http://deforcelaw.com Boston Real Estate Attorney Thu, 19 Apr 2012 12:44:23 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 http://deforcelaw.com/the-short-sale-advocates-facebook-wall-2012-04-19-124423/ http://deforcelaw.com/the-short-sale-advocates-facebook-wall-2012-04-19-124423/#comments Thu, 19 Apr 2012 12:44:23 +0000 The Short Sale Advocate http://deforcelaw.com/?guid=d63c0874d5fbe6b0f03e5568f9c87af5
Inside the foreclosure factory: Pushing the files
economywatch.msnbc.msn.com
In a quiet office in downtown Charlotte, N.C., dozens of Wells Fargo’s foreclosure foot soldiers sit in cubicles cranking out documents the bank relies on to seize its share of the thousands of homes lost to foreclosure every week. They stare at computer screens and prepar …]]> http://deforcelaw.com/the-short-sale-advocates-facebook-wall-2012-04-19-124423/feed/ 0 http://deforcelaw.com/deforce-laws-facebook-wall-2012-04-17-134639/ http://deforcelaw.com/deforce-laws-facebook-wall-2012-04-17-134639/#comments Tue, 17 Apr 2012 13:46:39 +0000 DeForce Law http://deforcelaw.com/?guid=f49a486353d33a7d0439270df65d7e1b
Coakley pushes for law offering mortgage aid
www.boston.com
Attorney General Martha Coakley said that, based on the findings of a new study, Mass. should require lenders to consider loan modifications before seizing a residence.]]> http://deforcelaw.com/deforce-laws-facebook-wall-2012-04-17-134639/feed/ 0 http://deforcelaw.com/the-short-sale-advocates-facebook-wall-2012-04-12-130807/ http://deforcelaw.com/the-short-sale-advocates-facebook-wall-2012-04-12-130807/#comments Thu, 12 Apr 2012 13:08:07 +0000 The Short Sale Advocate http://deforcelaw.com/?guid=cd228b35df26ce8bb8a5ff663b1f43ff
Foreclosures slow as pipeline keeps backing up
economywatch.msnbc.msn.com
Foreclosure activity fell in the first quarter to the lowest level in more than four years, but mainly because the process of removing people from their homes has slowed. The number of homes just beginning the foreclosure process rose in March for a third straight month, a sign …]]> http://deforcelaw.com/the-short-sale-advocates-facebook-wall-2012-04-12-130807/feed/ 0 http://deforcelaw.com/what-is-credit-counseling-in-bankruptcyas-of-2005-changes-to-bankruptcy-law-r/ http://deforcelaw.com/what-is-credit-counseling-in-bankruptcyas-of-2005-changes-to-bankruptcy-law-r/#comments Thu, 08 Mar 2012 15:36:39 +0000 DeForce Law http://deforcelaw.com/?guid=ddf22fe18cbd0064ca2f8b209ca3db73 As of 2005, changes to bankruptcy law require that people who wish to file for bankruptcy complete credit counseling before they are allowed to file. Furthermore, a second course concerning financial management must be completed before a discharge can be obtained. Basically, the idea is to make sure that people do not simply file bankruptcy to avoid their creditors, and to make sure that people are informed about alternatives to bankruptcy. All counseling must be provided by an agency approved by the U.S. Trustee’s office, and will cost a relatively small amount. Courses can be completed online or over the phone.]]> http://deforcelaw.com/what-is-credit-counseling-in-bankruptcyas-of-2005-changes-to-bankruptcy-law-r/feed/ 0 http://deforcelaw.com/state-attorneys-general-meeting-to-discuss-mortgage-investigationsfrustrated-wi/ http://deforcelaw.com/state-attorneys-general-meeting-to-discuss-mortgage-investigationsfrustrated-wi/#comments Fri, 13 Jan 2012 19:25:16 +0000 The Short Sale Advocate http://deforcelaw.com/?guid=833810768aa1bc0938b01c1bbf87058c Frustrated with the pace and lack of progress with settlement discussions with banks over foreclosures, several state Attorneys General met in Washington this week to discuss the investigations into the mortgage and foreclosure industries and possibilities for future investigations that might be helpful to the situation. Massachusetts Attorney General Martha Coakley was involved in the meeting, speaking of her own investigation, and about the ongoing litigation against North Carolina-based Bank of America, New York-based JPMorgan, Citigroup Inc., Wells Fargo & Co. and Ally Financial, Inc. Also under discussion was Delaware’s lawsuit against Mortgage Electronic Registration Systems Inc. (MERS), and Nevada’s lawsuit against Bank of America, according to an undisclosed participant. Over the weekend, four smaller servicers were contacted by the Justice Department in an effort to include them in any settlement agreement reached with the major banks. This will certainly bear watching in the coming months as any agreements reached would affect foreclosures and mortgages in the future.]]> http://deforcelaw.com/state-attorneys-general-meeting-to-discuss-mortgage-investigationsfrustrated-wi/feed/ 0 http://deforcelaw.com/do-i-owe-the-irs-taxes-on-forgiven-debtgenerally-no-thanks-to-congress-passi/ http://deforcelaw.com/do-i-owe-the-irs-taxes-on-forgiven-debtgenerally-no-thanks-to-congress-passi/#comments Wed, 11 Jan 2012 15:04:59 +0000 DeForce Law http://deforcelaw.com/?guid=04e61f5987868b4b0212546d0a0fd33e Generally, no (thanks to Congress passing the Mortgage Debt Relief Act in 2007). It used to be the case that if you did a short sale or were foreclosed on, any forgiven debt would be taxed as income by the IRS, even though you would not see a penny of it in your pocket. Since passage of the Act in 2007, however, this is no longer the case for many. Unless you had a large cash-out refinance, where the money taken out was not spent on home improvements, or if your forgiveness was over $2 million dollars (and even if it was you are only taxed on forgiven debt over that amount), or if the forgiveness was for a second home, rental property or a vacation home, you owe nothing to the IRS on this “income.” Of course, you should always consult a qualified tax attorney or professional to get advice regarding taxes. More information can be obtained by ordering a free copy of IRS publication No. 4681, “Canceled Debts, Foreclosures, Repossessions and Abandonment,” available for download at irs.gov, or by calling (800) 829-3676.]]> http://deforcelaw.com/do-i-owe-the-irs-taxes-on-forgiven-debtgenerally-no-thanks-to-congress-passi/feed/ 0 http://deforcelaw.com/we-wanted-to-be-sure-that-you-were-aware-that-we-are-expanding-our-practice-to-i/ http://deforcelaw.com/we-wanted-to-be-sure-that-you-were-aware-that-we-are-expanding-our-practice-to-i/#comments Thu, 05 Jan 2012 19:18:15 +0000 DeForce Law http://deforcelaw.com/?guid=dbc5ed871f9371aae70ef6889421dd89
Bankruptcies are an often-misunderstood area of the law. In both Chapter 7 and Chapter 13 Bankruptcies, there is a detailed accounting of all your debts, incomes, assets and expenses. Depending on your financial situation, and your ability to repay debts over time, we will help you decide whether to file a Chapter 7 Bankruptcy, which is basically described as liquidation, where all debts are discharged outright and certain personal property can be exempted; and a Chapter 13 Bankruptcy, which is essentially a structured repayment plan, and can allow you to avoid foreclosure while keeping your home and other assets when possible.]]> http://deforcelaw.com/we-wanted-to-be-sure-that-you-were-aware-that-we-are-expanding-our-practice-to-i/feed/ 0 http://deforcelaw.com/deforce-laws-facebook-wall-2012-01-04-122603/ http://deforcelaw.com/deforce-laws-facebook-wall-2012-01-04-122603/#comments Wed, 04 Jan 2012 12:26:03 +0000 DeForce Law http://deforcelaw.com/?guid=939765da05ee79381029fd130e586eb6 Mass. foreclosures spiked 70 percent in November
www.patriotledger.com
The number of foreclosures completed in Massachusetts was 70 percent higher in November compared to the same month last year, according to the Warren Group, publisher of Banker & Tradesman.]]> http://deforcelaw.com/deforce-laws-facebook-wall-2012-01-04-122603/feed/ 0 http://deforcelaw.com/what-is-a-short-salea-%e2%80%9cshort-sale%e2%80%9d-is-a-sale-of-a-home-or-property-where-the-m-2/ http://deforcelaw.com/what-is-a-short-salea-%e2%80%9cshort-sale%e2%80%9d-is-a-sale-of-a-home-or-property-where-the-m-2/#comments Tue, 03 Jan 2012 16:21:26 +0000 The Short Sale Advocate http://deforcelaw.com/?guid=fe5dc3d1a8534536593950ebee97140a A “short sale” is a sale of a home or property where the mortgage is for more than the property is currently worth, the owner is having financial difficulty, and the lender agrees to sell the property in full satisfaction of the mortgage, although the proceeds do not cover the whole amount owed. (Not all lenders agree to discharge the mortgage in full, and still seek all or part of the difference, however.) Short sales are far less damaging to a seller’s credit rating than a foreclosure or bankruptcy would be, and are better for lenders as well, who have to pay a lot of money to go through the foreclosure process, and typically recover less for the same property than they would in a short sale. Therefore, it’s really a win-win for everyone, considering that the inflated real estate prices in the past are not expected to return soon- or perhaps ever. These transactions can be extremely time-consuming and complex, and most property owners need assistance in getting the bank to agree to a short sale. For more information about short sales or any other real estate transaction, contact our office.]]> http://deforcelaw.com/what-is-a-short-salea-%e2%80%9cshort-sale%e2%80%9d-is-a-sale-of-a-home-or-property-where-the-m-2/feed/ 0 http://deforcelaw.com/what-is-a-short-salea-%e2%80%9cshort-sale%e2%80%9d-is-a-sale-of-a-home-or-property-where-the-m/ http://deforcelaw.com/what-is-a-short-salea-%e2%80%9cshort-sale%e2%80%9d-is-a-sale-of-a-home-or-property-where-the-m/#comments Tue, 03 Jan 2012 14:26:48 +0000 The Short Sale Advocate http://deforcelaw.com/?guid=b05ee17c566baeb95051037bcfea71b4 WHAT IS A SHORT SALE? A “short sale” is a sale of a home or property where the mortgage is for more than the property is currently worth, the owner is having financial difficulty, and the lender agrees to sell the property in full satisfaction of the mortgage, although the proceeds do not cover the whole amount owed. (Not all lenders agree to discharge the mortgage in full, and still seek all or part of the difference, however.) Short sales are far less damaging to a seller’s credit rating than a foreclosure or bankruptcy would be, and are better for lenders as well, who have to pay a lot of money to go through the foreclosure process, and typically recover less for the same property than they would in a short sale. Therefore, it’s really a win-win for everyone, considering that the inflated real estate prices in the past are not expected to return soon- or perhaps ever. These transactions can be extremely time-consuming and complex, and most property owners need assistance in getting the bank to agree to a short sale. For more information about short sales or any other real estate transaction, contact our office.]]> http://deforcelaw.com/what-is-a-short-salea-%e2%80%9cshort-sale%e2%80%9d-is-a-sale-of-a-home-or-property-where-the-m/feed/ 0