Unless a newly introduced bill passes, a 2007 federal provision that allows taxpayers to exclude debt reduction income resulting from mortgage restructuring or foreclosure, will expire at the end of the year. The Mortgage Debt Relief Act of 2007 applies to debt forgiven from 2007 to 2012. Up to $2 million of a married couple’s … Continue reading Bill extends Mortgage Debt Relief Act of 2007
Month: March 2012
States and Metros Known for Fraud Are Repeat Offenders: Report
States and metro areas known for being risky when it comes to mortgage fraud seem to be repeat offenders, according to the 2011 Annual Mortgage Fraud Risk report released by Interthinx. The top six states with the highest levels of mortgage fraud risk in 2010 maintained their spots as the riskiest states into 2011, a … Continue reading States and Metros Known for Fraud Are Repeat Offenders: Report
Sales of Distressed Properties Down in California, Equity Sales Up
In California, the sale of distressed properties slowed down as equity sales picked up in February after two months of decline, the California Association of Realtors (C.A.R.) reported this week. “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in … Continue reading Sales of Distressed Properties Down in California, Equity Sales Up
Fannie Mae finds Americans remain committed to homeownership
Home values may be down nationwide, but the majority of Americans surveyed by Fannie Mae in the fourth quarter still prefer homeownership as opposed to renting. Fannie released its quarterly national housing survey Tuesday morning after interviewing 3,000 Americans between the months of October and December. Two-thirds of renters surveyed said they hope to buy … Continue reading Fannie Mae finds Americans remain committed to homeownership
Bank of America Offers Leasing Program to Select Customers Facing Foreclosure
In select hard-hit markets, Bank of America is introducing a program that will give some of its customers who are facing foreclosure the option to remain in their homes as a tenant rather than as a homeowner. The Charlotte, North Carolina based-bank made the announcement Thursday in a release. The program, called Mortgage to Lease, … Continue reading Bank of America Offers Leasing Program to Select Customers Facing Foreclosure
HUD: Hispanics have most to gain from national economic recovery
Recognizing the impact the financial crisis had on Hispanics and their growing purchasing power, Housing and Urban Development Secretary Shaun Donovan said they stand to benefit the most from a revitalization of the American economy. Speaking at the National Association of Hispanic Real Estate Professionals policy conference in Washington, D.C., the Donovan said no one … Continue reading HUD: Hispanics have most to gain from national economic recovery
Rate of Properties Entering Shadows = Rate of Properties Finding Light
The current rate at which mortgage borrowers are falling into serious delinquency closely matches the rate of distressed sales – short sales and REO sales- according to CoreLogic’s latest report released Wednesday. While distressed sales are keeping the shadow inventory from growing, the quantity on record is not yet decreasing. In fact, today’s shadow inventory … Continue reading Rate of Properties Entering Shadows = Rate of Properties Finding Light
FHFA Blames State Laws for Excessive Foreclosure Timelines
State and local governments across the nation responded to the foreclosure crisis by introducing a wave of new laws aimed at protecting homeowners and preventing foreclosures. Unfortunately, according to Alfred M. Pollard, general counsel for the Federal Housing Finance Agency (FHFA), some of these laws are hurting more than helping as the housing market struggles … Continue reading FHFA Blames State Laws for Excessive Foreclosure Timelines
Fannie, Freddie suffer Florida foreclosure woes
Florida lawmakers never voted on a chance to speed up the foreclosure process for Fannie Mae, Freddie Mac and the taxpayers who support the mortgage giants. The Florida House approved a bill in February that would have accelerated the foreclosure process, especially for homes already deemed vacant. But the bill died in the state senate … Continue reading Fannie, Freddie suffer Florida foreclosure woes
HUD Grants $42M to Housing Counselors
HUD Secretary Shaun Donovan announced Friday the distribution of $42 million in grants to 468 housing counseling agencies nationwide. In his announcement Friday, Donovan called housing counseling programs “nothing less than indispensable.” After national funding for housing counseling was cut last year, Donovan said, “We fought hard to persuade Congress to restore funding for housing … Continue reading HUD Grants $42M to Housing Counselors
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