Tag Archives: mortgage

The residential foreclosure crisis has claimed nearly 4 million U.S. homes since 2008. At the start of 2013, it looks like the worst is over. The number of homes in the foreclosure process has reached its lowest level since the crisis began.   Dodd-Frank Overhauls Mortgage Laws During the housing bubble, many mortgage lenders operated with extremely lax underwriting standards. Often, banks failed to check documentation, to require minimum credit scores and to determine whether borrowers had enough income to …

Never turn your back on a home foreclosure with the assumption your property title is dead. It could reanimate as a zombie title, dragging hordes of bills and fines along with it. A zombie title is stalking Joseph Keller, who vacated his home five years ago after receiving a foreclosure notice from JPMorgan Chase. Keller moved in with his daughter, assuming that his old home would be auctioned off any day. But weeks later, JPMorgan Chase changed its mind and …

After the close of another year, income taxes of course come to mind. While it’s clear we have to pay tax on our income, there are plenty of provisions in the tax code that require federal taxes to be paid on things you may not normally think of. As you’re gathering your forms and preparing to submit your returns, consider the following checklist of surprises, groaners, and ironies.   Unemployment Benefits It’s ironic but true – you have to pay …

You buy toilet paper and ammo there, so why not a home? Consumers are indicating they would trust Walmart and other non-banks with their mortgages, and some experts believe that’s not necessarily a bad thing. While they seem mostly satisfied with the services of the big banks, “continued frustrations with current mortgage processes . . . could drive consumers to alternative home loan providers,” according to a recent survey by a consulting firm whose clients include some of the largest …

A federal law that has helped consumers avoid paying taxes on money they never even had is set to expire at the end of the year. If it does, homeowners who are forgiven any of their debt when they are foreclosed on will have to pay income tax on the forgiven amount.   Forgiven “Income” To Be Taxed It seems crazy, but it’s true: Normally, if a homeowner owes $100,000 on her mortgage, but the property sells in foreclosure for …