Mortgage Debt Relief Act for Short Sellers and Foreclosures Extended Through 2013

Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, … Continue reading Mortgage Debt Relief Act for Short Sellers and Foreclosures Extended Through 2013

Rebuilding credit score after foreclosure or short sale takes ten years or longer

Evidence suggests that the process of regaining creditworthiness is lengthy. Borrowers who terminated their mortgages for reasons other than default returned to the market about two-and-a-half times faster than those who defaulted. This has important implications for the housing recovery. The improvement in the housing market is often assumed to reflect significant pent-up demand. But … Continue reading Rebuilding credit score after foreclosure or short sale takes ten years or longer

United States sues Bank of America for $1 Billion for Doing the Hustle

America filed a civil mortgage fraud lawsuit against Bank of America, accusing it of selling thousands of toxic home loans to Fannie Mae and Freddie Mac that went into default and caused more than $1 billion of losses. Wednesday's case, originally brought by a whistleblower, is the U.S. Department of Justice's first civil fraud lawsuit … Continue reading United States sues Bank of America for $1 Billion for Doing the Hustle

Bank of America sues HOAs

In a new twist, Bank of America filed suit in Clark County District Court earlier this week against numerous Homeowner Associations which foreclosed on homes wherein the Bank had secured mortgages. The suit claims that the HOAs are pursuing more than the statutory nine-months worth of assessments allowable under state law, and instead are filing … Continue reading Bank of America sues HOAs