Archive for the ‘Aig’ Category

Discover Your Foreclosure Relief Options

Thursday, June 24th, 2010

$200 billion versus $200 million – The government of the United States, under the initial direction of Republicans, and then Democrats, have given one company, AIG, nearly $200 billion dollars to bail them out of trouble, because they were “too big to fail.” Homeowners, (presumably, too small to be concerned about), in dire need of , have been awarded just over $200 million dollars; (and that’s for only 10 lucky states.)

Do homeowners, and the remaining 40 states, have every right to be angry, and loudly voice their criticism? Of course they do; but they should use the inequality as inspiration to be proactive toward the goal of changing such an unjust situation that favors, to such a degree, the elite over ordinary people.

These are the fortunate states that have been given or will soon be have funds to aid homeowners: Nevada, Rhode Island, Oregon, Arizona, Florida, South Carolina, Ohio, California, North Carolina and Michigan. To ascertain if relief is available for you, type the following into a search engine: STATE OF [Name of State] WEBSITE.

After you have navigated to the State official website you want to hunt for the Housing Finance Agency / Authority. Some sites have search engines exclusively for their website. If there is one, you can just fill in the words, above, and click SEARCH. If there is not an exact match, see if there is either a Finance or Housing Agency. Call phone numbers and you will eventually reach someone who can provide information. Be persistent until you find them.

The Mortgage Forgiveness Debt Relief Act of 2007 is tax relief for homeowners who lost a home and had still owed money, but were not required to pay the debt as part of the foreclosure deal, or a short sale. Normally they would owe taxes on it, but not if they invoke that Act on their tax form.

Banks are finding it in their favor to participate in short sales. The home buyer is allowed to sell the house for much less than its current value, which is less than what they owe. Many times a forgiveness of the remaining debt is negotiated by the original buyer’s Realtor.

Reverse mortgages are viable options for seniors, when they have enough equity in their home. They are given a loan, either in monthly payments or a lump sum, and they get to stay in the home until they either die, or move to an elderly living institution.

The foreclosure relief that is becoming increasingly popular is simply to quit paying and use stalling techniques to delay the process. People can often stay for a year or two simply by responding to all letters, with a demand that the bank or loan company prove they hold the mortgage in a court of law by producing the original mortgage.

This generally leads to up to 2 years without payments, because it has become so difficult for financial institutions to track down the original documents due to all the dubious dealings that led to the financial meltdown. Families get to save money until the day eventually comes when they are told to leave by the sheriff’s department.

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