Posts Tagged ‘stop foreclosure’

More help for struggling Temecula homeowners

Wednesday, March 10th, 2010

Homeowners in Temecula, Murrieta, and other portions of Southwest Riverside and San Diego County who are struggling to make their payments and are trying to stop foreclosure may be getting more help from Uncle Sam.

Barney Frank, (D-MA) sent a letter to the four biggest banks asking them to write down second-lien mortgages to assist the modification effort and prevent foreclosures.

If you are a homeowner who has tried to negotiate a loan modification or short sale, you know the biggest stumbling block is usually your second mortgage. Well help may be on the way

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Tax help on the way for struggling Temecula homeowners

Wednesday, March 10th, 2010

Tax Help for struggling Temecula homeowners

The California Assembly has recently passed legislation that will protect struggling homeowners in Temecula, Murrieta and other portions of Southwest Riverside and San Diego County.

Probably the worst thing that can happen to you, is to lose your home through a short sale or foreclosure, and then be presented with a tax bill that you can’t pay.

As state law now stands not all homeowners who have a foreclosure, short sale or loan modification will take a state tax hit. According to the Senate Revenue and Taxation Committee, for example, debt forgiven on a first mortgage used to buy a house even now is not taxable. That is not true, however, if the original mortgage is refinanced and money taken out to buy a car or for another investment.

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Struggling Temecula homeowners warned against phony foreclosure audits

Monday, March 1st, 2010

State officials warned struggling homeowners  about a new variation on loan-modification scams: “forensic loan audits.”

Loan Modification Scams

Under the dubious service, homeowners are enticed to pay upfront fees for an audit of their mortgage loan, purportedly to determine their lender’s compliance with state and federal laws. It’s pitched as a way homeowners gain leverage in the loan-modification process.

HUD (Department of Housing and Urban Development) has launched a new online resource to fight loan modification scams.  Preventloanscams.org (more…)

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