Comments on: Debt Forgiveness | Underwater Homeowners Face a Tax Time Bomb https://4closurefraud.org/2012/08/02/debt-forgiveness-underwater-homeowners-face-a-tax-time-bomb/ - Fighting Foreclosure Fraud BY SHARING THE KNOWLEDGE Thu, 02 Aug 2012 17:26:21 +0000 hourly 1 https://wordpress.org/?v=7.0.8 By: Mortgage Fruad Examiner https://4closurefraud.org/2012/08/02/debt-forgiveness-underwater-homeowners-face-a-tax-time-bomb/#comment-398219 Thu, 02 Aug 2012 17:26:21 +0000 https://4closurefraud.org/?p=50691#comment-398219 First, if you get the 1099 from whatever Bank, just dispute it. The burden is on the Bank to prove they lent you money. That is why they are writing it off…its cheaper to burden you. In Arkansas that is exactly what the Supreme Court ruled…Discover Card vs. Betsy Danner.

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]]> By: talktotennessee https://4closurefraud.org/2012/08/02/debt-forgiveness-underwater-homeowners-face-a-tax-time-bomb/#comment-398197 Thu, 02 Aug 2012 15:34:37 +0000 https://4closurefraud.org/?p=50691#comment-398197 I am not aware of a B of A forgiveness plan. They are foreclosing on my property despite having a lawsuit against them. I am also told that if your loan is FNMA you will have no principal write down. . period! Despite the fact taxpayers bailed out FNMA and Freddie, the hard line answer is absolutely NO principal write down as Geithner and Obama wanted and tepidly admonished FNMA for their stand. I expect they put little pressure on them to really do it but want to LOOK good to all of us out here in an election year that they are doing SOMETHING when really NOTHING is being done to help.
Years of this housing mess will haunt and have not even been realized at this point! Only the wealthy are recovering. Middle and low income have lost their homes, are underwater and there will be NO recovery because those seeking to sell or buy are stuck. More will walk away and this is what FNMA and Freddie plus the administration knows and why they refuse to write down.
They are afraid of an avalance of “walkers” who will just leave their houses and go.
Folks, it will happen anyway! They have no place to go when they lose ability to pay those high mortgages that are not recovering.
People just don’t realize yet but it is investors who are creating a new bubble and it too will burst. There is no recovery. The rich will get richer (off of us) and the poor will be with us always!

]]> By: Sarah https://4closurefraud.org/2012/08/02/debt-forgiveness-underwater-homeowners-face-a-tax-time-bomb/#comment-398195 Thu, 02 Aug 2012 15:23:45 +0000 https://4closurefraud.org/?p=50691#comment-398195 Does the IRS give a 30 year option to take advantage of today’s “low rates”?

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