Category Archives: Foreclosure Prevention
Household Debt Hits New Low, But Expiring Tax Cuts Could Obliterate Savings
U.S. consumers had more money in their pockets this year. Unfortunately, those fatter wallets may not last long. The household debt service ratio, which looks at the amount of mortgage and consumer debt in relation to disposable personal income, fell to its lowest level since 1983 – nearly 30 years ago – in the third… Read More »
Instead of Worrying About Washington, Experts Encourage Consumers to Prepare for Personal Fiscal Cliff
As the holidays draw nearer, so does something else: the so-called fiscal cliff. At midnight on Dec. 31 of this year, spending cuts and new taxes are set to go into effect, while a series of tax breaks are on track to expire, potentially culminating in an economy-crippling financial pickle. If lawmakers can’t agree on… Read More »
Fewer Homeowners Missing Mortgage Payments…But Existing Delinquencies Aren’t Improving
A recent report on mortgage delinquencies could be taken as good or bad news, depending on your financial situation. New information from credit bureau TransUnion shows that, if the number of borrowers who have missed their home loan payment for a year or more were excluded from the data, the U.S. delinquency rate would be… Read More »
Lenders Suspend Foreclosures for Holidays, But Bankruptcy Offers Lasting Solution
Perhaps the only thing worse than facing foreclosure is facing foreclosure over the holidays. In an effort to relieve stress for troubled borrowers, mortgage giants Fannie Mae and Freddie Mac have agreed to refrain from repossessing homes from the third week in December through Jan. 3, according to CNN. Bank of America will also postpone… Read More »
Losing a Home to Foreclosure Could Mean Big Taxes If Exemption Expires in January
Usually the first day of a new year means a fresh start. But if a federal tax exemption is allowed to expire, this Jan. 1 could mean disaster for troubled homeowners. When a portion of debt is canceled or forgiven, that amount is often considered taxable income by the IRS. However, thanks to the Mortgage… Read More »