Michigan City-La Porte, IN (1888PressRelease)
April 10, 2009 - According to the Mortgage Bankers Association another 250,000 new families are facing foreclosure every three months and the numbers keep growing. David Smith, experienced mortgage broker and foreclosure consultant, understands that many homeowners are at a loss at to what their options are and they are embarrassed to ask. They fear talking to their lender will just bring the problem to their attention and cause them to lose their home more quickly.
During a recent interview, David Smith said, “There are several options one should look into before making the decision to just walk away. There are many pitfalls that can cost thousands of dollars for the inexperienced. There is nothing that says you cannot make these decisions on you own; however, hiring a reputable expert to walk you through the process is a good investment, like hiring an attorney to assist you in an important legal issue.”
David discussed some of the pitfalls of walking away from foreclosure, including the tax liability. David explained, “Any amount “forgiven” by a lender is normally treated as income by the IRS, requiring the borrower to pay tax on the forgiven amount at the taxpayer’s highest tax rate. The good news is that the IRS has temporarily suspended this tax liability for “forgiven” debt through the end of 2009; it may or may not be extended for 2010.”
David Smith recommends looking into other options including loan modification, refinancing the mortgage, or satisfying the debt with a short sale. After examining all these options, if one finds that none of these are workable, then it may be in their best interest to just walk away.
David Smith is the President of U-Move-On (http://www.umoveon.com) a company who provides expert loan modifications and foreclosure solutions for distressed homeowners. His program is a great resource, offering advice, support and encouragement for homeowners who need help coping with foreclosure and with life after foreclosure.
Contact:
David Smith, Founder
400 Ann Arbor Rd #185
Plymouth, MI 48170
734-756-6050
Email: umoinfo ( @ ) umoveon dot com
This Press Release was submitted by Right Now Marketing Group, LLC
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