Category Archives: Housing Law

Tax consequences of foreclosure in Minnesota

When someone meets with me because their home may end up being foreclosed on, one of the things that I tell them is that they should meet with an accountant – a good one – sooner than later. Last year, … Continue reading

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Get it in writing!

In Wentzel v. CitiMortgage, Inc., the Honorable Michael J. Davis, of the United States District Court, District of Minnesota, provides us with a reminder of why it is SO important to “get it in writing.” In this case, the Plaintiffs … Continue reading

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Bank of America – possible principal reductions for up to 200,000 borrowers

According to a recent CNN Money article, up to 200,000 borrowers with Bank of America mortgages could obtain a reduction in the amount of principal that they owe on their mortgage, thanks to a recent settlement between the five major … Continue reading

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Will the Mortgage Forgiveness Debt Relief Act be renewed?

Will the Mortgage Forgiveness Debt Relief Act be renewed? I wish I knew the answer to that question. Right now, there is a lot of uncertainty about the renewal of the Mortgage Forgiveness Debt Relief Act. According to the IRS website, the … Continue reading

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Fannie Mae is trying to “clean up its books”

This article in the Detroit Free Press, part 1 of a 3-part series, discusses how Fannie Mae claims that it tries to keep families in their homes, while at the same time pressuring banks to foreclose. Alan White, a law … Continue reading

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Emergency Homeowners Loan Program (EHLP) – Must apply by July 22, 2011

From the ELHP Minnesota website: The Emergency Homeowners’ Loan Program (EHLP) can provide eligible homeowners with a 0% interest, forgivable loan that pays past-due mortgage payments (principal, interest, taxes, insurance, attorney fees), as well as a portion of the homeowner’s … Continue reading

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Fannie Mae and Minnesota Home Ownership Center Partnership

The Minnesota Home Ownership Center and Fannie Mae have entered into a partnership “to accelerate the response time for struggling Minnesota families with loans owned by Fannie Mae.” If your loan is owned by Fannie Mae, and you are struggling … Continue reading

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More than 500,000 HAMP modifications have been made permanent

As of February 1, 2011, more than half a million HAMP modifications have been made permanent. Read more about it here. What do people do when they don’t receive a permanent HAMP modification? Some people, who may not qualify for … Continue reading

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Who Owns My Mortgage?

Are you trying to figure out whether Fannie Mae or Freddie Mac owns your mortgage? To find out if Fannie Mae owns your mortgage, go to this website. To find out if Freddie Mac owns your mortgage, click here. If … Continue reading

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“Buy and Bail”

“Buy and Bail” is the term used for homeowners who, while owning one house with an underwater mortgage, obtain a mortgage for a new house. Then, after they have purchased the new house, they “bail” on the underwater house by … Continue reading

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