A foreclosure could subject you to tax liability. Never overlook this aspect of foreclosure. The tax rules are complex, and subject to interpretation. The Internal Revenue Service will treat a foreclosure as a sale and you will receive a Form 1099C for the amount your lender or a third party bids at the foreclosure sale. You could end up with a tax liability if you have realized gain from the …

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Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or repossessing the property by which the loan was secured. The foreclosure process begins when the homeowner defaults on the mortgage payments and the lender files the necessary documents to begin the foreclosure proceedings.

To understand the process, you need to understand where the …

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If you’re facing foreclosure, filing an emergency bankruptcy can stop the foreclosure process in its tracks.  Chapter 7 and Chapter 13 bankruptcy protect the debtor’s assets with an automatic stay that forbids creditors from taking any actions against the debtor in order to collect on a debt. Automatic stay stops foreclosures, lawsuits, wage garnishments, bank account seizures and any other creditor …

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… In every disaster there are those who look for opportunities to take advantage of the vulnerable. Foreclosure brings out scammers looking for opportunities.

When you are facing foreclosure and looking for help to avoid foreclosure, you need to be careful. There are many out there just waiting to pounce upon you and take advantage of your misfortune. They advertise themselves as foreclosure rescuers or experts. Before you can realize what’s happening, they will acquire your home for a …

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The Treasury Department has admitted that the Making Home Affordable (HAMP) foreclosure prevention program has not made the type of impact that was expected.  In response the Treasury Department is instituting new rules that will take effect on June 1, 2010.

The new HAMP requirements will force servicers to have in hand all the needed documents from borrowers before they extend a three-month trial modification. Currently, trial modifications can begin after …

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… thought they would finally have access to modification tools that would help them avoid foreclosure. However, HAMP has failed to deliver on its promises and many view the $75 billion invested in the foreclosure prevention program to be a waste while others say the program is a modest success at least.

Yet after its first 11 months, HAMP is lagging. Of 1.7 million cases thought to be eligible in the first year, only 116,000 have received permanent loan modifications through …

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… About one in every 10 Texas homeowners are delinquent on their mortgage and facing a possible foreclosure.  Currently, the percentage of Texas homeowners who are delinquent and facing a possible future foreclosure is 10.3 percent, only slightly less than the national average of 10.44 percent.  Last year, a record 61,000 homeowners in Texas lost their home to foreclosure and that number is feared to increase this year.  Many analysts and “experts” lament the current foreclosure …

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Rapper Shawn Carter (a.k.a. Jay-Z) is taking a foreclosure fight to the courts.  Jay-Z, who took out a $52 million loan for a planned hotel development was at risk for foreclosure after the commercial real estate foreclosure crisis shut down his project.  Right now, Jay-Z is disputing with his bank over interest payments he said were the result of their negligence.

On Wednesday Jay-Z filed a lawsuit in U.S. District Court in …

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Saving your home from foreclosure is a very real possibility, even if your income is small and fixed.  But for many homeowners battling foreclosure with Chapter 13 bankruptcy, maintaining payments and keeping their home can still be a struggle a recent study revealed.

Foreclosure Listing Service in Addison analyzed post-bankruptcy cases of homeowners in 60 Texas counties. It found that in 2009, $2.28 billion …

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… firm Freddie Mac has issued a warning stating that foreclosures have not peaked yet and that foreclosure rates for prime mortgages haven’t been this high since the Great Depression.

“I think mortgage delinquency rates haven’t peaked yet…We see them peaking at some point in the second half of 2010…You have to go back to the 1930s to see delinquency rates this high for standard mortgages,” Nothaft said.

Right now more than 4 million American mortgages are delinquent and …

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… oldest skyscrapers, the 52-story Elm Place tower at 1401 Elm Street, is closing down due to a foreclosure and an extremely low occupancy rate.

[Guerrino] Savio [who represents the owners] said occupancy in the office tower had fallen to about 20 percent last year and has recently gone even lower.

“It got to the point it was impossible to keep operating,” he said. “For every dollar in rent we receive you have to spend five dollars in expenses.”

Now the …

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… Fort Worth homeowners are more than 90 days delinquent on their mortgage and facing a possible foreclosure.  Plus, another 1.41 percent of Dallas-Fort Worth homeowners are already in foreclosure.  The irony of this is that we are constantly being told that the recession is clearing and that things are getting better.  But all the while Dallas-Fort Worth homeowners are risking foreclosure because they don’t have enough income or they are unemployed and unable to find work. Many people …

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