Reverse mortgages, a lifeline for seniors struggling to pay bills in allowing them to turn home equity into cash, are entering into foreclosure at an “alarming” rate, Consumer Financial Protection Bureau Director Richard Cordray said Wednesday. One out of every … Continue reading
June 26, 2012 Amherst Securities recently released a report declaring that principal reduction modifications, without question, are the most effective form of modification. Between three types of modifications – principal, rate, and capitalization – the controversial and much-debated principal reduction … Continue reading
The Homeowners Consumer Center has endorsed the Ludt law firm for any US homeowner seeking assistance with a loan modification, mortgage workout, foreclosure defense, pre-foreclosure related issues, or mortgage servicing problems, and the group considers the endorsement a big deal … Continue reading
For many homeowners that have fallen behind on their mortgages, a loan modification doesn’t prove to be a cure-all. Six in 10 delinquent homeowners that recently received mortgage modifications defaulted again within 18 months, according to a new study by … Continue reading
American Banker June 21, 2012 Six out of 10 homeowners who received a loan modification stopped paying their mortgage again after 18 months, but there may be a modest silver lining buried in the high recidivism rates. A study by … Continue reading
Source www.irs.gov. Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Qualified principal residence indebtedness: This is the exception created by the Mortgage … Continue reading
These days, distressed homeowners are flooded with information regarding available mortgage relief asistance. Having been in the trenches and witnessed the formation of the mortgage crisis and the subsequent battle over correcting it, WE STRONGLY RECOMMEND THAT YOU HIRE A … Continue reading
June 6, 2012 The California Legislature approved two bills that would help tenants who are on the verge of having their home foreclosed upon remain in the property for a longer period of time. Assembly Bill 2610, sponsored by Nancy … Continue reading
June 5th, 2012 by LENDERS COMPLIANCE GROUP On May 25, 2012, the Consumer Financial Protection Bureau (Bureau) issued a Proposed Rule (Rule) which, if adopted, would govern the process by which a “nonbank covered person” may become subject to the … Continue reading
Gus Lubin | Jun. 4, 2012, The personal bankruptcy rate could be twice as high if not for George W. Bush’s 2005 reform, according to NY Fed economist Donald P. Morgan. Morgan calculates that coming out of a recession the … Continue reading