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

[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.

[patientrenter]

HLS, can you quote the part that makes purchase loans non-recourse in all states? DaC didn’t seem to think it did that.

Patient renter in OC

[patientrenter]

HLS, can you quote the part that makes purchase loans non-recourse in all states? DaC didn’t seem to think it did that.

Patient renter in OC

[patientrenter]

HLS, can you quote the part that makes purchase loans non-recourse in all states? DaC didn’t seem to think it did that.

Patient renter in OC

[patientrenter]

HLS, can you quote the part that makes purchase loans non-recourse in all states? DaC didn’t seem to think it did that.

Patient renter in OC

[patientrenter]

HLS, can you quote the part that makes purchase loans non-recourse in all states? DaC didn’t seem to think it did that.

Patient renter in OC

[HLS]

Mortgage Forgiveness Debt Relief Act of 2007 – Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge of indebtedness incurred to acquire a principal residence.

This is still confusing…No IRS tax liability from a 1099-C.

It does not address a lender seeking a deficiency judgment OR whether that is a possibility.

Do you have a different understanding of this ??

WHY did it not make headlines ??

[HLS]

Mortgage Forgiveness Debt Relief Act of 2007 – Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge of indebtedness incurred to acquire a principal residence.

This is still confusing…No IRS tax liability from a 1099-C.

It does not address a lender seeking a deficiency judgment OR whether that is a possibility.

Do you have a different understanding of this ??

WHY did it not make headlines ??

[HLS]

Mortgage Forgiveness Debt Relief Act of 2007 – Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge of indebtedness incurred to acquire a principal residence.

This is still confusing…No IRS tax liability from a 1099-C.

It does not address a lender seeking a deficiency judgment OR whether that is a possibility.

Do you have a different understanding of this ??

WHY did it not make headlines ??

[HLS]

Mortgage Forgiveness Debt Relief Act of 2007 – Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge of indebtedness incurred to acquire a principal residence.

This is still confusing…No IRS tax liability from a 1099-C.

It does not address a lender seeking a deficiency judgment OR whether that is a possibility.

Do you have a different understanding of this ??

WHY did it not make headlines ??

[HLS]

Mortgage Forgiveness Debt Relief Act of 2007 – Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge of indebtedness incurred to acquire a principal residence.

This is still confusing…No IRS tax liability from a 1099-C.

It does not address a lender seeking a deficiency judgment OR whether that is a possibility.

Do you have a different understanding of this ??

WHY did it not make headlines ??

[temeculaguy]

HLS, The banks have abandoned the subprime bailout fund.

http://www.cnbc.com/id/22361874

With the no penalty for foreclosure law and no help coming, I think you are right about the future foreclosure situation in 2008. Last weekend when I went looking at some foreclosures you wrote on another post about picking out a girl in the bar at 7:30 (which is an analogy I can understand). Now this means there is a busload of strippers on their way to the bar. Thanks for the advice, I took it and I’m going to await the arrival of the first bus because it’s all shaping up to fall apart in 08. But cutting off the aid and paving the “walk away” route, the government intervention is actually going to make this worse than if they had done nothing, brilliant!!!

[temeculaguy]

HLS, The banks have abandoned the subprime bailout fund.

http://www.cnbc.com/id/22361874

With the no penalty for foreclosure law and no help coming, I think you are right about the future foreclosure situation in 2008. Last weekend when I went looking at some foreclosures you wrote on another post about picking out a girl in the bar at 7:30 (which is an analogy I can understand). Now this means there is a busload of strippers on their way to the bar. Thanks for the advice, I took it and I’m going to await the arrival of the first bus because it’s all shaping up to fall apart in 08. But cutting off the aid and paving the “walk away” route, the government intervention is actually going to make this worse than if they had done nothing, brilliant!!!

[temeculaguy]

HLS, The banks have abandoned the subprime bailout fund.

http://www.cnbc.com/id/22361874

With the no penalty for foreclosure law and no help coming, I think you are right about the future foreclosure situation in 2008. Last weekend when I went looking at some foreclosures you wrote on another post about picking out a girl in the bar at 7:30 (which is an analogy I can understand). Now this means there is a busload of strippers on their way to the bar. Thanks for the advice, I took it and I’m going to await the arrival of the first bus because it’s all shaping up to fall apart in 08. But cutting off the aid and paving the “walk away” route, the government intervention is actually going to make this worse than if they had done nothing, brilliant!!!

[temeculaguy]

HLS, The banks have abandoned the subprime bailout fund.

http://www.cnbc.com/id/22361874

With the no penalty for foreclosure law and no help coming, I think you are right about the future foreclosure situation in 2008. Last weekend when I went looking at some foreclosures you wrote on another post about picking out a girl in the bar at 7:30 (which is an analogy I can understand). Now this means there is a busload of strippers on their way to the bar. Thanks for the advice, I took it and I’m going to await the arrival of the first bus because it’s all shaping up to fall apart in 08. But cutting off the aid and paving the “walk away” route, the government intervention is actually going to make this worse than if they had done nothing, brilliant!!!

[Author]

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