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Category Archives: Mortgages and Foreclosure
For those struggling to make their mortgage payments, and having even more difficulty getting their mortgage company to respond to their mortgage modification requests, a new mortgage modification mediation program administered through the bankruptcy courts can offer a solution. The new program provides a streamlined and transparent process, under the supervision of the bankruptcy court, […]Read More
In a recent decision, the 9th Circuit Court of Appeals expanded the mortgage interest deduction, effectively doubling the deduction limits for unmarried co-owners. The decision has important implications for individuals with very high mortgage debt, and also for those who take out second mortgages on their homes. Read on to find out more. The tax […]Read More
I get contacted almost every week by people who were attempting to do a mortgage modification (also known as loan modification) through their mortgage company, but ended up losing their house to foreclosure.
It’s a similar situation in every case: the homeowner is behind on his or her mortgage payments, and the mortgage company threatens or even starts foreclosure proceedings. In an effort to save the house, the homeowner contacts the mortgage company, and is told that he or she may qualify for a mortgage modification, but that she needs to complete an application, provide financial information, and then wait for this information to be reviewed by the mortgage company.Read More
Almost all of us own property. When the term “property” is mentioned, most people think of land or a house. However, property includes any item or thing that a person may own or possess. So, land or a house are property, but so is a car, a couch, a computer, a wedding ring, a book collection, or a set of tools. In addition, intangible things (i.e. things that you cannot hold in your hands) can also be property. For example, if you have a checking account, that checking account is property. If you are a part owner of a business, your interest in the business is also property, and so on.Read More