Loan Modification Is Helping America Keep Their Homes

Real Estate Loan Negotiating Services, LLC announces their loan modification program to all consumers, not just those facing foreclosure. Today's economy has put consumers at a disadvantage with their current mortgage lenders. RELNS will assist you in negotiating with your mortgage holder and modifying your current mortgage. By negotiating the terms of your loan note, you are not required to go through the process of a new closing. What that means to you as a consumer is no closing costs! There is no refinancing involved. A loan modification will simply change any or all of the following terms of your loan: your interest rate, balance of loan, delinquent fees owed and term of loan. A plethora of consumers have found themselves in need of a loan modification, and not just those facing foreclosure. In the past you were required to be delinquent on your mortgage, but more and more often we are seeing the ability to negotiate the terms of your note without the requirement of delinquency. Not only does this process work to help people avoid foreclosure, but it can also assist someone who is simply paying too much by making your monthly payments more affordable. We can help you stay in your home at a payment you can afford.

We specialize in only one job: saving homes and families by keeping you in your home. We are experts in the loan modification industry. We do nothing else. No games, no funny business. We do not refinance loans. We do not buy houses. We can help people affected by Bankruptcy or foreclosure by modifying their loans. Our single objective is to help you keep your family in your home. You need professional legal help.

Although it is possible to modify your loan by yourself however, it is far more complicated than most people are aware. By hiring a professional firm to assist you there is a better opportunity to assure you are receiving the best terms available. We are not emotionally involved and our experience in the loss mitigation and loan modification industry gives us the advantage in this complex process. We will negotiate better terms and accomplish it far faster. You have an advocate on your side, and we are committed to getting you the best terms available to you.

At RELNS, we treat our clients with courtesy, compassion and integrity. We always guarantee realistic and honest financial advice that achieves results, you'll know what to expect every step of the way and can rest assured in knowing that your loan modification specialist is among the most highly trained in the industry. Our years of experience and notable expertise ensure that your financial future is in good hands.

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Figuring Out Tax Consequences Of Mortgage Debt Forgiveness

To say it has been a rough few years in the housing market is like saying there was a small party in New Orleans after the Saints won the Super Bowl. The housing bubble didn't burst. It blew up like a hydrogen bomb. Unfortunately, this has resulted in many people losing their homes through foreclosure or short sales. Both events have tax consequences.

The pure strangeness of the federal tax code has been commented on repeatedly by many people. Perhaps no where is it stranger than when considering how to handle debt that is forgiven. How so? Well, the tax code is set up in such a way that it considers the relief of debt as...income. Yes, you read that right. If I owe $100,000 on my home and short sell it for $50,000 less than what I owe, I technically have a gain of $50,000 on my income and must pay taxes on it.

Now the government has recognized that most people are in bad shape if they lose their homes. As a result, they've come up with a bit of legislation that helps people avoid the income tax consequences of mortgage debt forgiveness for the years 2007 through 2012. The legislation is known as the Mortgage Forgiveness Debt Relief Act of 2007.

The process works fairly simply. You can avoid paying income tax on up to one million dollars in mortgage debt forgiven as a single individual or two million as a married couple. The debt must be applicable to your primary home. It applies to the money used to buy or build the home. It also applies to any refinance debt that was used to improve the home. Refinance money that was used for other purposes is not covered.

To claim the exemption, you need to fill out Form 982. You should also receive a 1099-C from the lender in question. Make sure you check it closely to affirm that the numbers reported are correct.

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