Unfortunately when a homeowner is facing dire straights and facing foreclosure, far too often those seeking mortgage assistance fall victim to experienced scam artists. These experts are prey on the homeowner’s emotional state to drain you of your money and your home but also leaving your liable for your mortgage debt.
When you purchased your home a few years ago, life was great. Your job was secure, your children were happy and healthy and your marriage was stable, of course with the common marital ups and downs but still reasonably stable.
Then it all came crashing down.
One of your children was diagnosed with a chronic disorder causing medical bills to soar, you became a victim of employment downsizing, and your spouse decided it was all too much and filed for divorce. You are now in danger of losing the family home to foreclosure.
The housing crisis that began concurrently with the financial crisis of 2008 may be a distant memory for most Americans, but according to Forbes there are many families still holding underwater mortgages, who are still dealing with it every day.
Purchasing a home requires planning and budgeting skills. Mortgage payments must be included on family calendars and paid on time. The joys of home ownership are great, but can require sacrifice. When hardships happen, it can make the home ownership even more stressful and financially difficult. In Illinois home owners do have the option of a short sale for their homes to quickly get rid of a home they no longer can afford.
Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes. At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012. One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007.