Florida's foreclosures law waiting Govenors signature. He has 14 days to veto the Bill or let it become law without his signature. The article below shows some of the problems with this Bill.
The South Florida Sun-Sentinel reported that some desperate homeowners are running into a shocking debt collection tactic even after losing their homes to foreclosure. Some banks are coming after them for deficiency payments -- and garnishing desperately needed income from exempt sources like Supplemental Security Income benefits.
It's no secret that record numbers of homeowners are struggling to make their monthly mortgage payments these days. A recent survey of Florida loans showed that of 3,542,740 loans serviced, 374,134 are currently in foreclosure. In the first quarter of 2009 alone, 98,848 foreclosures were started. By the end of 2009, it is expected that Florida courts will be handling 174,182 unresolved cases filed earlier in the year.
I will be posting the saga and the consiquences of identity theft as seen threw the eyes of a victim. The postings will in their own words. This is the first installment.
The IRS tax problems in mortgage principle reduction in foreclosure cases was finally extended. You may remember that in late December the Mortgage Forgiveness Debt Relief Act was dangerously close to expiring. The Act excuses homeowners from having to claim debt forgiven in short sales, foreclosures or loan modifications as taxable income. The Act was originally passed in 2007 at the height of the foreclosure crisis. We did not know if Congress and the President would reach an agreement to extend the foreclosure IRS tax relief as the fiscal cliff loomed. Many home buyers and homeowners in Florida scrambled to finish their short sales, foreclosures or loan modifications before time ran out. Luckily, though, Congress reached a tax deal the night of Jan. 1 that kept the Act in place for another year.