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December 22, 2007 at 7:54 AM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122892December 22, 2007 at 7:54 AM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122910
HLS
ParticipantMortgage 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 ??
December 21, 2007 at 10:44 PM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122569HLS
ParticipantI 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.
December 21, 2007 at 10:44 PM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122718HLS
ParticipantI 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.
December 21, 2007 at 10:44 PM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122740HLS
ParticipantI 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.
December 21, 2007 at 10:44 PM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122795HLS
ParticipantI 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.
December 21, 2007 at 10:44 PM in reply to: Free Pass to walk away from recourse debt on primary residence !!! #122816HLS
ParticipantI 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
ParticipantAssuming that you are buying gas, get a gas card too. Some offer discounts like SHELL offers a 5% rebate on gas with their card. Use the cards at least once a month and pay the bill off each month.
Using credit will raise your score over time.Just realize that a debit card does absolutely nothing for your credit score.
You will get a loan, that’s not the point.
You want to try and get a great loan.Guidleines are constantly changing. A 680+ mid-score will get you a better loan than a 679 mid-score today.
A 90% loan is a better rate than a 91% loan.HLS
ParticipantAssuming that you are buying gas, get a gas card too. Some offer discounts like SHELL offers a 5% rebate on gas with their card. Use the cards at least once a month and pay the bill off each month.
Using credit will raise your score over time.Just realize that a debit card does absolutely nothing for your credit score.
You will get a loan, that’s not the point.
You want to try and get a great loan.Guidleines are constantly changing. A 680+ mid-score will get you a better loan than a 679 mid-score today.
A 90% loan is a better rate than a 91% loan.HLS
ParticipantAssuming that you are buying gas, get a gas card too. Some offer discounts like SHELL offers a 5% rebate on gas with their card. Use the cards at least once a month and pay the bill off each month.
Using credit will raise your score over time.Just realize that a debit card does absolutely nothing for your credit score.
You will get a loan, that’s not the point.
You want to try and get a great loan.Guidleines are constantly changing. A 680+ mid-score will get you a better loan than a 679 mid-score today.
A 90% loan is a better rate than a 91% loan.HLS
ParticipantAssuming that you are buying gas, get a gas card too. Some offer discounts like SHELL offers a 5% rebate on gas with their card. Use the cards at least once a month and pay the bill off each month.
Using credit will raise your score over time.Just realize that a debit card does absolutely nothing for your credit score.
You will get a loan, that’s not the point.
You want to try and get a great loan.Guidleines are constantly changing. A 680+ mid-score will get you a better loan than a 679 mid-score today.
A 90% loan is a better rate than a 91% loan.HLS
ParticipantAssuming that you are buying gas, get a gas card too. Some offer discounts like SHELL offers a 5% rebate on gas with their card. Use the cards at least once a month and pay the bill off each month.
Using credit will raise your score over time.Just realize that a debit card does absolutely nothing for your credit score.
You will get a loan, that’s not the point.
You want to try and get a great loan.Guidleines are constantly changing. A 680+ mid-score will get you a better loan than a 679 mid-score today.
A 90% loan is a better rate than a 91% loan.HLS
ParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
HLS
ParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
HLS
ParticipantAny loan (max $417K) over 80% of the purchase price will require mortgage insurance or a higher rate to compensate.
Depending on the rest of your profile, you may or may not qualify for a loan next year.Do you actually know how to raise your credit score ?
I don’t think that you need to worry about prices going up around here.
A lender might allow you to borrow with total monthly payments and debt up to 60% of your gross income, more than you are comfortable with.
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