With the Obama administration and private lenders actively considering mortgage-principal-reduction programs to help financially distressed homeowners, the Internal Revenue Service has issued an advisory to taxpayers who receive — or seek to receive — such assistance if it’s offered. Editor’s Note: The only thing I would add to this, for the moment, is that any […]

Tags: cancellations, damages, distressed homeowners, forgiveness of debt, Form 1099-C, Form 982, income tax, IRS, Obama, Ocwen, principal reduction, principal residence, real estate taxes, Ron Faris, subprime loans
Posted in bubble, Corruption, Eviction, securities fraud |

Cancel That Mortgage: The Grounds By L. Jed Berliner, Springfield Bankruptcy Attorney on Jul 31, 2008 in Consumer Protection, Massachusetts, Mortgages, Predatory Lending Mortgages can be cancelled in a process called rescission. Here’s an overview. Grounds for exercising this right given borrowers by Congress are found in problems with the mortgage closing documents for a […]

Tags: bankruptcy, cancellations, foreclosure offense, right of rescission, unfair and deceptive trade practices
Posted in Eviction |

Figures don’t lie but liars figure. See if you figure this one out. Home sales statistics announced to the public do not include cancellations which are running at 30%. The good news is that cancellations are declining lately so maybe the figures lie, but not as much as they did? New Home Sales and Cancellations […]

Tags: April New Homes Sales, cancellations, Census Bureau, housing slump, mortgage meltdown
Posted in Eviction |