Category Archives: Mortgages
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 »
Are Banks Bypassing Poorer Homeowners When Distributing Mortgage Relief?
The goal of this spring’s $26 billion mortgage settlement was to help victims of predatory lending practices. Now, it appears that banks may be using the funds to help themselves. Back in April, the five biggest banks in the U.S. agreed to refinance mortgages and reduce principals on loans held by homeowners who are facing… Read More »
Struggling Homeowners Brace for Expiration of Foreclosure Tax Break
With the uncertainty of the election over, many Americans are breathing a sigh of relief today. But struggling homeowners now have a new reason to worry. A tax break that prevents homeowners from having to pay income taxes on the forgiven portion of a foreclosure or short sale is set to expire at the end… Read More »