Mortgage debt relief act to expire at the end of 2012

You may owe federal income taxes in 2013 if you have a short sale, foreclosure Now is the time to make the hard decision: Are you going to walk away from your underwater home? Uncle Sam is still giving homeowners until Dec. 31 to go through a short sale or foreclosure without tax consequences — …

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OCC Publicizes Independent Foreclosure Reviews

Advertisements informing the public about the independent foreclosure reviews underway at 14 servicers hit the presses and the radio airwaves Wednesday. Released by the Office of the Comptroller of the Currency (OCC), the advertisements inform the public that those who underwent foreclosure in 2009 and 2010 might be eligible for an independent review if there …

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National Recovery is Affected by REOs and Shadow Inventory

Several financial sectors suggest economic stabilization and growth, but the nation’s housing market continues to dampen overall conditions, according to the credit bureau Equifax. Equifax, based in Atlanta, has released the results of a study it conducted during the month of May analyzing national credit trends. The company points to shadow inventory and REOs as …

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Top six reasons mortgage applications are rejected

Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year. Want to avoid falling into that number? It’s tough — especially in …

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