Discover Your Foreclosure Relief Options
Life isn't always fair
Life isn't always fair. For instance the United States gave a single corporation, AIG, almost $200 billion in taxpayer bailouts, since they were considered, too huge to fall flat. However, homeowners, (evidently too tiny to care about), have only been provided with about 200 million dollars for foreclosure relief; and that only goes to ten fortunate states.
Do homeowners, and the remaining 40 states, have every right to be angry, and loudly voice their criticism? Of course they do; but they should use the inequality as inspiration to be proactive toward the goal of changing such an unjust situation that favors, to such a degree, the elite over ordinary people.
The 10 charmed states are; California, Oregon, Ohio, North and South Carolina, Rhode Island, Florida, Michigan, Arizona and Nevada. To find out if assistance is available for you, Google the following: STATE OF [Your State] WEBSITE.
From there, look for the State Housing Finance Agency (or Authority). If there is a website search engine, type that into the box and click on it. Don't give up if it doesn't come right up. Even if you only find a Housing Agency or a Financing Agency, call the phone number and ask who you should speak with. Be diligent until you get your questions answered.
There is other help available, including tax relief in some instances. Normally if you have a debt that is forgiven, the money you saved must be reported and is taxable. There is an exception for debts forgiven as part of a short sale or foreclosure agreement. (For further information go to the IRS website and SEARCH for, The Mortgage Forgiveness Debt Relief Act of 2007.
Banks are finding it in their favor to participate in short sales. The home buyer is allowed to sell the house for much less than its current value, which is less than what they owe. Many times a forgiveness of the remaining debt is negotiated by the original buyer's Realtor.
Reverse mortgages are viable options for seniors, when they have enough equity in their home. They are given a loan, either in monthly payments or a lump sum, and they get to stay in the home until they either die, or move to an elderly living institution.
One of the most popular foreclosure relief methods has become homeowners who turn into squatters. They just stop paying and they stall the legal process by making sure they answer all letters from the mortgage company or bank, with a demand to demonstrate they are the rightful owners of the mortgage.
The home buyers make sure to reply to every letter from the current holder of the mortgage with their demand that the company legally prove they in fact, are mortgage holder. It is not unusual to buy up to a couple years time to save money, before the day the sheriff's deputies are finally allowed to come and escort them to the sidewalk.
by: Kenn Fong
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