STATUTE OF LIMITATIONS The IRS can assess taxes within 3 years from the tax return’s due date or the actual filing date, whichever is later. They can collect for 10 years after the assessment. However, this timeframe is tolled (extended) when: There is bankruptcy. There is an offer for an Installment Agreement (IA) or Offer […]
HUD Expands FHA COVID-19 Recovery Loss Mitigation Options for Defaulting Borrowers
The United States Department of Housing and Urban Development (HUD) has expanded the Federal Housing Administration (FHA) COVID-19 Recovery Loss Mitigation Options to include all borrowers in default or imminent default, regardless of whether they experienced financial hardship due to the COVID-19 National Emergency or obtained a COVID-19 forbearance. This applies to both owner-occupants and […]
What Is An Offer in Compromise?
What Is An Offer in Compromise? An offer in compromise is a type of federal tax lien resolution that is an agreement with the IRS that settles your liabilities for less than the full amount owed. Note that this option is usually only available to those who cannot repay their debts through another method, such […]
Can I Sell My Home To Stop A Sheriff Sale?
Many people believe that they cannot sell their home if it is scheduled for a Sheriff’s Sale or is being foreclosed, but the truth is that, as long as they have equity, they can sell their home to stop a Sheriff’s Sale. Do I Have Home Equity? Home equity is the difference between what you […]
How Does The IRS Determine How Much Someone Can Pay Towards Their Tax Debt?
If you have an IRS tax debt and want to resolve it for less than the total amount due or you need special payment arrangements, the IRS will require you to provide a budget to show how much you can afford to pay each month. As set forth in the internal revenue manual, the IRS […]
Free Review of Notices of Intent to Foreclose in NJ
FREE REVIEW OF Notices of Intent to Foreclose and Notices of Intent to Accelerate If you fall behind on your mortgage payments, you should receive a letter from your mortgage lender, by regular and certified mail, called a Notice of Intent to Foreclose (notice of Intent to Accelerate.) This notice is required by the New […]
Can a Bank Foreclose on a Property if the Homeowner Dies? (Updated 2023)
What Happens to a Mortgage When the Borrower Dies? When a homeowner dies, the lender can foreclosure, but the foreclosure must name the heirs, executors and administrators. When a homeowner or mortgage borrower dies, their Will normally dictates who will be in charge of their property, such as an heir, executor, or administrator. This person will […]
What Happens to a Second Mortgage After Foreclosure in NJ? (Updated 2023)
Can my Second Mortgage Lender Foreclose on my Property? Your second mortgage lender has as much right to foreclose on the property if you fall behind on payments as your original mortgage lender does. However, a second mortgage lender must pay off the first mortgage if they foreclose, so they will normally only proceed with […]
Select Portfolio Servicing (SPS) to Acquire Rushmore Loan Management Services
Select Portfolio Servicing (SPS) has announced that it is set to acquire certain Rushmore Loan Management Services assets, along with their servicing personnel and contracts, in a move that will see the two companies enter “a new era,” says Rushmore president, Jocelyn Martin-Leano. This transaction is expected to be completed in 2022’s fourth quarter, pending […]
Were You Denied a Home or Vehicle Loan Due to Your Credit Score?
During the months of March and April 2022, credit reporting giant, Equifax, one of the three largest credit reporting agencies in the country, issued incorrect credit scores for millions of consumers. If you were denied a home or vehicle loan due to your credit score, you may be entitled to receive compensation. As reported by […]
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