Texas Hill Country Ranch For Sale

Written by Lon Reed: SwingSign Corporation | 17 February 2012

CLICK HERE: Property Brochure
CLICK HERE: For More Information About Owner Financing Options

Mortgage Debt Forgiveness Waiver

Written by DSNews: Krista Franks Brock | 16 February 2012

Obama’s FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007.

The Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.

Without the Mortgage Forgiveness Debt Relief Act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. Under the act, up to $2 million in debt elimination can be tax-free.

In the Treasury’s Green Book, its summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”

The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015.

At that point, the government would reassess the market and determine whether another extension is appropriate.

Delinquencies Rise

Written by SwingSign Corporation | 15 February 2012

The national mortgage delinquency rate rose during the fourth quarter of 2011, TransUnion reported Tuesday, marking only the second time since the end of 2009 the credit bureau has recorded an increase in past due mortgage payments. The first was during the third quarter of 2011, with the succession signaling what could be a troubling trend in the making. TransUnion calculates delinquencies as borrowers 60 or more days behind on payments but not in foreclosure. The rate increased from 5.88 percent in the third quarter to 6.01 percent in the fourth.

Lawsuit Over BPO Fees

Written by DSNews: Esther Cho | 14 February 2012

Baron and Budd attorneys filed a lawsuit on February 10, alleging that Wells Fargo and JPMorgan Chase charged excessive default service fees.

“Wells Fargo and Chase executives conspired to increase profits in any way they can, even if that meant deceiving homeowners who were losing out on the American dream,” said attorney Roland Tellis in a statement. “In addition to charging unnecessary and marked-up fees, the banks concealed the fees through cryptic wording.”

One of the fees charged to borrowers who pay late is the broker’s price opinion (BPO), which is used to help the lender price the property for foreclosure.

According to the suit, while federal law allows mortgage servicers to charge borrowers BPO fees, Wells Fargo and Chase marked up the charges or performed unnecessary services to make a profit, which is not permissible.

The suit also claims that the fees are disguised on statements as other charges, miscellaneous fees, or corporate advances.

While federal law allows lenders to charge these BPO fees, but they are not allowed to mark up the charges or perform unnecessary services and make a profit, which is what Wells Fargo and Chase have done, according to the suit.

The suit states that Wells Fargo and Chase combined service about 25 percent of all U.S. mortgages.

“We are currently reviewing the complaint to better understand the facts of the filing,” said a Wells Fargo spokesperson to DS News.

Chase had no comment on the lawsuit.