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Internet Links with Help for Foreclosures

Facing foreclosure?  Here is a collection of material I have been passing along to home owners looking for answers to many of the most asked questions.

One of the major concerns is having the ability to find reliable information from the correct sources.   To avoid scams begin your Internet search on sites ending with the .gov suffix.  The .gov shows the information is listed on a government site, such as http://www.irs.gov.   Many government sites contain links to other sources and agencies.

You may also contact local Real Estate Agents for specific information in your area.  Many Real Estate Agents have advanced training in the area of short sales and foreclosures.  It may also be a good idea to consult an attorney before making a decision.  Many local governments have grant and refinance programs available.  Ask your local Real Estate Agent or search the Internet for web sites supported by your local city and county government agencies.

Local Real Estate Agents will be able to review currant market conditions, giving you an idea of a sale value for your property and an estimated time it may take to sell.

Contacting your lender may be the first step.  Gather information on refinancing and restructuring loans.  You can search the Internet using the key words, loan modification .gov.  Again, look for sites ending with the .gov, such as HUD.gov.

Http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm


Http://makinghomeaffordable.gov/

The most important factor is, getting in touch with the right sources and beginning the process as soon as possible.  The longer you wait the less time you will have to seek alternative solutions.

Following is a list of sites aimed at helping home owners facing the possibility of foreclosure.

Here is a portion of information from the IRS site concerning debt relief.  Many home owners are looking for information concerning the liability of taxes in regards to a short sale or foreclosure.

Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn’t apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

Here is a link to the IRS site.

Http://www.irs.gov/individuals/article/0,,id=179414,00.html


Http://www.irs.gov/newsroom/article/0,,id=174034,00.html

The following links provide information about foreclosure procedures from state to state.  Each site provides a little information to answers some of the questions most home owners may have.

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

Http://www.foreclosures.com/pages/state_laws.asp

Specific questions can be answered on web sites such as AllExperts.

Http://www.allexperts.com/cl2/2927/realestate/Foreclosure/

Make sure you do not pass along any personal information unless you know exactly who you are dealing with.  When asked to share information, credit card companies and the IRS will ask a number of questions such as date of birth, address and phone number.  They will never ask this information if they place a call to you.  Know who you are calling.  If you receive a letter, confirm the contact information, address and phone number on the Internet before calling.  Never give charge card numbers or social security numbers over the phone unless you can verify who you are talking to.

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