Free Pass to walk away from recourse debt on primary residence !!!

[sd_bear]

So they work out a horribly elaborate plan to save the banks with freezing teaser rates, and then they go on and sign something like this which has the opposite effect by flooding the banks with the unwanted foreclosures.

We live in amazing times. This decline is really going to pick up speed.

[HLS]

It seems TOO EASY,, what’s the catch ??

It’s like when Disneyland went from ticket books (If you’re under 50, they used to have A-E tickets for rides) to unlimited rides…. YEE HAA,,, get in line.

[HLS]

It seems TOO EASY,, what’s the catch ??

It’s like when Disneyland went from ticket books (If you’re under 50, they used to have A-E tickets for rides) to unlimited rides…. YEE HAA,,, get in line.

[HLS]

It seems TOO EASY,, what’s the catch ??

It’s like when Disneyland went from ticket books (If you’re under 50, they used to have A-E tickets for rides) to unlimited rides…. YEE HAA,,, get in line.

[HLS]

It seems TOO EASY,, what’s the catch ??

It’s like when Disneyland went from ticket books (If you’re under 50, they used to have A-E tickets for rides) to unlimited rides…. YEE HAA,,, get in line.

[HLS]

It seems TOO EASY,, what’s the catch ??

It’s like when Disneyland went from ticket books (If you’re under 50, they used to have A-E tickets for rides) to unlimited rides…. YEE HAA,,, get in line.

[DaCounselor]

I haven’t had time to fully evaluate this bill, but my very preliminary thoughts are as follows:

The bill appears to specifically encompass “acquisition indebtedness” only; therefore, it appears that loans taken to purchase the oft-cited Hummer, European vacation, yacht, etc, may not be excluded from cancellation of debt taxation.

The bill does not provide for a free-pass from recourse debt as it does not appear to restrict a lender from pursuing a deficiency judgment. It appears to be a tax bill only. And it’s not a free-pass re taxation, as described above.

At first blush this bill appears to be most favorable to those with considerable assets – ie, those who would not be found insolvent at the time of foreclosure/short sale. Those who are insolvent are already protected from cancellation of debt taxation, so this bill appears to have no relation to them.

I look forward to actually digging into this bill (after much Christmas shopping) and seeing all the fine print.

[DaCounselor]

I haven’t had time to fully evaluate this bill, but my very preliminary thoughts are as follows:

The bill appears to specifically encompass “acquisition indebtedness” only; therefore, it appears that loans taken to purchase the oft-cited Hummer, European vacation, yacht, etc, may not be excluded from cancellation of debt taxation.

The bill does not provide for a free-pass from recourse debt as it does not appear to restrict a lender from pursuing a deficiency judgment. It appears to be a tax bill only. And it’s not a free-pass re taxation, as described above.

At first blush this bill appears to be most favorable to those with considerable assets – ie, those who would not be found insolvent at the time of foreclosure/short sale. Those who are insolvent are already protected from cancellation of debt taxation, so this bill appears to have no relation to them.

I look forward to actually digging into this bill (after much Christmas shopping) and seeing all the fine print.

[DaCounselor]

I haven’t had time to fully evaluate this bill, but my very preliminary thoughts are as follows:

The bill appears to specifically encompass “acquisition indebtedness” only; therefore, it appears that loans taken to purchase the oft-cited Hummer, European vacation, yacht, etc, may not be excluded from cancellation of debt taxation.

The bill does not provide for a free-pass from recourse debt as it does not appear to restrict a lender from pursuing a deficiency judgment. It appears to be a tax bill only. And it’s not a free-pass re taxation, as described above.

At first blush this bill appears to be most favorable to those with considerable assets – ie, those who would not be found insolvent at the time of foreclosure/short sale. Those who are insolvent are already protected from cancellation of debt taxation, so this bill appears to have no relation to them.

I look forward to actually digging into this bill (after much Christmas shopping) and seeing all the fine print.

[DaCounselor]

I haven’t had time to fully evaluate this bill, but my very preliminary thoughts are as follows:

The bill appears to specifically encompass “acquisition indebtedness” only; therefore, it appears that loans taken to purchase the oft-cited Hummer, European vacation, yacht, etc, may not be excluded from cancellation of debt taxation.

The bill does not provide for a free-pass from recourse debt as it does not appear to restrict a lender from pursuing a deficiency judgment. It appears to be a tax bill only. And it’s not a free-pass re taxation, as described above.

At first blush this bill appears to be most favorable to those with considerable assets – ie, those who would not be found insolvent at the time of foreclosure/short sale. Those who are insolvent are already protected from cancellation of debt taxation, so this bill appears to have no relation to them.

I look forward to actually digging into this bill (after much Christmas shopping) and seeing all the fine print.

[DaCounselor]

I haven’t had time to fully evaluate this bill, but my very preliminary thoughts are as follows:

The bill appears to specifically encompass “acquisition indebtedness” only; therefore, it appears that loans taken to purchase the oft-cited Hummer, European vacation, yacht, etc, may not be excluded from cancellation of debt taxation.

The bill does not provide for a free-pass from recourse debt as it does not appear to restrict a lender from pursuing a deficiency judgment. It appears to be a tax bill only. And it’s not a free-pass re taxation, as described above.

At first blush this bill appears to be most favorable to those with considerable assets – ie, those who would not be found insolvent at the time of foreclosure/short sale. Those who are insolvent are already protected from cancellation of debt taxation, so this bill appears to have no relation to them.

I look forward to actually digging into this bill (after much Christmas shopping) and seeing all the fine print.

[HLS]

I cannot believe that the president signing this on 12-20 didn’t get HUGE nationwide MSM coverage…
I’m not sure what that tells me…

Details are still a bit cloudy, but it appears that this may ONLY pertain to purchase money loans and not refi’s.

Although purchase loans are already NON-recourse in CA, they could previously have been recourse debt in many other states.
HR 3648 looks to make purchase loans NON-recourse in all states, and does NOT make refi loans anything different than they have been, which is recourse debt.

Even so, it may not affect CA one bit, but it will encourage people in other states to be foreclosed on, adding to the national problem and keeping media attention focused on it.

[HLS]

I cannot believe that the president signing this on 12-20 didn’t get HUGE nationwide MSM coverage…
I’m not sure what that tells me…

Details are still a bit cloudy, but it appears that this may ONLY pertain to purchase money loans and not refi’s.

Although purchase loans are already NON-recourse in CA, they could previously have been recourse debt in many other states.
HR 3648 looks to make purchase loans NON-recourse in all states, and does NOT make refi loans anything different than they have been, which is recourse debt.

Even so, it may not affect CA one bit, but it will encourage people in other states to be foreclosed on, adding to the national problem and keeping media attention focused on it.

[HLS]

I cannot believe that the president signing this on 12-20 didn’t get HUGE nationwide MSM coverage…
I’m not sure what that tells me…

Details are still a bit cloudy, but it appears that this may ONLY pertain to purchase money loans and not refi’s.

Although purchase loans are already NON-recourse in CA, they could previously have been recourse debt in many other states.
HR 3648 looks to make purchase loans NON-recourse in all states, and does NOT make refi loans anything different than they have been, which is recourse debt.

Even so, it may not affect CA one bit, but it will encourage people in other states to be foreclosed on, adding to the national problem and keeping media attention focused on it.

[HLS]

I cannot believe that the president signing this on 12-20 didn’t get HUGE nationwide MSM coverage…
I’m not sure what that tells me…

Details are still a bit cloudy, but it appears that this may ONLY pertain to purchase money loans and not refi’s.

Although purchase loans are already NON-recourse in CA, they could previously have been recourse debt in many other states.
HR 3648 looks to make purchase loans NON-recourse in all states, and does NOT make refi loans anything different than they have been, which is recourse debt.

Even so, it may not affect CA one bit, but it will encourage people in other states to be foreclosed on, adding to the national problem and keeping media attention focused on it.

[Author]

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