Question : where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims?
My parents recently lost their home to foreclosure and now they are planning to file for bankcrupcy. They recently went to file their taxes and they found out IRS is billing them 52,000 for abandonment even though they have tried for months asking for help from the banks. Need some advise on how i can help guide my parents to the right people to settle the foreclosures.
- asked by Raymond A
All Answers:
Answer #1
search the internet or watch the news. He spokeabout it last night
- answered by jeff m
Answer #2
here's one for you,i just read an article on a lasvegas news website that says,the chinesse want tocome to america and buy houses,im thinkinggreat,lets let them come over and buy all thesehouses,and then charge people to rent not buy,thiswas one way we got into this mess,we need to stopletting people buy mass houses just to rent orsell over what thier worth.
- answered by mac
Answer #3
You are looking for a place to find help withforeclosure issues, the first thing I wouldcaution against is all of the people trying tosell a "quick fix" foreclosure solution. Try agovernment housing counselor, find one through HUDor online you can try a resource website withlinks to government agencies that may be able tohelp in situations like this:
http://www.loanforeclosureinfo.com/resources.htmGood luck, sounds like a hard situation.
- answered by ChicagoSearch
Answer #4
What people do not understand is that if/when aproperty is foreclosed on the borrower does notsimply walk away with a FC on their credit. Atthe beginning of the following year they get a1099 and have to claim the banks loss as an incomeand then pay taxes on it. The IRS billing them isunderstandable, especially if they had unpaidtaxes and the IRS placed a 2nd lien against theproperty.The other thing that people forget isthat the borrower may ask banks for help, but theyhave to qualify for it. Investors are not'handing' the bank to people because they needhelp - they have to qualify by showing they canafford a lower payment/interest rate. If they donot qualify this way, or if there are 2nd liens onthe property - often the banks hands are tiedbecause the collateral can be FC on by the otherlien holder(s) and the risk of loss all the wayaround is to great. You have a couple of choiceshere;1) If your parents haven't been evicted yetand if you're in a "Redemption State" you might beable to redeem the property by making a yearsworth of interest payments. You'll want tocontact the FC attorney assigned by the investorto get answers to those questions - or look it upon the internet.2) Again, if your parents arestill on the property they still might be able tosell it, possibly even a Short Sale which wouldmean getting an offer for close to Fair MarketValue. You can contact the REO of your parentsloan servicer to inquire about this possibleoption.3) Move forward. The FC is done. I wouldinquire (if you haven't already) with that BKattorney to see if they do anything to reduce thedebt owed to the IRS.Good Luck.
- answered by Rebecca d
Answer #5
http://www.federalstopforeclosure.com/db949/?page=landingHere is the one that I am looking into as Iam getting close to the F word in housing! Goodluck to you also.
- answered by darla
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