net at http://www.denbeauxlaw.com or send an e-mail to pr(at)denbeauxlaw(dot)com

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“Government’s Program to Rescue Distressed Property owners Hampered by Missing Piece,” says Actual Estate Industry Veteran Laurie Moore-Moore

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Dallas, TX (Vocus) September 9, 2009

The U.S. Treasury Department estimates that in the subsequent 36 months as numerous as 7 to 9 million American homeowners could face losing their properties via foreclosure. To supply assist, the government created the Making Residence Inexpensive (MHA) Program to offer loan modifications and other foreclosure options to property owners with valid hardships. Numerous pundits complain that the program is off to a slow start. “America’s million-plus REALTORS

Mortgage Complaint Center Warns about 2011 US Genuine Estate Values Says Now is the Time to Refinance & Warns of Foreclosure Scam Artists

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(Vocus/PRWEB) December 07, 2010

The National Mortgage Complaint Center says, “because we anticipate 2011 to be one more train wreck, with respect to US residential true estate valuations, due in big component to up to a million plus US foreclosures becoming dumped-now may be the last time for home owners with equity, and good credit to refinance just before their house goes underwater as well, or interest prices go up.” The group is vigorously warning against employing mortgage services marketing on Tv, about letting bankers kill each and every other for the ideal rates, or offers of five% or much more for high top quality borrowers. If a homeowner wants the see what the ideal prices are, merely contact American Interbanc at 1-800-724-0004, or verify with Bank of America. The present best residential true estate mortgage prices are about four.25% at this moment. The group says, “you would of believed the worst of the predatory mortgage lenders would have been gone soon after the US mortgage meltdown, but some are back. If you have equity in your property, and if your credit score is above 740, you will get the ideal prices, and charges from American Interbanc, or Bank of America. If you are hunting to do a FHA, or VA mortgage we advise the James B Nutter Organization.” http://NationalMortgageComplaintCenter.Com

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Mortgage Foreclosure Scam Artists: The National Mortgage Complaint Center says, “we do not comprehend how, or why the United States Division of Justice has not shut down the key-mortgage foreclosure support, or relief-scam artists? These kinds of businesses are entirely ripping off home owners, with promises of a loan modification, the buyers are then foolishly providing these organizations thousands up front-and that is the final they hear from the organization.” The group says, “here is the reality-if you have not produced your mortgage payment for one particular, or two years-you are going to drop your home. As far as we are concerned the Obama, or Pelosi homeowner salvation programs have been a gigantic waste of taxpayer income, and we require to get back to the actual globe. If you don’t make your mortgage payments, you will drop your home to foreclosure.” They say, “if you are trying to shield your property, and if you consider you have valid proof about lender misconduct, seek advice from your nearby Legal Bar Association to see what attorneys do mortgage modification work, and or bankruptcies in your location.” http://NationalMortgageComplaintCenter.Com

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The US Residential Real Estate Outlook Gets Worse: The National Mortgage Complaint Center says, “ever hear of toxic Chinese drywall? The nation requirements to prepare for this worsening disaster. One of our affiliated groups has now formally referred to as for a moratorium on US banks reselling toxic Chinese drywall foreclosures in Florida, Alabama, Mississippi, Louisiana, Virginia, and Southeast Texas, until the Fed’s come up with a affordable, and secure way to repair these properties-if not they will need to have to be bulldozed.” Toxic Chinese drywall began entering the United States as early as 2001. The gas emissions from toxic Chinese drywall are undesirable adequate to corrode electrical wires, and turn copper pipes black. The group estimates there are at least 200,000+ toxic Chinese drywall homes in the US Southeast alone. The group fears in 2011 toxic Chinese drywall will be found in all 50 US States. The National Mortgage Complaint Center is saying, “toxic Chinese drywall is a game changer for all US home owners, for all US banks, and for the US homebuilding market, and its going to get genuinely ugly in 2011.” For more data about toxic Chinese drywall please visit http://ChineseDrywallComplaintCenter.Com

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Critical Note: The National Mortgage Complaint Center is saying, “the vast majority of US home owners are more than paying on their house taxes. In some circumstances it could be thousands, and thousands of dollars every year. Verify with your neighborhood genuine estate agents to see what comparable homes in your neighborhood are promoting for, and then check your house tax bill. If you are over paying speak to your county assessor for info associated to a home tax assessment correction.” http://NationalMortgageComplaintCenter.Com

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Mirena Lawsuit Becoming Fueled By Troubling Statistics, Says Prominent Lawyer

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Houston, Texas (PRWEB) June 16, 2013

Darren A. Miller of leading law firm D. Miller &amp Associates says that published data concerning the common Mirena intrauterine contraceptive device includes troubling statistics.

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According to a May 21, 2013 news story by ABC News affiliate KNXV-Tv in Phoenix, the U.S. Meals &amp Drug Administration (FDA) has logged 59,229 reports of adverse reactions by users of the device given that 2004. The KNXV-Tv story notes that the data covers the period from November 1997 to August 2012, and that complications reported contain abdominal pain, expulsion and uterine perforation.

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Integrated in the story is an FDA warning on the risks of embedment in the myometrium and perforation of the uterine wall or cervix.

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“Such troubling statistics are behind the Mirena lawsuits* and ever more ladies are coming forward,” says Mirena attorney Miller. “The harm allegedly suffered due to the fact of the device ought to not be ignored. These females deserve compensation for what they have been by way of.”

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“If you have seasoned any of the above complications including perforation, embedment, or migration of the device, then please contact us. We continue to aid as many girls as we canget the justice they deserve,” adds Mirena lawyer Miller.

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About D. Miller &amp Associates, PLLC

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Founded in 2002 by attorney Darren A. Miller, D. Miller &amp Associates, PLLC is a premier national law firm with practice places in individual injury, asbestos and mesothelioma, defective drugs and devices, and organization and criminal law. Primarily based in Houston, Texas the attorneys at D. Miller &amp Associates have successfully earned their customers compensation by means of aggressive litigation against even the most strong of defendants.

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For a free of charge legal consultation get in touch with the firm at 1-855-PRO-LAWYERS or at marketing(at)dmillerlaw.com. For more information go to their site at http://www.dmillerlaw.com.&#13

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In Re: Mirena IUD Products Liability Litigation, MDL No. 2434 Southern Dist. of New York&#13
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Travel Insurance Coverage Triggered by Air Traffic Controller Strike in France, says Squaremouth

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St. Petersburg, FL (PRWEB) June 12, 2013

Travelers are becoming impacted by hundreds of flight delays and cancellations due to an air targeted traffic controller strike in France that began Tuesday.

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Squaremouth, Americas quickest expanding travel insurance comparison internet site, explains how travel insurance coverage benefits can assist travelers stuck in the following scenarios simply because of the strike.

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What if travelers have not left property?&#13

Travelers who have not however left property, but know their flights have been cancelled could file a Trip Cancellation claim simply because of the strike. A lot of travel insurance policies will supply reimbursement for cancellations that result from organized labor strikes.

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What if travelers have currently started their trip?&#13

These travelers who have currently left house, but are unable to attain their location due to the fact of the strike could be reimbursed under the Trip Interruption benefit obtainable in numerous policies. This advantage reimburses travelers for the unused portion of their trip and for the extra charges to return home early.

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What if travelers are stranded at the airport?&#13

Travel insurance coverage policies can reimburse travelers for additional hotel or meal expenditures although flights are delayed. This coverage can generally be found under the Travel Delay benefit. Travelers need to watch out for daily limits connected with the advantage, as well the number of hours they need to have to wait before coverage kicks in.

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Whats Not Covered&#13

As soon as a strike affecting public transportation has been announced, coverage is no longer available. Despite the fact that it is as well late to purchase travel insurance for the air site visitors controller strike in France, future travelers should take into account the effects of organized labor strikes on travel plans so acceptable coverage can be bought in advance.

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Travelers who already have coverage are in the best position to recover losses from the strike, says Chris Harvey, CEO of Squaremouth. The crucial to maximizing travel insurance advantages for any occasion is realizing what coverage to appear for.

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About Squaremouth&#13

Squaremouth is a internet site that compares travel insurance items from every major U.S. travel insurance coverage provider. Established in 2006, the organization has grown from $ 1 million in sales to $ 10 million in 2012. Squaremouth is headquartered in St. Petersburg, FL, with offices in Fort Wayne, IN. Much more information on Squaremouth and its network of providers can be identified at http://www.squaremouth.com.

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About our Zero Complaint Guarantee&#13

The cornerstone of Squaremouths commitment to customers is their Zero Complaint Guarantee. If a buyer feels their claim is handled unfairly, Squaremouth will mediate on their behalf. Any provider with a consumer complaint that can not be resolved with comprehensive satisfaction will be removed from the website.

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Jenna Gravino&#13

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California Law Says Mortgage Fraud Will Not Be Tolerated As Home owners Commence To See The National Mortgage Settlement Is Functioning

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Minneapolis, Minnesota (PRWEB) July 03, 2012

Stepping ahead to lead other states, California lawmakers approve the pending legislation, to write into law much of the national mortgage settlement negotiated this year with the nations top five banks. According to California Department of Justice, CA will become the first state to make the National Mortgage Settlement law, “The Assembly approved the legislation on a 53-25 vote, and the Senate followed by voting 25-13”. The two key bills containing major refinance reform are AB 278 (Eng/Feuer/Mitchell) and SB 900 (Leno/Corbett/DeSaulnier/Evans) and have been thoroughly considered by a legislative conference committee. See attachment for details.

Home Destination has helped many a homeowner through a foreclosure or short sale in the last few years. Today one of her clients believes they are be a victim of banking mortgage fraud and is asking for help on how to proceed.

Jenna Thuening, owner of Home Destination, urges distressed home owners that, “If you are a homeowner struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that the National Mortgage Settlement could help you. Not every homeowner will qualify for relief under this settlement. Those who do qualify may receive various forms of relief according to their individual circumstances. Homeowners who may have been wronged shouldn’ give up, taking action may make all the difference in saving a home and stopping one more unnecessary foreclosure.”

California’s new legislation “will require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while they consider alternatives to foreclosures. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law. The protections would benefit all California homeowners, not just those whose mortgages are with the five banks that signed the national settlement.”

While banks thought this was too broad, the legislation also imposes a $ 7,500 civil penalty per loan when the lender has filed unverified documents — a practice known as “robo-signing.”

“Passing these key elements of the Homeowner Bill of Rights represents a significant step forward for struggling homeowners,” Attorney General Kamala Harris said in a statement. “These common-sense reforms will require banks to treat California homeowners more fairly and bring more transparency and accountability to their practices in our state. Responsible homeowners will have a better shot to keep their homes.”

Found encouraging to homeowners across the nation, real estate justice was also served in Alabama on June 28th, as reported by The Department of Justice. “A federal grand jury in Mobile, Ala., returned an indictment today against two real estate investors and their company, charging them with participating in conspiracies to rig bids and commit mail fraud, at public real estate foreclosure auctions.”

Mortgage fraud was not tolerated in the case of home owner Lynn Szymoniak either. She is one of six Americans who have successfully been awarded in the national foreclosure settlement. “Finalized earlier this year, as a result of whistleblower suits. In total, they collected $ 46.5 million”, according to the Justice Department. Cnnmoney.com reported on June 2, 2012, “The other five came from within the industry, such as an appraiser who helped the government show that Countrywide Financial had been inflating home appraisals to collect higher claims from FHA. Other whistleblowers exposed banks overcharging veterans who had mortgages guaranteed by the Department of Veterans Affairs.” Szymoniak will get $ 18 million from the governments $ 95 million award in her lawsuit.

We are seeing state governments and judges stand up strong to make mortgage fraud wrongs stop robbing hurting homeowners. Homeowners who could benefit from talking to a Certified Distressed Property Expert, may contact Jenna Thuening today.







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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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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

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(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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