The Real Estate Encyclopedia
Options for Morgage Debt
Category - Real Estate Information Sources - Real Estate Articles
Given the current economic and housing crisis, the need for legal advice, representation and aid has been at an all-time high. Anaheim attorney, James C Bechler practices in many real estate and legal areas and is accustomed to the various options that may lend a helping hand to those in need of relief.

More and more homeowners have been unable to meet their mortgage or make payments on their loans because of this crisis. A year ago The Mortgage Forgiveness Debt Relief Act of 2007 was enacted to provide temporary relief for homeowners in dire financial situations. The Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on the home owners principal residence. To qualify for the benefits of mortgage forgiveness one must meet all of three primary requirements.

1) The debt forgiven must be on a mortgage for your principal residence. The principal residence is qualified based on the amount of time that you lived in it over the past five years.

2) The mortgage forgiveness must be because of loss of value in your home or because of a forced short sale in connection with a mortgage foreclosure. A forgiveness that is given in return for services performed for the lender is not allowed.

3) The debt must be forgiven between January 1, 2007 and January 1, 2010 and the debt forgiveness must be on the mortgage used to buy your home.

It is important to know that if you do not meet any of these requirements, or if you do but would like to further reduce debt, there are other options available. One such option is on a micro financial level to reduce debt and/or expenses in other areas of one's life. Such options could be modifying your existing loans on your property. This could greatly reduce the interest paid on your loans and help limit the damage of financial hardship. Although the process and paperwork can be confusing and laborious if seeking to obtain a loan modification alone, Real Estate attorneys may help out with these and often have legal staffs that are experts in talking to lenders to receive the most advantagous loan modifications possible.

The Law Offices of James C Bechler has such a staff and offers free consultations on Mortgage and debt relief. Believe it or not, there are many legal options available during an economic crisis. It is crucial to seek help in such situations and Attorney James Bechler is a licensed real estate broker, real estate attorney and has experience in business litigation and bankruptcy. His multi-disciplinary expertise is exactly the kind of background an attorney needs to gain a full understanding of the legal options available in such complicated matters.

 




 



References


External Links

www.jamesbechler.com

 

 
 
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Real Estate Information Sources - Real Estate Articles
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