Time is your enemy! ... When facing foreclosure…Time is of the Essence. You MUST act fast to protect your rights and stop foreclosure. Many people who need foreclosure assistance simply do nothing and hope for a miracle. Don't fall into that trap!
The longer you wait, the harder it is for me to help. If your house payments are more than a month behind, your lender has probably already started foreclosure proceedings. As time passes, thousands of dollars in penalties and legal fees can be added to the balance you owe. Every single day extra interest is added! Sometimes homeowners are not even aware how far foreclosure has progressed until it's too late. Don't let that tragedy happen to you!
I can negotiate with your bank or mortgage company to list and sell your property at a reduced price (this is called a short sale) and get you out from under the note…at no cost. Stop foreclosure and protect your assets and credit history. Start on the pathway back to financial freedom and security.
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
This provision applies to debt forgiven in 2007, 2008 or 2009.Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The amount excluded reduces the taxpayer’s cost basis in the home."
Source - IRS website on Home Foreclosure and Debt Cancellation |
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