Shirley Temple - Be Optimistic (2)

Many, like in this USA TODAY article, are comparing today's situation with the GREAT DEPRESSION. In the 1930's with the GREAT depression : long food lines, homeless, scarce jobs - THEY HAD SHIRLEY TEMPLE TO HELP PULL THEM OUT OF PERSONAL DEPRESSION... DO YOU THINK IT WILL HELP TODAY??????

And here is one more to lift your spirits.. .Bill Bojangles one of the greatest

Guest bloggers welcome! contact me at alrady40@yahoo.com

FIGHTING FORECLOSURE: Thousands request mediation - Business - ReviewJournal.com

FIGHTING FORECLOSURE: Thousands request mediation - Business - ReviewJournal.com

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Confused by your IRS obligation after foreclosure or short sale?

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Taxes and Foreclosures: Untangling the Mortgage Mess"> : "The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for this relief.

This provision applies to debt forgiven from 2007, 2008 or 2009 (extended through 2012 by the recently passed Emergency Economic Stabilization Act of 2008). However, it is important to note that this change only applies to homes used as a principal residence. Debt forgiven on second homes, rental property or business property does not qualify for the new tax-relief provision.

Even though the forgiven debt is excluded from income, the amount of debt forgiven still must be reported (on Form 982). Clients should receive Form 1099-C Cancellation of Debt from their lender, showing the amount of debt forgiven or cancelled.

Issues and Considerations"

Of course, as with any legislation, >>>>KEEP READING FOR ISSUES

For FURTHER reading GO TO THE SOURCE: IRS

(click on links)

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage 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, qualifies for the 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 does not 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. More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17. The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation: What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cance>>>>>KEEP READING ON IRS.GOV

Mortgage Challeng Mock Trial : LIVE VIDEO

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4409- Broadcast your self LIVE

BlogTV

BlogTV

This is LIVE streaming show of MOCK TRIALS ... check it out and learn about fighting in court for your home!

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Foreclosures - Yahoo! Search Results

TRENDING NOW

1. Zsa Zsa Gabor
2. Kate Gosselin
3. Billy Corgan
4. Jennifer Lopez
5. Home Budget

6. Chelsea Clinton
7. Liev Schreiber
8. Foreclosures
9. Harry Potter and…
10. Internships

Trending topics on YAHOO.COM

4

CAN you believer that foreclosures is still in the trending topics? I noticed yesterday that it was in top 10 and I am not sure how long it has been listed that way. How long have you noticed it? How long will it continue?

Foreclosures is more than a word as you know. There are political, legal and local issues as well as an impact to; family, pets, neighbors and friends.

Foreclosures - Yahoo! Search Results:

• Foreclosures

  - Honolulu Star-Advertiser - 4 hours agoThe vast majority of residential foreclosures being conducted in Hawaii are proceeding under a state law that is more than a century old, provides no court... full story
• Foreclosures take small dip for August- McKinney Courier-Gazette - 10 hours ago
• Foreclosures drop in area- The Sun Chronicle - Jul 23 11:36pm
• Monterey County foreclosures drop- The Salinas Californian - Jul 24 06:31am

more Foreclosures news...

1. Foreclosures on Yahoo! Real Estate - Foreclosure Information ...

   Yahoo! Real Estate is the most trusted site for foreclosures. ... Search for Homes Rentals Foreclosures Home Values Find a REALTOR®Sell Your Home ...

   realestate.yahoo.com/Foreclosures - Cached

2. USHUD.com

   Offers online lists of bank and government owned foreclosure and real estate listings in the United States.

   www.ushud.com - Cached

3. Foreclosures.com

   Offers daily updated listings as well as home study courses covering the process of buying pre-foreclosure, auction, and foreclosed property.

   www.foreclosures.com - Cached

4. Foreclosure Center at RealtyTrac

   Foreclosure Information including Laws, How to Buy Foreclosures, Trends and Articles, Bookstore and FAQs! ... Foreclosures are a nationwide phenomenon â€Â" and ...

   www.realtytrac.com/foreclosure/index.html - 57k - Cached

5. Find Foreclosures on Homes.com

   Search recently listed foreclosures and pre-foreclosure properties on homes.com. ... Are you curious of what types of homes are available on the local ...

   www.homes.com/Real_Estate/Type/Foreclosures - Cached

6. Foreclosures, Foreclosed Homes and Foreclosure Listings

   Foreclosures have certain risks and benefits. Research foreclosed homes andforeclosure listings to locate foreclosure properties in your area. ... Foreclosures ...

   realestate.aol.com/foreclosures - 61k - Cached
7. Based on the above results from search one could assume that looking for bargains is what is one peoples searching minds. Does this bode well for the economy or is another housing bubble building?
8. 
   
   Or as you go to pages 2-whatever, is the conclusion more likely that people want to know what is happening in their area locally?

HERE IS SOMETHING YOU CAN DO–MAKE ELIZ. WARREN HEAD OF CPA � Livinglies's Weblog

HERE IS SOMETHING YOU CAN DO–MAKE ELIZ. WARREN HEAD OF CPA � Livinglies's Weblog:

"ELIZABETH WARREN IS NOT JUST A VIABLE CANDIDATE FOR THE JOB OF HEAD OF THE CONSUMER PROTECTION AGENCY, SHE IS THE ONLY ONE ON EARTH WITH SUFFICIENT UNDERSTANDING ABOUT WHAT REALLY OCCURRED TO BE EFFECTIVE IN THAT JOB."

HERE IS THE PROBLEM: The Banks will do ANYTHING to keep her from getting that job. If the President nominates her, it will provoke a big fight in the Senate. If you like the idea of bailing out the banks again, if you like the idea of plunging the country into a recession, if you like the idea of ruining the lives of 20 million homeowners, and if you like the idea of stealing money from investors all around the world, then by all means join hands with the banks and do nothing."

READ entire article by clicking on title link above. 

Homeowners Associations: The New Foreclosure - CNBC

Homeowners Associations: The New Foreclosure - CNBC AS if banks weren't enough to worry about.. .read this report..

watch it below

FUTURE Voters and FUTURE Homeowners (sigh)

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TODAY IS BROUGHT TO YOU COURTESY OF MY EMAIL BOX. My email box overflows, so once in a while I look at some of the items in it with an expectation of what are you selling me now. I opened this mail up and there to tickle my funny bone was a copy of this ad from San Fransisco. There was no source and I could not locate any entries in Snopes. The subject line read: Subject: Unkilled hamburgers ... California mentality

SO I'll pass it on to you - Enjoy... I'll leave you to your thoughts!

Pick Up The Phone, You May Have Won A Modification - mortgage-foreclosure.org

Pick Up The Phone, You May Have Won A Modification - mortgage-foreclosure.org: "Download Podcast
�
April 6th, 2010
�
When Bank of America announced that they will begin cutting loan balances for troubled mortgage borrowers, it marked a new milestone in the way banks cope with severe delinquent loans.
�
Just recently, major banks and servicers, such as Bank of America have only started providing principal reductions to a tiny fraction of borrowers as a last resort.
�
Despite the great change, they are way behind the race and have to keep up in speed with a new sort of mortgage servicer called ‘speciality servicer’. These servicers are experiencing success in averting more foreclosures. They deal with the worst delinquent loans which are more than ninety days late and popularly offer principal reductions.
�
Unfortunately, few mortgages end up with these types of servicers. The odds for your loan to end up in their custody would be comparable to striking a lottery. As more loans become 90 days delinquent, the ‘specialty servicer’ industry should experience a boost in their business."

>>>>>KEEP READING

I KNEW I had read about Bank of Amercica lowering the principle. They were advertising it so much, that my dad called to let me know about it.

Buffett Warns Obama: Economic Recovery Still Has a Long Way to Go

Buffett Warns Obama: Economic Recovery Still Has a Long Way to Go:

"Buffett, who built an estimated $47 billion fortune running his insurance and investment company Berkshire Hathaway Inc., warned Obama the recession created a huge overhang of excess capacity in the economy that would simply take time to mop up.

Obama said Buffett specifically used the example of the U.S. housing market, noting 1.2 million new homes were built on average per year in the United States, according to historic trends. That number soared above 2 million during the property bubble, but construction activity has since collapsed.

'What Warren pointed out was, look, we're gonna get back to 1.2 (million). But right now we're soaking up a whole bunch of inventory. So a lot of the challenge is to work our way through this recession,' Obama said."

I dont' see how we are going to "SOAK UP " all that inventory - but HEY that is why BUFFETT has more money than me! : ) Do YOU think it's possible?

Puzzled by Mers? check out chinkinthearmor.net

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Newsletter & Blog

If your foreclosure papers list MERS and almost all of them do, then you need to explore this blog! This posting in particluar explains much.

Perception & Reality

Subscribe to Newsletter

Mortgage Electronic Registration Services (MERS)

is the chink in the armor the big banks did not see.

It is the place where all of the players came together to do business.

It is the crucible in which the scandal brewed.

>>>>>>

Who is MERS?

What do they do?

>>>>>> KEEEP READING TO SEE HOW MERS AFFECTS YOU!

http://chinkinthearmor.net/

Loan Value Group - Incentives for Borrowers

Loan Value Group - Incentives for Borrowers

If you are undwater on your home with negative equity, you may want to check out this program. My Sister let me know about this and it sounds intriquing. As always, check with your financial guru to see if this is something that will benefit you.

Here are some excerpts from the site follwed by media coverage of LVG:

According to the media press report LVG is basically working with you and the lender to make things a little more equitable for you. It 's goal is to prevent strategic defaults, where people walk away from the home due to the home's negative value. I would still rather see bank's address property values as some have promised to do, or see homeowners fight for their rights as most home loans are fraud filled.

Here's how RH Reward works:

1. The eligible homeowner with negative equity is presented with an initial RH Reward amount.

2. To keep their RH Reward status active, the homeowner makes their full and timely mortgage payments.

3. For a fixed period of time following enrollment, an additional amount of money will be added to the initial RH Reward amount for each month the homeowner maintains active status.

4. Once the mortgage balance is paid in full either by sale of home, refinance of home, or paying off the mortgage, the homeowner can withdraw the entire RH Reward amount.

Loan Value Group - LVG Media Coverage

I hope this helps some of you out there, and if you have any experience with this group, please leave a comment or email at alrady40@yahoo.com . Have a great day!

Live Streaming from PHoenix: Foreclosure Fight

If You want to know about the fraud in Your or any mortgage please tune in. If You like it and can afford to donate to support the cause please do.

Please send this to all of Your lists and groups.

Here is the URL to go to Sunday at 10 am Arizona time to watch LIVE the

weekly

"MOOT COURT" inPhoenix:http://www.blogtv.com/People/4409

http://www.blogtv.com/People/4409

This is a dry run and is completely FREE. If you sign up on blogtv.com you can email questions and comments.

Starting next week the viewing will be by donation ONLY to help defray the cost of the network.A suggested donation of $20.

1 MILLION homes will be foreclosed on; are you next?

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Heard on the news today: We are on target to foreclose on 1 MILLION homes this year. That is 100,000 more than last year. (2009) It is estimated that it will take 3 years to clear the backlog of people defaulting on their loans.

According to the MSN Money Central report there are about 7.3 million homes in some state of delinquency.... the report also noted:

"Among states, Nevada posted the highest foreclosure rate in the first half of the year. One in every 17 households there received a foreclosure notice. However, foreclosures there are down 6 percent from a year earlier.

Arizona, Florida, California and Utah were next among states with the highest foreclosure rates. Rounding out the top 10 were Georgia, Michigan, Idaho, Illinois and Colorado."

There are new credit laws going into place which affect mortgages and also debit credit processing. Here a couple of highlights.

1) Now strict standards were in place during the years when underwriters started ignoring their own underwriting standards. They overvalued homes by 10% which added fuel to the fire of the housing market bubble.

NOW it is announced that there will be stricter standards and that better attention will be paid to income/payment ratios. One good thing will be better disclosures of what the maximum payment will be. Not just the interest, but the payment.

2) Merchants can now offer cash discounts for cash... Banking fees will be going up as free checking and cashback rewards disappear.

3) Banks will not be allowed to charge overdraft fees without your permission and agreement to do so. Sounds good especially if you were zapped by a bank that charges 8 bucks a day until the overdraft is resolved. I don't know how this new law will work out, but if banks handle it as they do other applications, they will simply make you agree in your contract, or you won't be able to get an account... What do you think?

FOXNews.com - Woman Allegedly Fakes Son's Death, Her Own Death to Avoid Foreclosure

Just could not resist posting this news article!!! click on it for grat story.

FOXNews.com - Woman Allegedly Fakes Son's Death, Her Own Death to Avoid Foreclosure

2008 seems good: A historical look back

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Today I ran across this article from 2008....

The article from 2008 was predicting the rock bottom low in the market would occur in late 2009 or early 2010. According to the statement that inventory has to be much lower, well things aren't looking good around here. With predictions of another glut of foreclosures coming down the pike - well lets just say I would NOT buy a house in this market.

AT any rate it is interesting to look back and see what was being said in 2008.

If you are facing foreclosure please scroll down and look for information on a seminar that is coming to Phoenix July 10, 2010. Also the yahoo group on the right side column has lots of information and you can ask questions. Do not spam and try to read a few past posts to see if there are any answers for you.

WHAT DO YOU THINK about the housing market today?

Would you buy full price? Would you sell? Any predictions for the future? Is bank owned real estate taking over the world? Who are the landlords?