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where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims?


A new wave of homeowners who pay their mortgages on time are now facing foreclosure after losing their jobs in the slumping economy. Ben Tracy has more.
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Question by Raymond A: where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims?
My parents recently lost their home to foreclosure and now they are planning to file for bankcrupcy. They recently went to file their taxes and they found out IRS is billing them 52,000 for abandonment even though they have tried for months asking for help from the banks. Need some advise on how i can help guide my parents to the right people to settle the foreclosures.

Best answer:

Answer by jeff m
search the internet or watch the news. He spoke about it last night

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  • mac

    here’s one for you,i just read an article on a las vegas news website that says,the chinesse want to come to america and buy houses,im thinking great,lets let them come over and buy all these houses,and then charge people to rent not buy,this was one way we got into this mess,we need to stop letting people buy mass houses just to rent or sell over what thier worth.

  • ChicagoSearch

    You are looking for a place to find help with foreclosure issues, the first thing I would caution against is all of the people trying to sell a “quick fix” foreclosure solution. Try a government housing counselor, find one through HUD or online you can try a resource website with links to government agencies that may be able to help in situations like this:

    Good luck, sounds like a hard situation.

  • Rebecca d

    What people do not understand is that if/when a property is foreclosed on the borrower does not simply walk away with a FC on their credit. At the beginning of the following year they get a 1099 and have to claim the banks loss as an income and then pay taxes on it. The IRS billing them is understandable, especially if they had unpaid taxes and the IRS placed a 2nd lien against the property.

    The other thing that people forget is that the borrower may ask banks for help, but they have to qualify for it. Investors are not ‘handing’ the bank to people because they need help – they have to qualify by showing they can afford a lower payment/interest rate. If they do not qualify this way, or if there are 2nd liens on the property – often the banks hands are tied because the collateral can be FC on by the other lien holder(s) and the risk of loss all the way around is to great.

    You have a couple of choices here;

    1) If your parents haven’t been evicted yet and if you’re in a “Redemption State” you might be able to redeem the property by making a years worth of interest payments. You’ll want to contact the FC attorney assigned by the investor to get answers to those questions – or look it up on the internet.

    2) Again, if your parents are still on the property they still might be able to sell it, possibly even a Short Sale which would mean getting an offer for close to Fair Market Value. You can contact the REO of your parents loan servicer to inquire about this possible option.

    3) Move forward. The FC is done. I would inquire (if you haven’t already) with that BK attorney to see if they do anything to reduce the debt owed to the IRS.

    Good Luck.

  • darla

    Here is the one that I am looking into as I am getting close to the F word in housing! Good luck to you also.

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