Bank of America Plans Writing Off Mortgage Debt for Qualified Borrowers

More than 200,000 underwater home owners with mortgages through Bank of America may be eligible to have a reduction in the amount they owe on their loan, which could possibly trim their monthly payments by up to 35 percent. Bank of America has sent letters to home owners who may be eligible to take part [...]

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Healthy Weed Free Lawn and Garden Without Pesticides or Harmful Chemicals – Green Planet

A healthy weed-free lawn is possible without the pesticides or harmful chemicals. Here are a few reasons to cut out the chemicals: Pesticides are poisons and therefore harmful to human health and the environment. Pesticides can reduce the biological activity in the soil, resulting in slowed natural decomposition and leading to thatch. Pesticides and synthetic [...]

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High Gas Prices Fueled the Housing Crisis in 2007 According to the Economists – Transportation Costs vs Home Values in Northern Virginia

Most of us know the housing bubble of 2002-2006 and the subsequent housing crash that followed in 2007 was caused by the deregulation of the lending industry by the government, which brought into the market many sub-prime lenders offering no-downpayment-interest-only-loans,  ARM loans and option ARM loans, and other “exotic” loans. This easy credit and availability [...]

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Mortgage Debt Forgiveness Relief Expires on December 31, 2012 – Unless The Congress Approves Extension

Lenders do, on occasion, forgive some portion of a borrower’s debt in the short sale. The general tax rule that applies to any debt forgiveness is that the forgiven amount is treated as ordinary income and the borrower must pay tax on the forgiven amount.  The amount forgiven is treated as taxable income to the [...]

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Fannie Mae Short Sales Made Easier by Mortgage Insurers

Five mortgage insurers have granted Fannie Mae mortgage servicers the authority to complete a short sale or deeds in lieu of foreclosure without getting their separate approval, HousingWire reported. . Traditionally, mortgage insurance groups have had to give the OK before a short sale could be processed on a property with a guaranteed loan. Now, [...]

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Home Affordable Modification Program – Federal Agencies Crack Down on HAMP Fraud

Some scam artists are preying on home owners looking to refinance using the government’s Home Affordable Modification Program, also known as HAMP. As such, federal agencies are banding together forming a task force aimed at cracking down on con artists who are falsely claiming they can save home owners’ mortgages through HAMP, HousingWire reports. The [...]

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How Long Home Buyers Need to Wait to Buy a Home After Short Sale or Foreclosure?

A sluggish housing market has caused millions of home owners to lose their home to foreclosure, short sale, or deed in lieu of foreclosure. But once these former home owners get a better handle on their credit, how long do they have to sit on the sidelines until they can secure future financing to buy a home [...]

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Short Sale Sellers in Virginia have a legal right to protect their financial information

With the increase in Short Sales beginning in 2007, there was a growing pressure on the listing agents to disclose in the Multiple Listing Service that the Buyer’s offer is contingent on “third party approval” or “lender approval required.”  The short sales often take 30-90 days to close, and the idea behind the “third party approval” disclosure [...]

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