My house is in foreclosure, with a sale date pending. The lender (Countrywide) mistakenly cancelled my repayment plan. We are trying to clear the mess up, but in the meantime the sale date is looming. Is there any way to make them postpone the sale date? Is there something I can file with the court?

When a lender is selling a foreclosure are they just asking what is owed? Or are they asking for the home value to make extra money?

I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?

Recently, I’ve seen way that sales number for homes in california almost double compared to a year ago. I saw a blurb that bank foreclosures on a home show up as a home sale in california. I’m thinking this may possible explain the much higher rate of sales and dramatically lower prices. Anyone know if a bank foreclosure would show up as a home sale in california?

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The news these days on homeownership is about as bad as it has ever been. Prices are dropping at a record pace; foreclosures are at an all time high, etc., it’s enough to put anyone who owns a home in a state of panic. Or maybe you are already in that state of panic; maybe like so many others out there you purchased a home in the last few years only to find yourself now in a position of owing the bank much more than your home’s value. It’s hard to swallow, (more…)