Guide to Cancellation of Debt

Mortgage Cancellation of Debt & Taxes As a result of the real estate market, people are losing their homes to foreclosure or even a short sale. What many do not realize is that there can be significant tax consequences as a result of either of these transactions. When a property is foreclosed on or sold

Why Should I Fight My Foreclosure?

Debtors/ Defaulting home owners have limited options once they have been served with Foreclosure summons for their property. They are: Negotiating a reinstatement of mortgage Filing for Chapter 13 bankruptcy Selling your property to pay off the debt Giving up your home to the lenders Filing for Foreclosure defense Typically once the summons is delivered,

What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy is an effective tool for debtors to rework their debts and pay them off over a stipulated period of time without the accrued interest, based on the individual’s financial outlook into the future. Chapter 13 Bankruptcy for Texas home owners facing Foreclosure When it comes to Foreclosures, homeowners can file for Chapter

What is a chapter 7 bankruptcy?

Under the federal bankruptcy statute, a discharge is a release of the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer required by law to pay any debts that are discharged. The discharge operates as a permanent order directed to the creditors of the debtor that

Avoiding Foreclosure Rescue Scams

There are plenty of foreclosure rescue sites on the web nowadays. However, not all of them would actually be able to help you when it comes to solving your house issues. That is why it would be important to know the following steps to avoid foreclosure rescue scams: Check the Method: The first step that