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Tag: foreclosure

Will the Coronavirus Outbreak Lead to the Next Foreclosure Crisis?

Will the Coronavirus Outbreak Lead to the Next Foreclosure Crisis?

Under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners with a federally backed mortgage loan who’re experiencing a financial hardship, which is due directly or indirectly to COVID-19, can get a forbearance—a suspension or reduction in mortgage payments—for up to 360 days, almost a year. Homeowners have been quickly taking advantage of the ability to get this suspension, and forbearance requests grew by 1,896% between March 16 and March 30, 2020. But what happens when those forbearances…

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President Signs Bill to Extend Mortgage Forgiveness Tax Break Through 2014

President Signs Bill to Extend Mortgage Forgiveness Tax Break Through 2014

On December 19, 2014 President Obama signed H.R. 5771, the Tax Increase Prevention Act. One of the provisions of that Act extends the tax break for homeowners who have had mortgage debt canceled or forgiven in 2014. When Is Mortgage Debt Forgiven? Thousands of financially struggling homeowners had mortgage debt forgiven by their lenders in the past year.  Mortgage debt forgiveness might happen as part of a mortgage modification – lenders often forgive part of the principle in order to…

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Short Sales: Should You or Shouldn’t You?

Short Sales: Should You or Shouldn’t You?

Short selling a home in order to avoid foreclosure — a lot of people are doing it, and it seems like everyone is talking about it. But what exactly is a short sale, and is it the best course of action for homeowners who are facing foreclosure? Nolo’s free online content gives you the long and short of short sales, including things to consider and some common scams to watch out for. If you’re thinking about short-selling your home —…

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