Homeowners threatened with foreclosure can face serious tax problems if they do not understand the consequences of foreclosure, according to Andrew Housser, co-founder and co-chief executive officer of Bills.com, San Mateo, Calif.Mr. Housser said a former homeowner may be required to pay tax on "cancellation of debt income," which is accrued when a lender agrees to waive part or all of the so-called deficiency balance. The deficiency balance is the amount remaining due after the proceeds of a foreclosure sale are subtracted from the mortgage balance plus the fees associated with the foreclosure and sale. "If you think you may face a CODI tax liability, start talking to a tax professional now," Mr. Housser advised. The company, an online personal finance portal, can be found on the Web at http://www.bills.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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