Foreclosure Fraud Law to take effect

Nevada foreclosure fraud law takes effect Oct. 1 Nevada’s new foreclosure fraud reform law takes effect Oct. 1, enhancing the Nevada Attorney General Catherine Cortez Masto’s enforcement authority over foreclosure fraud. On May 20, Nevada Gov. Brian Sandoval signed Assembly Bill 284 into law.  The law now requires homeowner access to information on the companies … More Foreclosure Fraud Law to take effect

Troubled homeowners, beware of ‘mass joinder’ lawsuit invitations

The mailings are often scams that promise to force lenders to modify the loans of borrowers who no longer can afford their house payments or who owe more than their homes are worth. By Lew SichelmanSeptember 25, 2011 Reporting From Washington— What financially strapped homeowner wouldn’t want to join other troubled owners in a last-ditch … More Troubled homeowners, beware of ‘mass joinder’ lawsuit invitations

HUD Program: Good Neighbor Next Door Sales Program (GNND)

What Is the Good Neighbor Next Door (GNND) Sales Program? HUD wants to strengthen America’s communities.  The Good Neighbor Next Door Program offers HUD owned single family (one-unit) homes to eligible participants at a 50% discount. Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming … More HUD Program: Good Neighbor Next Door Sales Program (GNND)

Cook County Seniors don’t lose your property tax break

55,000 Cook County seniors in danger of losing property tax breaks Roughly one in five senior homeowners in Cook County are in danger of missing out on property tax breaks they’re entitled to as bills are expected to land in mailboxes next week, Assessor Joe Berrios said Tuesday. The situation stems from a state law … More Cook County Seniors don’t lose your property tax break

Homeowners May Be Left Out of Emergency Homeowners Loan Program

Thousands of potentially eligible homeowners may be left out of a $1 billion Department of Housing and Urban Development program that provides interest-free loans to the unemployed because of documentation and timing problems. The Dodd-Frank Act required HUD to develop the Emergency Homeowners Loan Program. Unemployed borrowers in 27 states could apply through nonprofit counseling … More Homeowners May Be Left Out of Emergency Homeowners Loan Program

Cook County property tax bills could rise despite housing slump

Dreaded property tax bills are expected to hit Cook County mailboxes the first week of October, and homeowners might find them a bit plumper than last year despite the continued housing market malaise. Figures released Thursday by County Clerk David Orr showed that Chicago residential, commercial and industrial property owners will be asked to collectively … More Cook County property tax bills could rise despite housing slump

Home Sales Rise but prices fall in Chicago

Chicago-area existing home sales pick up, but prices keep falling Sales of existing single-family homes and condominiums in the Chicago and within the city of Chicago posted strong double-digit gains over their pace a year ago, but prices continued to decline in August, according to data released Wednesday. Within the city of Chicago, 1,787 homes … More Home Sales Rise but prices fall in Chicago

How to find out information about the debt that was forgiven in the Modification Forgiveness Debt Relief Act?

How do I know or find out how much debt was forgiven? Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009.  The amount of debt forgiven or canceled will be shown in box 2.  If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will … More How to find out information about the debt that was forgiven in the Modification Forgiveness Debt Relief Act?

Scenarios that may apply to a cancellation of debt under the Mortgage Forgiveness Debt Relief Act.

I lost money on the foreclosure of my home. Can I claim a loss on my tax return? No.  Losses from the sale or foreclosure of personal property are not deductible. If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt? Yes.  To the … More Scenarios that may apply to a cancellation of debt under the Mortgage Forgiveness Debt Relief Act.