Is it realistic to get a principal reduction on a mortgage modification?

by | Apr 17, 2010 | Finance, Real Estate news, Riverside foreclosure news, Riverside Real Estate, Riverside Short Sales, San Diego Foreclosure news, San Diego Real Estate, San Diego Short Sales

When Bank of America announced last week that it would begin cutting loan balances for distressed mortgage borrowers, it marked a sea change in the way lenders deal with seriously delinquent loans. Until now, big lenders and servicers, such as BofA , have only given...

HELP with Homeowner Government Programs-Updates starts April 5, 2010

by | Mar 27, 2010 | Current Affairs, Finance, Real Estate news, Riverside Real Estate, Riverside Short Sales, San Diego Foreclosure news, San Diego Real Estate, San Diego Short Sales

To simplify all of the confusion, “Hope” and “Making homes afordable” programs are broad names that encompus the specific options listed below.     The specific program options are the following: (click on specific program for details) HARP...

IRS tells homeowners how to get tax relief if a lender forgives part of their debt

by | Mar 27, 2010 | Finance, Real Estate news, Riverside foreclosure news, Riverside Real Estate, Riverside Short Sales, San Diego Foreclosure news, San Diego Real Estate, San Diego Short Sales

Generally, the Internal Revenue Service (IRS) treats debt forgiveness by a creditor as taxable income.  However, under federal legislation that took effect in 2007, certain home mortgage debt cancellations—such as loan modifications, short sales, or...

Coming soon: National Homeownership Retention Program Update

by | Mar 27, 2010 | Current Affairs, Finance, Real Estate news, Riverside foreclosure news, Riverside Real Estate, Riverside Short Sales, San Diego Foreclosure news, San Diego Real Estate, San Diego Short Sales

On March 24, 2010, Bank of America announced enhancements to the National Homeownership Retention Program to modify the mortgages of qualified homeowners who are experiencing financial hardship. The National Homeownership Retention Program is already available to...