Expiring Mortgage Debt Relief Act Fuels Strategic Default: Survey

As seen in DSNEWS.com

A foreclosure prevention agency found that the pending expiration of the Mortgage Debt Relief Act of 2007 is prompting struggling homeowners to strategically default on their loan.

YouWalkAway.com conducted a national survey and found 34 percent of respondents indicated that the act, which is set to expire December 31, 2012, contributed to their decision to walk away sooner rather than later from their property. Those surveyed were YouWalkAway.com clients who were actively considering or navigating through the foreclosure process.

The Mortgage Debt Relief Act releases homeowners from the obligation of paying taxes on mortgage debt forgiven from a short sale, foreclosure, or modification. Taxpayers are eligible if the property is the primary residence.

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Honoring our heros this Memorial Day!

Memorial Day is a good time to reflect on the sacrifices and services of the American soldiers and veterans and the U.S. military men and women. It’s an opportunity for us to express the special places they have in our hearts and honor the people who work in the various branches of the military. THANK YOU FOR ALL YOU’VE DONE AND CONTINUE TO DO!

We, your business partners at Western Resources Title, wish you and your families a very safe and enjoyable Memorial Holiday Weekend.  Please be advised that our office as well as all county recorders offices will be closed this Monday, May 28, 2012.

photo credit: Marissa Babin

Bank of America offers relo assistance to short-sellers

As seen in Inman.com

Bank of America says it will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a preapproved short-sale price before submitting purchase offers.

Short sales must be initiated by the end of this year and close by Sept. 26, 2013, to be eligible for the payments, which will range from $2,500 to $30,000 at the completion of a qualifying short sale. Payments will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations, Bank of America said in announcing the program.

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