Comments on: Mortgage Forgiveness Debt Relief Passes US House http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/ Tue, 09 Mar 2010 00:16:00 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: dcdubbs http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-3216 dcdubbs Fri, 26 Jun 2009 04:25:53 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-3216 Shailesh, what are AZ's loan regarding stated loans. I know our neighbor NV all but did away with them after the mortgage market collapsed. The best I could dig up was http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws/592-arizona-mortgage-laws and it seems to leave out any info on stated loans. Thanks DC Shailesh,

what are AZ’s loan regarding stated loans. I know our neighbor NV all but did away with them after the mortgage market collapsed.
The best I could dig up was
http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws/592-arizona-mortgage-laws
and it seems to leave out any info on stated loans.

Thanks

DC

]]> By: azeemi http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-2894 azeemi Tue, 10 Feb 2009 10:14:06 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-2894 I wonder how long its going to take. Maybe 2009. I wonder how long its going to take. Maybe 2009.

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-2171 Shailesh Ghimire Tue, 20 May 2008 03:23:54 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-2171 Jeff, A lot of this depends on the state you're in and the bank you're dealing with. Lenders are sticky on this issue. I wish I could give you something specific, but I really can't. I suggest you discuss the issue with both the lenders involved and make sure you understand all the terms. Good luck. Jeff,

A lot of this depends on the state you’re in and the bank you’re dealing with. Lenders are sticky on this issue. I wish I could give you something specific, but I really can’t. I suggest you discuss the issue with both the lenders involved and make sure you understand all the terms. Good luck.

]]> By: jeff http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-2164 jeff Sat, 17 May 2008 03:57:18 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-2164 My wife and I are divorcing in 2006 we bought a house in az took a 390k 1st out then a 98k 2nd to pay for pmi we are going to let the house go into foreclosure. She and I are on the 2nd and it is recorded in both our names but I am the only one on the 1st. after sahort sale or foreclosure will we still be liable to payback the 2nd and also I have a 2nd home in my name sole and seperate will this foreclosure effect that property at all Thanks Jeff My wife and I are divorcing in 2006 we bought a house in az took a 390k 1st out then a 98k 2nd to pay for pmi we are going to let the house go into foreclosure. She and I are on the 2nd and it is recorded in both our names but I am the only one on the 1st. after sahort sale or foreclosure will we still be liable to payback the 2nd and also I have a 2nd home in my name sole and seperate will this foreclosure effect that property at all

Thanks Jeff

]]> By: Joe Kelly http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-1147 Joe Kelly Fri, 30 Nov 2007 03:40:28 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-1147 Any more news on this? Seems senate is just playing games - tried to add this to the farm bill and failed to act before TG break...real chance for this to pass or just our useless legislators patting themselves on the back for thinking of the little guy while they hand the real money to oil/gas/arms dealers/military contractors etc... Any more news on this? Seems senate is just playing games – tried to add this to the farm bill and failed to act before TG break…real chance for this to pass or just our useless legislators patting themselves on the back for thinking of the little guy while they hand the real money to oil/gas/arms dealers/military contractors etc…

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-883 Shailesh Ghimire Tue, 23 Oct 2007 21:40:48 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-883 George, The bill hasn't passed so we don't know what the final version will include. I think lenders would have to discontinue issuing 1099's. I would consult with a CPA to get this clarified once the bill passes. Thanks for stopping by! George,

The bill hasn’t passed so we don’t know what the final version will include. I think lenders would have to discontinue issuing 1099’s. I would consult with a CPA to get this clarified once the bill passes.

Thanks for stopping by!

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-882 Shailesh Ghimire Tue, 23 Oct 2007 21:38:52 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-882 Hello Andrew, I do not know how long before the Senate gets it and passes it. I know there is usually some degree of negotiating that goes on. I would think before the end of the year this should be done. As far as who it covers, the way the bill is right now, any forgiven debt is allowed. Whether this is due to a foreclosure or short sale. Again the bill hasn't passed so we don't know what the final version will include. I would consult with a CPA to get this clarified once the bill passes. Thanks for stopping by. Hello Andrew,

I do not know how long before the Senate gets it and passes it. I know there is usually some degree of negotiating that goes on. I would think before the end of the year this should be done. As far as who it covers, the way the bill is right now, any forgiven debt is allowed. Whether this is due to a foreclosure or short sale. Again the bill hasn’t passed so we don’t know what the final version will include. I would consult with a CPA to get this clarified once the bill passes.

Thanks for stopping by.

]]> By: ANDREW http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-876 ANDREW Mon, 22 Oct 2007 21:56:35 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-876 How long will it take mortgage debt relief bill to be made law? I know you said it has already passed the House but what time frame is it from the house to the senate to the president and then to law? Also I have been getting mixed signals on this. Does this apply to shortsales or no? How long will it take mortgage debt relief bill to be made law? I know you said it has already passed the House but what time frame is it from the house to the senate to the president and then to law? Also I have been getting mixed signals on this. Does this apply to shortsales or no?

]]> By: george http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-874 george Mon, 22 Oct 2007 17:13:44 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-874 RE Brokers in SoCal are saying that this would also apply to "shortsales", where the lender's current practice is to 1099 the amount for the forgiven portion created by the short pay of the mortgage upon short sale of property before foreclosure. In your opinion will this practice be banned by this legislation? g RE Brokers in SoCal are saying that this would also apply to “shortsales”, where the lender’s current practice is to 1099 the amount for the forgiven portion created by the short pay of the mortgage upon short sale of property before foreclosure. In your opinion will this practice be banned by this legislation? g

]]> By: Shailesh Ghimire http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-873 Shailesh Ghimire Mon, 22 Oct 2007 16:40:22 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-873 Jessica, You raise a good point. I believe the capital gains applies to higher priced homes and the government is planning on making up its lost income there. Thanks for stopping by! Jessica,

You raise a good point. I believe the capital gains applies to higher priced homes and the government is planning on making up its lost income there.

Thanks for stopping by!

]]> By: Jessica Bennet http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-869 Jessica Bennet Mon, 22 Oct 2007 10:55:01 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-869 It's good that people having financial troubles and not able to pay off their mortgages can now get some relief through the Tax bill. But as much as I've heard home sellers earning profits through capital gains might now have to lose some of their gains in order to compensate for the tax relief on forgiven debt. Does it sound too good as a long term solution to this problem? Don't think so. Regards, Jessica It’s good that people having financial troubles and not able to pay off their mortgages can now get some relief through the Tax bill.

But as much as I’ve heard home sellers earning profits through capital gains might now have to lose some of their gains in order to compensate for the tax relief on forgiven debt. Does it sound too good as a long term solution to this problem? Don’t think so.

Regards,

Jessica

]]> By: ROMEPOWER http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/comment-page-1/#comment-865 ROMEPOWER Sun, 21 Oct 2007 16:14:59 +0000 http://www.azmortgageguru.com/mortgage-forgiveness-debt-relief-passes-us-house/#comment-865 Who qualifies for the Mortgage Forgiveness Debt Relief Act of 2007 (H.R.‚3648).? What homeowners qualifies for this Law? What kind mortgages? Year of foreclosure? 2007 and beyond? 1st and 2nd Mortgages? How this relate to the Deficient Judment law in Arizona? Who qualifies for the Mortgage Forgiveness Debt Relief Act of 2007 (H.R.‚3648).?

What homeowners qualifies for this Law?
What kind mortgages?
Year of foreclosure? 2007 and beyond?
1st and 2nd Mortgages?
How this relate to the Deficient Judment law in Arizona?

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