Things that Make You Say Ummm

Today, there are several things that are going through my mind.  I was wondering where will the economical woes of this country lead?  Will just thinking outside the box be enough to put a bandage on the wounds or are we as a nation not as President, Congress, Senate, Democrat, Republican, but we as a nation able to heal from the financial struggles that all of us is experiencing in one fashion or another.

Let’s face it.  Financial wounds though it may not be physical hurt just the same.  The old adage “stick and stones break my bones but words will never hurt me” applies here.  Here is how.  Well, “the words” from that old adage are referring to the financial wounds.  The financial wounds that many of us is experiencing are not physical as the old adage implies, but the financial are battle scars that worrying does to the mind, body, and soul. 

At this crucial time in our nations history, we need to stop pointing fingers, calling names, or placing the blame.  We, as a nation, must stand up and be heard.    This country is free, but what is its freedom if we can not enjoy the basic necessity of shelter free of greed and injustice.  My question is: are we free if we can not live in our homes due to no jobs?   The answer is a resounding, NO.   Are we free from poverty?  The answer again is NO.    Can we be come free?  Yes, we can.  Once we as a nation realize that true freedom is giving a darn about what is really plaguing our nation, our ability to survive.  Our ability to survive will depend on the accountability that we give to companies that take their jobs overseas.  Our ability to survive will depend on the accountability that we give mortgage companies who do not hear homeowner stating, “I want to keep my home, but the adjustment in the rate is to much.” 

Remember that this time in our history has been compared to the “Great Depression”, and it is as equally important to remember that often times history has a way of repeating itself.

The Mortgage Forgiveness Act Expires

The Mortgage Forgiveness Act expires on the eve of the worst housing crisis since the Great Depression.

If you was fortunate enough to sell your home last year, but needed to sell it with the lender getting less than what they were owned; you may be taxed on the deficiency.  The bill, President Bush signed that gave tax exemptions on the deficiency created from the short sale is now taxable unless Congress extends the bill.

There is still time to ensure that the debt is forgiven by the lender if your property is sold after January 1, 2007 and before January 1, 2013.   The home must be your primary residence and the debt that is forgiven is debt from the first loan.  A secondary or HELOC is not eligible.

The tax form that allow you to take advantage of debt forgiveness is Tax Form 982.  You have to prove that you are insoverign and unable to pay the debt back.