The Mortgage Debt Forgiveness extended

Mark Kunce talks about The Mortgage Forgiveness Debt Relief Act.  The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure.

Homeowner ‘Bill Of Rights’ Will Also Speed Foreclosures

SAN DIEGO — Starting January 1, distressed homeowners will get some new protections with the California Homeowner Bill of Rights (click here to download file). But they may also see their homes go more quickly into foreclosure. The laws that takes effect in the new year will outlaw some infamous practices, like dual tracking. That’s where a person can have …

Mortgage industry fares well in fiscal cliff deal, debt forgiveness law survives

The mortgage industry can breath a sigh of relief with the final fiscal cliff deal bringing back a popular tax break on mortgage insurance premiums and debt forgiveness for borrowers who go through a short-sale or some other type of debt reduction. A topic that is still up for discussion and likely to surface later in the year is whether …

California Homeowner Bill of Rights to Take Effect on January 1, 2013

The California Homeowner Bill of Rights takes effect on January 1, 2013 to ensure fair lending and borrowing practices for California homeowners. The laws are designed to guarantee basic fairness and transparency for homeowners in the foreclosure process.  Key provisions include: Restriction on dual track foreclosure: Mortgage servicers are restricted from advancing the foreclosure process if the homeowner is working …