Your Ticket to Freedom from Mortgage Frustration

In the news, there is talk of a housing recovery. Experts feel more optimistic about the state of housing industry in America. However, if you or someone you know is one of the millions of homeowners who is stuck with a home on which you owe more than the property is worth, the feeling of helplessness can be overwhelming and frustrating. 

Many people don’t realize that just because they are in danger of losing their home to foreclosure doesn’t mean they have to wait around for it to happen. With help, they can take matters into their own hands. 

CLAIM YOUR TICKET TO FREEDOM!

 As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their homes and help … Read More

As of December 31, 2012, the Mortgage Debt Relief Act of 2007 expires and substantial tax consequences will apply if your main home is foreclosed or sold for less than what you owe.  Therefore, it is imperative to analyze your current mortgage situation and make some tough financial decisions before this tax break expires.

The Mortgage Debt Relief Act of 2007 was enacted on December 20, 2007.  The Act allows for the exclusion of income realized by the sale or foreclosure of your principal residence for less than the mortgage owed by the homeowner.

Normally debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable income.  However, the Act allows you to exclude certain cancelled debt on your principal residence from income.  Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure qualifies … Read More