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Don’t miss out on debt forgiveness expiring Dec. 31
by Annie Christian
Jul 06, 2012 | 4662 views | 0 0 comments | 30 30 recommendations | email to a friend | print
We all have debts and some of us have more debts than others.  Don’t we all worry about how long it will take to pay off our debts?  However, we always find a way to get into more debt faster than we can pay it off. As a nation of spenders we need to stop spending and find ways not just to pay down our debt but eliminate debt, so at some point we can be debt free!

One of my clients who completed a short sale in January 2011 called the other day. He had received a letter from a collection agency about the second lien on his short sale. Apparently the law of debt forgiveness prevents the first lien from coming after him so he was forgiven on the entire balance. However, there is no law that says the second lien cannot come after you for the deficient balance. What he received was a letter from a collection agency; what that means is the bank that owned the second lien sold the account to the collection agency. He is not being pursued by the bank itself.  However, the collection agency now wants to collect on an account that it bought from the bank. It sounds complicated and it is. So he contacted the collection agency and worked out a settlement to pay a portion of what it was trying to collect from him. To most people who still have a job, it is well worth it not to have their credit ruined while they are trying to repair their credit. 

If you are one of the many homeowners who is living in a home that you can no longer afford -- a home that leaves you house poor and broke every month -- please read this article carefully. 

On March 1, Sen. Dean Heller wrote a reply letter to Marlene Kelly, First Centennial Title company escrow manager.  Sen. Heller’s letter confirmed something that we all fear: Congress is not considering any proposals to extend the Mortgage Debt Forgiveness that is expiring Dec. 31.

Top 10 reasons to

short sell

If you fall into one of the following categories, seriously considering short selling now so you can be financially fit again.

1. Unemployment

2. Under-employment

3. Divorce

4. Retirement

5. Medical hardship

6. Job transfer

7. Loss of rental supplemental income

8. Excessive expenses for children

9. Property requires too much repairs

10.Health issues must downsize to another home

We are all in this bad economy together. You are not alone.   You paid too much for a house. You are making less money and not able to make the high payment. The story is the same only the faces are different. This is how one of my clients paid his mortgage for the past two years: He owns more than 24 credit cards with very high balances. He cashes the balance out each month to make his high house payment. Can you imagine the pressure he faces at the beginning of every month? How do I make this month’s payment and how do I keep making all the 24 credit card payments so I can apply for another credit card. The vicious cycle continued to create depression and frustration for his entire family. He had a take higher-paying job in California to pay all his bills. As a result, he is away from his family during the week. When he called me to short sell his house, his wife was crying in the background saying we have to short sell our house, we are so broke and we can’t stand to be so depressed anymore.

This may not be your story but you recognize the frustration of not being able to get out from under the financial strain. Take a good look at your finances. Sit back and take a deep breath, imagine how it would feel to get rid of your bad debt.  Imagine being able to start over in a few short years.  

You can buy again in a few short years or lease option now.   Get rid of bad debts that own you. Mortgage debt forgiveness now extends to investment properties. Investors who live out-of-state are now qualified to short sell and get HAFA protection.  Call a local experienced short sale specialist.  The answer is a phone call away.

Annie Christian is a real estate broker and owner of The Annie Christian Real Estate Group. She helps with everything from buying and selling to foreclosure and short sale. To submit a question, call 351-5117. Her website is
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