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Run – don’t walk Debt Forgiveness Expiring Dec. 31!
by Annie Christian
Aug 31, 2012 | 6764 views | 1 1 comments | 37 37 recommendations | email to a friend | print
We all have debts and some of us have more debts than others. We all worry about how long it takes to pay off our debts. However, we always find a way to get into more debt and seemingly faster than we can pay them off. We as a nation of spenders need to stop spending and find ways to pay down our debt, even 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 has received a letter from a collection agency about the second lien on his short sale. Apparently the law of debt forgiveness prevented 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 who owned the second lien sold the account to a 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. Try stay clear of over-extending yourself in debts. Debt is not attractive.

So my client contacted the collection agency and worked out a settlement to pay a portion of what they were trying to collect from him. To most people who still have a job, it is well worth it not to have credit ruined while trying to repair 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, Senator Dean Heller wrote a reply letter to Marlene Kelly, First Centennial Title company escrow manager. Sen. Dean Heller’s letter confirmed something that we all fear: Congress is not considering any proposals to extend the Mortgage Debt Forgiveness that is expiring December 31.

The top ten reasons for short sale are listed shortly. If you fall into one of the following categories, seriously considering short selling now so you can be financially fit again — unemployment, under-employment, divorce, retirement, medical hardship, job transfer, loss of rental supplemental income, excessive children’s expenses, popery requires too many repairs, health issues forcing downsizing 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 over twenty four 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 twenty four 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 has to take a 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 sale 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, 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 feels 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 get into a 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 qualifying to short sell and get HAFA protection. Go ahead, 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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August 31, 2013
how about suing the lender for making unconscionable loans? Maybe a cause of action for failure to modify under HAMP after collecting payments? Did they take your payments under the guise of a modification arrangement and then foreclose anyway?

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