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  1. MargaretC

    Options For Mortgage Post-foreclosure And New Hardship

    My husband and I walked away from a home 5 years ago. We moved back to our first home which we had used as a rental. Foreclosure was in April 2013. Current mortgage is adjustable. My husband recently passed away and I'm wondering if that qualifies me for any special programs. Thank you! Margaret
  2. MargaretC

    What Are Our Options For Refinancing 3 Years Post Foreclosure?

    It is my understanding that we can only get an FHA loan which will require PMI and an initial payment of, in our case, around $6000. We want to get out of our ARM, but not too thrilled about these extra costs. Do we have any other options? If not, we are thinking of just keeping the ARM and...
  3. MargaretC

    Away we go from the Valley Joe...to walk or not to walk...yet.

    Hi Pejutah - It's so nice to hear from you. I'm glad things are going well, except the breakup part. I agree that walking away is one the hardest things to do and one of the smartest things we did. Loansafe was a huge support. We are now three years out from foreclosure with plenty of equity...
  4. MargaretC

    California - Walking away in the SF east bay

    We received a letter from "The Advocacy for Consumer Rights" offering assistance with "ongoing settlement" with your lender. I think it may be an advertisement from an attorney but I can't tell. Has anyone heard of this agency? Thank you!
  5. MargaretC

    "you Thought The Mortgage Crisis Was Over? It's About To Flare Up Again"

    Thanks for the info! I'm pondering what to do in our situation out of fear of what this article describes. We have an ARM and I worry about not being able to sell our house and losing our equity....I'm really tempted to sell.
  6. MargaretC

    California - Walking away in the SF east bay

    Thank you Ready2Run. I'm going to take your advice! Someone would be dumb not to give us a loan because we are on much better footing financially than we ever have been and we always pay our mortgage on time.... so, I'll see what I can do. Thanks for the encouragement!
  7. MargaretC

    California - Walking away in the SF east bay

    Hi Ready2Run - Thank you. I don't think we can refinance since we are only 1 1/2 years out from our foreclosure.....
  8. MargaretC

    California - Walking away in the SF east bay

    Thanks driftwood. I wish we had done a buy and bail! (We already had a rental so we just moved back to that home, but it's ot ideal.) Yes, I know...I was reading that we don't know we're in a bubble until after it pops. But, I remember all the warnings about "the bubble" before the last one...
  9. MargaretC

    California - Walking away in the SF east bay

    Hi everyone - In about 4 1/2 months we will have been in our current house for two years, at which point, we are off the hook for capital gains tax if we decided to sell. Recently, I heard a guy talking on the radio about the "recovery" and issues with home ownership, who's buying...
  10. MargaretC

    Got a 1099-C for 2013? Californians are in for a big surprise.

    This is the first time I could see your avator - lol! Loved that show!
  11. MargaretC

    California - Walking away in the SF east bay

    Thank you Tom! You are the best! Still wondering about YOUR story. :) I'm doing my taxes tonight and downloaded TT. I was cross-checking w/ the online version I did. Funny, when I entered 0 (for the heck of it) for the forgivevness amount from BofA mortgage on online version it gave a...
  12. MargaretC

    Got a 1099-C for 2013? Californians are in for a big surprise.

    Hi Calimada - Can you please clarify? The 1st wrote off 86k? What did 2nd do? Did you get loan mods? (I dont' know about those yet.) This is what happened w/ us: 2nd (recourse) forgave our loan in 2012 so we owed NO fed or state TAXES (which I reluctantly thank Chase for) or maybe there's...
  13. MargaretC

    Got a 1099-C for 2013? Californians are in for a big surprise.

    Thanks so much! That's a relief. :-)
  14. MargaretC

    Got a 1099-C for 2013? Californians are in for a big surprise.

    Hi Tom! Thank you. I saw your post about that elsewhere.... I am using online version and I couldn't figure out how to do that. So, maybe I'll have to get the CD like you mentioned. I hope all is well with you.
  15. MargaretC

    Got a 1099-C for 2013? Californians are in for a big surprise.

    I found this on FTB link provided on Turbo Tax: Nonrecourse debt. If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. The entire amount...
  16. MargaretC

    California - Walking away in the SF east bay

    That's right, sold at auction.... If I don't owe taxes, what was the point of the California law that expired in 2012? Was that just to help people with recourse loans?
  17. MargaretC

    Got a 1099-C for 2013? Californians are in for a big surprise.

    Thanks! I'll try that. Rest assured, I won't be paying any extra taxes until I'm sure I have to!
  18. MargaretC

    California - Walking away in the SF east bay

    The tax amount did not go down. I'm not done yet though. I'm fine-tuning state tax section now and it says I owe money unless qualifying for insolvency or if home was sold in a short sale. So, I'll be exploring the insolvency angle.