Bush has given his signature on mortgage legislation, which aims to give financial relief to foreclosure victims. Hitherto if a mortgage debt was forgiven then it was considered to be income as it was taken to be a gain. But that will no longer be applicable – forgiven debts will not be taxed. Bush said [...]

Statistics is pouring in. Analysis varies Foreclosure numbers fell in November from what it was in October making many opine that the peak has been reached and the process of climbing down has begun. Has the market found something to stand on? According to predictions ‘about $500 billion in adjustable-rate-mortgages are due to reset at [...]

Banks are in a hurry to sell off repossessed houses that are nothing but white elephants. In the process the buyer might be lucky to pick up a bargain at 30% to 40% less than the price of few years ago. But that gain is cancelled when the tax is calculated not at the rate [...]

The allegation is that for a decade Stonebridge Landings never paid fees to the master community. As a result a huge chunk in south east Orange County is facing foreclosures sandwiched in a tussle between two house owners associations. Of the two the big brother filed a suit to nab 74 houses into the foreclosure [...]

Mortgage Bankers Association announced that during the third quarter of this year foreclosures have reached an all time record peak since 1986. Economist Campbell speaking with staff writer of Newsday, Wagner, said that this will have a wide impact on the general economy. It will affect all house owners and not just those branded as [...]

For any real estate related problem like foreclosure the FHA can be contacted for genuine help. It is a semi-private agency controlled by the government. The aims are to help those with slim purses to become owners of houses. FHA does not itself advance loans but it negotiates with lenders to make the loan taking [...]

The local and state governments will be gathering down for the budget session for the fiscal years 2008-09. But they are in a tizzy and huddling together over the newsbreak that foreclosures will soon seep into the smaller communities. This will worsen the situation with another 1.4 million houses being caught in the foreclosure net. [...]

Michigan ranked 6th in the country with 15,565 foreclosure in some stage of foreclosure or the other. It showed an 11% rise above July figures and a 126% high jump from the month of August in the previous year. The numbers tagged to Michigan are inclusive of 3,534 units that went into delinquency, 6,572 that [...]