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 [...]

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 [...]

To turn a foreclosure auction into gain one requires patience and nerves of steel. Recently a seminar was held at Hotel Huntington Beach on foreclosures. The speaker, Hannigan, was a lawyer from San Diego who claimed to have traded in 50 foreclosed properties in 25 years. It is these investments that have made him wealthy. [...]

To avoid recession Federal Reserve has cut down key lending rate. Meanwhile foreclosures triumphantly marched on apace in November. The rate was slightly higher than that of November 2006. In Racine County last month there were 74 filings. A year ago the number was 71. 729 foreclosures had been filed through November – an 11% [...]

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 [...]

Howling scavengers – the jackals and vultures, inevitably follow the predators. Rescue scammers who pose as helpers have closely followed the foreclosure crisis. The traumatized victims cry on their shoulders only to discover later that whatever was left in their pockets have been neatly picked. A federal indictment report exposed that six people were accused [...]

The statistics in Washington, Sacramento and the Inland Empire is grim with one out of 43 residences stained with foreclosure. Officials are scrambling with funds, legal steps and plans to help the house owners stay in their homes and snub predatory lending methods leading to foreclosures. But the clock is ticking. Speaker Nunez is pressing [...]

Located in the Colorado state, Aurora city ranks third in the state and fifty-ninth in the United States for population. The city’s municipality is split between Adams County and Arapahoe County with a small segment lying is the County of Douglas. According to the census data of 2006, the city had a population of 303,582 [...]