Investigating Option’s for Homeowner’s

By Sandy Flores

Special to Excelsior

Whether you want to hold your property or who has qualified for a loan modification, there are several things you can do

Many homeowners who are facing very difficult financial situations, have options to retain their property. Also if you could not qualify for a loan modification and want to avoid foreclosure, here are some of the most common alternatives:

 Repayment Plan. Under this option and with the approval of your lender, the bank may allow temporary reduction or suspension of monthly payments for a short period of time. Following this you will begin to abstention make their regular payments, including the additional amount of arrears that accumulated as a result of this agreement. This option will allow you to remain on your property at reduced or temporarily suspended, allowing you to economically stabilize payments.

Loan Modifications. This is another option if you do not have enough income to make your payments current. The lender, in its sole discretion, has the option to change the terms of your original loan to suit a payment that is more accessible to their financial situation. These modifications usually start with a trial period, and may qualify to progressively otherwise modified for a longer time. This form will also allow you to keep your property more affordable payments.

Refinancing. This is an exclusive option for those homeowners who are current on their mortgage payments, but nevertheless need to benefit from the low interest rates being offered today to lower your monthly payments. The homeowner can refinance today your property, even if the balance due is greater than the current value of your property.

Under the program Affordable for Homeowners HARP Refinancing, the owner will be able to refinance and thus qualify for a new mortgage loan that allows affordable monthly payments. To qualify under this application in this program, the mortgage must be insured under Fannie Mae and Freddie Mac

Short Sale / HAFA Short Sale. This is an option that allows you to qualify options Repayment Plan or Modification of your loan. By applying for and negotiating a short sale, your lender will allow you to sell your property at current market value, even if it sells below the amount you owe on your balance. Under the terms of a short sale, your lender may not go after you for the difference owed. The HAFA will be awarded $ 3,000 cash incentive and many institutions are also offering additional financial incentives for homeowners who qualify to cover the costs of moving.

Scriptures in Lieu of Foreclosure, or in English “Deed in Lieu of Foreclosure.” This is another option when Repayment Plan Loan Modification and are options to which you can NOT qualify. In this option, your lender may accept voluntary transfer of title to the property and avoid the impact of Foreclosures, as well as the expenses related to the embargo.

Under current law the Mortgage Forgiveness Debt 2007 Homeowners whose mortgage debt was partly or entirely forgiven have the option to claim special tax relief, known in English as “Reduction of Tax Attributes Due to Discharge of Indebtedness” – ” Reduction of Tax Attributes Due to Debt Waiver “.

Normally, debt forgiveness results in taxable income. Under this Act Relief Mortgage Debt Cancellation of 2007, taxpayers may exclude certain debt become represented in their primary residence up to two million dollars (one million dollars for one person married filing a separate tax return).

The Relief Act Cancellation of Mortgage Debt decreed December 20, 2007. The Act allows exclusion of income realized as a result of the modification of the terms and conditions of the Mortgage, Short Sale, or the execution of his mortgage on your principal residence.

Note the Relief Act Mortgage Forgiveness Debt Cancellation of 2007. This law applies to debt cancellation, 2007, 2008 or 2009. The Emergency Law of 2008 Economic Stabilization extends the deal through 2012.

For more information contact a real estate professional with experience in Loan Modification and / or short sale, as well as seek advice from a tax professional. To find help for free near you, you can call the Internal Revenue Service (IRS) at 1-800-829-1040. You can also visit the website: www.ayudaparapropietariosdecasas.com

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