Upcoming Foreclosures

bush's reform on foreclosure/shortsale law?

hi, does anyone know what is going on with bush's plan for people going through foreclosure/shortsale this year? what's your forecast...? will 1099c not be sent? what's the scoop? i might be faced with both this year and worried what is to happen...

Public Comments

1. The reform will come with new rules and regs that will make it near impossible to get the type of loans that got us here to begin with. Work with your Lender toward keeping your house if at all possible. The bail out WILL NOT cover everyone in trouble. Good luck
2. The bailout appears to be in the form of enhanced eligibility for FHA loans to replace the variable rate loans the homeowner originally took out. As such there will be no foreclosure for the eligible folks. The debt will eventually be paid in full, just using a loan with more realistic terms. As such, no 1099C will be cut as there will be NO forgiveness of debt.