Obama’s Plan to Unload Assets

Here is a short video of Obama’s plan for the banks to unload assets that are in foreclosure.

Florida Bar Issues Ethic Alert

With the proliferation of loan modification companies offering services to help a homeowner who is in pre-foreclosure, there will always be scams. Some companies are legitimate. Attorneys are the only ones legally to charge a fee.

Read this article from the Florida Bar which sent out an ethics alert to all Attorneys warning them that they cannot pay a referral fee to non-lawyers.

Miami is Top in Mortgage Foreclosures

According to Mortgage Bankers Association Chief Economist, only 40% of mortgages in the state of Florida are current. That means that six out of ten are behind on payments. I do not see the bottom in the next six months.

Obama Signs the Stimulus Plan

Today Obama signed the stimulus plan. The statistics for foreclosures looming ahead in the next two years look pretty bad. Let’s hope this will help. I know it is alot of money and the next generation is going to pay a big price for this. But hopefully, we can create a turnaround, even though it will not be right away.http://news.yahoo.com/s/ap/20090217/ap_on_go_pr_wh/obama_stimulus.

Link to Mortgage Debt Forgiveness Act

Here is a link on the Internal Revenue Service page which explains the Mortgage Debt Forgiveness Act passed December, 2007. The lender that forgives a portion of the debt owed on a mortgage will issue a 1099 to the homeowner. For example if you owe 300,000 and the property is sold for $250,000, the lender will issue to a mortgage holder a 1099 for the difference, their loss. In this case it would be $50,000. http://www.irs.gov/individuals/article/0,,id=179414,00.html [Read more]