You will leave with a full understanding of the options available to home owners who are “upside down” or facing foreclosures.

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How can you search for the right mortgage lender?

In this tough competitive market, you will find several mortgage lenders offering you the same type of mortgage loan. But, you must know that all mortgage lenders are not genuine and so, you should research thoroughly before you decide to choose one. You may take the help of Internet and gather sufficient information about them or enquire from your friends and relatives who have at least some knowledge in this matter. Purchasing your own home is a one time commitment that every individual makes and so, you should take sufficient time before you choose a lender to take out mortgage loans.

Why is it important to read the clauses properly before taking you a mortgage loan?

Before taking out a mortgage loan, it is very important that you go through the clauses properly. This is because many times it has been seen that a borrower takes out a mortgage loan in a hurry without reading the terms and conditions thoroughly and has to repent later since he is unaware that the lender has imposed heavy hidden charges on the mortgage loan. In this situation, a borrower has nothing to do but rather accept the extra charge that has already been imposed upon him by the lender.

What role does credit score play in case of mortgage loans?

Credit score plays a vital role when you want to take out a mortgage loan. You need to be aware that a mortgage lender will assess your credit score at first before he thinks of approving your loan request. As such, it is important that you have a good credit score before you approach your lender for loan approval. With good credit score, the lender feels that you are a responsible borrower and you know how to handle finances efficiently. Thus, you will get your loan approval at low interest rate and the lender believes that you will repay the loan amount on time. But, with bad credit score, the lender feels that you are a risky borrower and, as such, he will not agree to approve your loan request. However, there are some mortgage lenders who may agree to approve your loan request even when you have bad credit score on condition that you will have to pay high interest rate on the loan amount. Thus, it is advisable that you check your credit score properly before you take out a mortgage loan.

Thus, it is seen that by taking out a suitable mortgage loan, you will be able to get the needed money to buy your dream house.

- Contributed by MortgageFit Community member

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With only a year left in the Mortgage Forgiveness Debt Relief Act and Debt Cancellation, the clock may be ticking on your home. If you are facing foreclosure and are looking for a way out, our short sale seminar can provide you with the tools you need to avoid foreclosure and sell your home. There is no doubt that it is a tough real estate market and that many sellers are having trouble finding buyers for their homes. While short selling your home may seem undesirable, it is actually a much better option than simply walking away from your property.

Why the Banks Want You to Short Sell Your Home

The tough economy has made short selling your home easier than ever before. The banks are overloaded with repossessed properties and are unable to sell the ones they have. To make matters worse, once a bank has taken possession of a house, it must pay for upkeep and clean-up throughout the period it remains unsold. The large number of foreclosed homes that remain boarded up and abandoned are becoming a liability for the banks and they would rather allow you to short sell your home, forgiving part of your debt, than take on another foreclosure.

Foreclosures have become such a liability for the banks, that many have started offering incentives to encourage debtors to short sell their homes. If you have kept your house in good repair, you may qualify for a settlement from the bank. Banks have been known to offer up to $20 000 at the completion of a sale, so long as the house is kept in good condition and nothing is removed from the property.

Why You Should Attend Our short sale Seminar

In spite of the Banks’ incentives, the short sale application process can be tricky if you do not know what you are doing. At our seminar, we will answer your questions about foreclosure and short sales and give you the tools you need to get the best deal from the banks. The media is full of false information regarding the state of the economy and the housing market and we will teach you how to tell fact from fiction, and how to avoid the multitude of scams that target homeowners facing foreclosure. Our seminar will cover:

- How to separate reality from myth in the media
- How to avoid scams
- Federal programs made to help homeowners
- And much more…

If you are a homeowner and you are facing foreclosure, stay tuned for our short sale seminar on November 17th to find out what your options are!

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation expires on December 31, 2012!!!

If you are still contemplating if a short sale is best for you, please contact:

~ LINDA MARTIGNETTI (RIVERSTONE REALTY) 954-464-5434 or

~ KEVIN HALE (CONSUMERS FIRST TITLE) 954-340-5150

for a FREE CONSULTATION!

Under federal law, a creditor is required to file a Form 1099-C whenever it forgives or cancels a loan balance greater than $600. This may create a tax liability for the debtor because the canceled debt is considered “income” for tax purposes.

However, the Mortgage Forgiveness Debt Relief Act of 2007 provides tax relief for some mortgage loans forgiven in 2007 through 2012. The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence.

You qualify for the Mortgage Forgiveness Debt Relief Act if the home was your principal residence.

For more information about the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation, go to the IRS website at:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

For more information, email Linda at: Linda@FloridaHomesByLinda.com

You can also email Kevin at: khale@cftitleco.com