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What happens if you don’t pay the mortgage?-- Foreclosure vs Short Sale

Realtors, Real Estate of Florida, serving Florida's Treasure Coast, Martin & St. Lucie Counties: Stuart, Jensen Beach, Hutchinson Island, Sewall's Point, Palm City, Hobe Sound and Port St. Lucie. We study the market every day. We will go the extra mile to help you achieve your goal of buying or selling residential, waterfront, golf or vacant land, as well as commercial properties. Visit us @ www.flhotproperties.com So the choices available are to keep on making the monthly mortgage payment or to try to renegotiate the terms of the loan, if the lender will take the call and can find your faxes. How about if the homeowner just stops paying the mortgage, called a "strategic default"? Sun-Sentinel says, "It may be a tempting idea, but it quickly leads to trouble." In the next 30 days, you can expect your other creditors to take note of the late payment and to take action. They can raise your interest rates, shut off your credit card entirely, or lower your credit limit. You also could face other changes in your financial life, because auto insurance, student loans and other forms of credit are pegged to your credit score. Unfortunately, people like you who bought a second home at the top of the market and have seen it drop in value get no relief from the federal government. The Internal Revenue Service counts debt forgiveness–the difference between the home's sale price and the amount owed on the mortgage–as regular income, although there are exceptions for bankruptcy, insolvency, forgiven deductible mortgage interest and seller-financed debt. You also cannot deduct losses from price declines, or expenses you incur for real estate brokers, attorneys or others involved in the sale. Primary homeowners, however, get a break from being taxed on the shortfall, at least until December 31, 2012, thanks to the Mortgage Forgiveness Debt Relief Act of 2007. So you are stuck, though the short sale does have several advantages over the foreclosure. Some lenders don't report short sales to credit bureaus, or report them as "paid as agreed"; and even if they do, you'll likely have a lighter hit to your credit score than if you had a foreclosure. If you buy a home again, the loan application will ask if you have had a foreclosure; it won't ask about a short sale. Moreover, under Fannie Mae guidelines, if you have a short sale and have been current on your payments, you may qualify to buy another home immediately; or within two years if you were in arrears. If you go through a foreclosure, the wait is seven years.

Source: John Widlak and Ricki Widlak Treasure Coast FL Real Estate E-Newsletter

CSIC: Virginia Foxx On Health Care

The ObamaCare plan (as well as basically his entire socialist agenda) has really helped muster the conservative movement. With the swelling support from people via the tea parties and townhall protests, it appears more Republican politicians are willing to reveal their conservative values and openly push back the leftist Democrat agenda. "We have more to fear from the potential of that bill passing than we do from any terrorist, right now, in any country." Right on Mrs. Foxx! The government takeover of our health care system will cause permanent damage to this country, costing trillions of dollars, forcing us to borrow more money from China, and put future generations further in debt. You can't say any terrorist attack has caused harm to the country near that financial cost. Page 94—Section 202(c) prohibits the sale of private individual health insurance policies, beginning in 2013, forcing individuals to purchase coverage through the federal government Page 110—Section 222(e) requires the use of federal dollars to fund abortions through the government-run health plan—and, if the Hyde Amendment were ever not renewed, would require the plan to fund elective abortions Page 111—Section 223 establishes a new board of federal bureaucrats (the “Health Benefits Advisory Committee”) to dictate the health plans that all individuals must purchase—and would likely require all Americans to subsidize and purchase plans that cover any abortion Page 122—Section 233(a3) requires the new Insurance Czar to issue guidance on best practices of plain language writing. This from the same people that wrote a 1,990 page health care bill which is very difficult to read - so much so, most Democrats admit to not reading it and suggest that anyone wanting to read it or says they read it, won't understand it. Page 1183—Section 1904 provides $750 million in federal funding for new entitlement programs to offer knowledge of realistic expectations of age appropriate child behaviors and skills for parents to interact with their child. What the hell does this have to do with the access and affordability of health care? Page 1255—Sections 2231 to 2235 make veterinary students eligible for up to $283 million in federal scholarship and student loan forgiveness funds. Again I ask, what the hell does this have to do with the access and affordability of health care? Page 1432—Section 2531 provides incentive payments to states that enact new medical liability laws, but only if such laws do not limit attorney's fees or impose caps on damages. So the veterinary lobby gets $283 million in funds on a health care bill and the trial lawyer lobby gets no restrictions on lawsuit limits or fees? How wonderful and anti-corrupt is the Obama Administration and the Nancy Pelosi House? I believe most rational people know the biggest problem with health care costs are caused by the excessive and frivolous lawsuits and subsequent judgments, and increased liability insurance costs(in most instances). I think even Socky would agree with that - so how could the do-good'ing Democrats put this in here? Trial lawyers got their number I suppose. Page 211—Section 321 establishes a new government-run health plan that, according to non-partisan actuaries at the Lewin Group, would cause as many as 114 million Americans to lose their existing coverage. Page 225—Section 330 permits—but does not require—Members of Congress to enroll in government-run health care. Page 255—Section 345 includes language requiring verification of income for individuals wishing to receive federal health care subsidies under the bill—while the bill includes a requirement for applicants to verify their citizenship, it does not include a similar requirement to verify applicants’ identity, thus encouraging identity fraud for undocumented immigrants and others wishing to receive taxpayer-subsidized health benefits. Page 297—Section 501 imposes a 2.5 percent tax on all individuals who do not purchase “bureaucrat-approved” health insurance—the tax would apply on individuals with incomes under $250,000, thus breaking a central promise of then-Senator Obama’s presidential campaign - although he's broken several promises already . Page 313—Section 512 imposes an 8 percent “tax on jobs” for firms that cannot afford to purchase “bureaucrat-approved” health coverage; according to an analysis by Harvard Professor Kate Baicker, such a tax would place millions “at substantial risk of unemployment”—with minority workers losing their jobs at twice the rate of their white counterparts. Page 336—Section 551 imposes additional job-killing taxes, in the form of a half-trillion dollar “surcharge,” more than half of which will hit small businesses; according to a model developed by President Obama’s senior economic advisor, such taxes could cost up to 5.5 million jobs. Page 520—Section 1161 cuts more than $150 billion from Medicare Advantage plans, potentially jeopardizing millions of seniors’ existing coverage. Page 733—Section 1401 establishes a new Center for Comparative Effectiveness Research; the bill includes no provisions preventing the government-run health plan from using such research to deny access to life-saving treatments on cost grounds, similar to Britain’s National Health Service, which denies patient treatments costing more than £35,000. Page 1174—Section 1802(b) includes provisions entitled “TAXES ON CERTAIN INSURANCE POLICIES” to fund comparative effectiveness research, breaking Speaker Pelosi’s promise that “We will not be taxing [health] benefits in any bill that passes the House,” and the President’s promise not to raise taxes on families with incomes under $250,00- Again we know he's broken that seal already! Read the bill and verify these claims if you (Socky) don't believe it!

Source: Observational Diatribe