The Bank May Not Take the Property Even If You Want to Give it Back.

What do you do if you don't have enough money for a mortgage loan modification?What if you can't sell you property because the equity is gone?What if you can't get a Short Sale?What if you can't get the money to keep your property?What if you don't want to file for bankruptcy?You have the option to give the property to the bank. This is normally called a deed in lieu of foreclosure. Essentially, a deed in lieu of foreclosure is when a bank agrees to take a property back to pay off the mortgage. This means there is no foreclosure. It simply becomes a written agreement between you and the bank.This can make perfect sense for certain people. It helps you avoid public exposure of a foreclosure lawsuit. It releases you from all liability for the mortgage. In certain cases it does not affect your...

Read more »

Don't Forget: There Is A 3 Year Moratorium On Tax Liability For Debt Forgiveness

The Mortgage Forgiveness Debt Relief Act of 2007On December 27, 2007, President Bush signed the Mortgage Forgiveness Debt Relief Act[1] of 2007 (HR 3648) into law.This law established a 3 year moratorium that prevents any debt forgiven by a lender from being counted as income by the Internal Revenue Service (IRS). Basically, if a homeowner negotiates a short sale or any other type of debt forgiveness with a lender, the homeowner will not be liable for any taxes on the forgiven debt.For example, if a homeowner in foreclosure gets a bank to agree to take $400,000 for an original loan amount of $500,000, then the homeowner will not have to pay any taxes on the forgiven $100,000 ($500,000 minus the $400,000).The Mortgage Debt Relief act also extends the private mortgage insurance deductions through...

Read more »

Ooohhh!!! Bank of America Pis!@* Me Off

I want to jump right into this. The following are true stories involving Bank of America ("BOA:) and it's DESPERATE debt collection practices:1. In August 2008, BOA took over $20,000 from a joint account held by a husband and wife to pay off a business loan taken out by the husband, even though the business loan was never in the wife's name and never in the husbands name. The money was never returned.2. In February 2009, BOA took over $26,000 from a personal account to pay off a debt that BOA AGREED TO SETTLE FOR A LOWER AMOUNT just several months earlier. The owner of the account gives thanks that I made sure the agreement was in writing. Once we called BOA, raised a ruckus and most important waived the signed agreement in their face, the money was returned a few days later.3. Once BOA has...

Read more »

Welcome One Welcome All

Thank you for tuning in to NEVER SIGN YOUR DEED. This site is the populist fight back by ordinary people and small businesses against all kinds of scams, programs, giveaways, and bailouts that use your money and assets. This isn't about Madoff types only. I recall that Nouriel Roubini commented on Madoff by saying "Madoff is a reflection of" all of us, our society. Let's face it, everyone was on the gravy train to easy money "by any means necessary". Some people "knowingly" fudged their financials to get loans or get in the door. What's a little lie like "I made $90,000" when you really made "$60,000." Or how about AIG taking $160 billion dollars in taxpayer money, and then giving it too other financially strapped business (that also took some type of bailout). Hmmm. AIG says we have to pay...

Read more »