Debt
How to Avoid Paying Taxes on Forgiven Mortgage Debt
Ilyce Glink explains how to avoid paying taxes on forgiven mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the …
Options for Selling an Upside Down Condo or Underwater Home
When trying to sell an upside down condo or underwater home, consider all your options and how short selling or foreclosing you property could affect your credit. Q: I currently own and live in a condominium. But I want to …
How to Deal with Debt After Death of Spouse
If you were left with debt after the death of a spouse, gather bills, check credit, talk to the IRS and consider contacting an attorney. Q: My home is underwater, I’m at risk of foreclosureForeclosure is the legal action taken …
Should You Use Retirement Savings to Pay Off Debt?
Don’t use your retirement savings to pay off debt, especially if you don’t have a lot of debt or high interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage …
Prioritize Debt to Pay Off Debt Faster
Q: I have a fairly complicated situation but I’ll make it as simple as possible. I have some debt and I’m wondering how to prioritize it. I have a second loanA Loan is an amount of money that is lent …
Settling Loan Debt With Lender
If a lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate. has a judgment against you, you can try to settle that debt before the lender garnishes wages or finds and …
Don’t Pay Off Old Debts to Debt Collection Agency
Don’t pay off old debts to a debt collection agency. If a debt collection agency asks you to pay off old debts, don’t pay off old debt to the debt collection agency right away. Fair debt collection time frames may expire on old debts.Check your credit history to see if old debts have been forgiven by a debt collection agency. Don’t pay off old debt to a debt collection agency unless old debt appears on your credit history.
New HAMP Rules And Loan Forgiveness Anger Homeowner
New HAMP Rules allow for loan forgiveness for some homeowners who are underwater with their mortgage. Other homeowners, who are not struggling with their mortgage and don’t need loan forgiveness, might not understand the new HAMP rules. It may seem like loan forgiveness is letting struggling homeowners get off easy, but the new HAMP rules and loan forgiveness is the most promising option to help the economy in the middle of a housing crisis.
Debt Help For a Friend
If you are a generous person and your friend ask you to help with their debt, make sure you understand the consequences of helping someone in debt. If your friend is in over their head, in severe debt, owing more than his house is worth, and in danger of losing his property you might not want to get involved. By helping a friend with their debt, anyone could become a good Samaritan in debt too. Ilyce Glink offers resources that can help you deal with a friend in debt.
Joint Debts And Divorce
If you have a debt that came about during marriage, will that debt be a joint debt? Is it possible to have a debt during marriage that belongs only to one of the spouses? What if you inherit money and then incur debts and file for divorce? Who will be liable for those debts?
