http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_HR_1876.html#31749 It's sad that some good people got caught up in this. What's worse is you have people like Jack with no compassion in their heart. My nephew put down $50k on his place, had a 720 fico only four years out of college. Now he's upside down and being laid off soon because of the slowing economy. He'll probably get another job soon but there are others that aren't as fortunate. What about them? What about the kids who were forced to buy a home at 30% more than it was worth because they were afraid they would never be able to afford a home, and now has a loan that wont be at equity for at least a decade. My empathy.... 31749@http://www.washingtonwatch.com Thu, 27 Mar 2008 20:56:44 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#30571 check your 1099a form sent to you .I checked with our accountant , and if you deduct box 4 (fair market value ) from box 2 (balance of principal outstanding ) and the product is $o or less, you have no tax liability. I understand that if we don,t pay our phantom taxes (if due) then the financial imstitution can attempt to colllect the defiency amount.... 30571@http://www.washingtonwatch.com Fri, 15 Feb 2008 15:53:05 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#25498 One thing I can't understand is why other creditors get in on a person losing their home by jacking up the interest rates on say, credit cards? The mortgage isn't with them, a totally seperate bill. Talk about kicking a person when they're down!This shouldn't be allowed!... 25498@http://www.washingtonwatch.com Wed, 26 Dec 2007 20:02:31 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#24456 Forget this bill. Write your Senators about THIS>> http://www.govtrack.us/congress/bill.xpd?bill=h110-3648 This Bill ALREADY PASSED THE HOUSE with major bipartisan support! It is IN COMMITTEE in the SENATE! Much farter along than HR 1876 so forget about this BILL. HR 3648 is RETROACTIVE to January 2007! Write your SENATORS NOW!!!! We only have a couple of weeks. It's now or never people! We are almost there!... 24456@http://www.washingtonwatch.com Tue, 11 Dec 2007 08:14:56 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#24322 Not all people who got caught in the real estate mess are morons, greedy, stupid or any other deragatory adjective. Some people just wanted a piece of the American Dream and felt they would lose it if they did not buy before prices went higher. Let's lay it on the people who created the mess--greedy developers, real estate agents, appraisers, bankers, city councils. They are after all, the experts. Give Joe Average a break.... 24322@http://www.washingtonwatch.com Fri, 07 Dec 2007 11:37:31 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#24136 Morons huh that's wonderful, well I guess all of us morons should just file bankruptcy instead and see how that effects the economy. We build before we sold now who was the morons that gave us a construction loan to do so, the bank and they will write it off so why don't they have to pay for their gamble hum?... 24136@http://www.washingtonwatch.com Tue, 04 Dec 2007 11:04:18 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#23718 I WAS RELOCATED FOR WORK, WITH THE MOVE, I ENDED UP WITH A SHORT SALE 16,000 LESS OF WHAT I OWED. SO IS IT FAIR FOR ME TO HAVE TO PAY TAX ON THAT MONEY? I DONT THINK SO.. THE MARKET DROPPED THE SAME TIME MY WORK ASKED ME TO RELOCATE. MY PROBLEM IS WHY SHOULD I BE TAXED ON MONEY ALREADY FORGIVEN BY MY LENDER? HELLOO..AT LEAST WITH A SHORT SALE THE LENDER IS NOT TAKING IT IN THE HIND LIKE A FORECLOSEURE. PEOPLE AND LENDERS SHOULD BE MORE OPEN TO SHORT SALES, 250,000 IS BETTER THEN A KICK IN THE REAR. I FULLY SUPPORT THIS ACT, PUSH IT THROUGH ASAP. THE WOLF... 23718@http://www.washingtonwatch.com Mon, 26 Nov 2007 14:20:22 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#23600 Does our government do anything??? Is this Act of 2007 going to be approved by 2009? Yes or no!!!????... 23600@http://www.washingtonwatch.com Fri, 23 Nov 2007 00:40:39 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#23546 Again this bill has not passed and far from doing so. For those of you looking for some help, provided you follow through with a short sale or are thinking about it, you need to look into FORM 982 Insolvency Exclusion. This is not help for every one, but for some it will help reduce the amount taxed by the IRS on the 1099 you will get at the end of the year. Please talk to a tax professional about this. Shady realtors will tell you anything to try to get sales going they are desperate for the business. You should also know about H.R.3915. Mortgage brokers are trying to petition this because it works in favor of the buyers and sellers.Their petition is gaining serious momentum so you need to contact your rep. in support of this bill and let your voice be heard! Very important to all consumers!!!!!!!!!!!!!... 23546@http://www.washingtonwatch.com Wed, 21 Nov 2007 11:13:03 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#23193 Fairness? Explain me this. I have lived in my home (principle residence) for over 5 years. I sell it up to a gain of $250,000 (single) and up to $500,000 (married). Now I owe a lot of taxes. Wrong! These gains are excluded under the current law! So I shortsale my house and walk away with nothing and I get a major tax bill (because debt forgiveness is considered income). But if I sold my house for huge profit then it would be considered an excluded capital gain and I owe nothing. For all you naysayers out there please explain to me in what universe does this make any sense at all? Gracie.. a similar bill (H.R. 3648) passed the house. It's in commitee in the Senate. retro to 1/1/07. Write your senator about H.R. 3648!!!... 23193@http://www.washingtonwatch.com Wed, 14 Nov 2007 10:48:30 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#23073 It seems like this law is designed to do what we already have in CA. As I understand it, whether there is a gain hinges on whether or not the debt that is being forgiven is “non- recourse.” Non-recourse debt in California generally refers to debt that was used to purchase your home. Refinancing and borrowing amounts against your home that are used for other purposes could change the nature of the debt so that it becomes recourse debt. For example, debt cancellation of recourse indebtedness such as money borrowed against your home to buy a car, will result in taxable income regardless if there is debt forgiveness.... 23073@http://www.washingtonwatch.com Mon, 12 Nov 2007 12:28:24 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22977 A realtor told me the other day that this bill has passed, is that accurate, anyone?... 22977@http://www.washingtonwatch.com Fri, 09 Nov 2007 01:10:37 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22965 You morons spent too much on a house and it's MY cross to bear? Forget it! It's true - nobody goes hungry in America. Screw you idiots.... 22965@http://www.washingtonwatch.com Thu, 08 Nov 2007 16:28:32 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22950 I don't think this bill should just cover 2007 because here us California there is going to be a landslide of foreclosers in the next year to come. If you ask me people who are losing their jobs will not be able to help losing their homes, how are they supposed to then pay on a Phantom Tax of even 20K to 70K. These people will never recover, and will be stalked by the IRS. Thats not what I beleive our contry to be about. This is the way for people to at least recover and become home owners once again. Yes, I think learning from our mistakes in a definate, but If we can never recover, It will effect everyone!!... 22950@http://www.washingtonwatch.com Thu, 08 Nov 2007 10:55:29 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22876 When you sell a property through a short sale, the amount forgiven CAN be taxed. However, the lender has to issue a 1099 to the property owner in order for it to be taxed. I work in real estate and have completed at least 20 short sales in the past 2 years and there was a 1099 issued on only ONE (which was later dismissed due to predatory lending practices). Although we would love to see this bill passed, there is no guarantee that you will have to pay tax on the amount forgiven by your lender. If, and only if, they issue a 1099 to you will you need to be concerned about the tax on phamtom income.... 22876@http://www.washingtonwatch.com Tue, 06 Nov 2007 15:23:23 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22864 Maybe I am mistaken here, but this ACT will only give relief to phantom income. I don't see how this will burden tax payers other than it will be income that the IRS doesn't get to collect. The loss was to the mortgage lender in most cases or a mortgage insurance company. Obviously the lender or insurance company will claim a loss. However lets keep one thing in mind here...if you require all of these people to pay taxes on phantom income it will only further their financial troubles which could more than cripple our enconomy even worse. Most people will use the money they didn't have to send into the IRS to buy something that will create jobs and collect sales tax and who knows what else. Plus many of these homes will be bought by investors who will eventually pay capital gains taxes on these homes once the market rebounds.... 22864@http://www.washingtonwatch.com Tue, 06 Nov 2007 12:30:14 EST http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22662 Introduced Apr 17, 2007 Scheduled for Debate - Not yet This bill is in the first step in the legislative process. Introduced bills go first to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills never make it out of committee. If you need this bill to pass you need to write, call, or e-mail your representatives.... 22662@http://www.washingtonwatch.com Wed, 31 Oct 2007 16:18:23 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22485 I lost already $80,000 investing or better especulating in a condo in Miami. It is my second home.I cannot keep the payments. Not even mentioning that I lost my marriage because it was my idea on buying this property, I lost my job, I have a 4 months old baby and I dont know what is going to happen my life as many others, is destroyed. We owe $330,000 and there was another condo in the same building sold in a short sale for $210,000. On top of all this mess The legislation doesnt mention anything about SECOND HOMES???????????? OH MY G......... 22485@http://www.washingtonwatch.com Thu, 25 Oct 2007 20:42:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22261 All of you who went out and agreed to pay more than you could afford are now forced to reap what you have sown, BOO HOO, too bad! Don't ask the rest of us to bail you out, because that's what this bill is. It's not right for the government to bail out failed business, and it's not right for them to bail out failed individuals! People need to learn to live within their means, we can't all keep up with "the Jones's". The only reason you lose your home is because you can't maintain a budget, or you never had one to begin with!... 22261@http://www.washingtonwatch.com Wed, 17 Oct 2007 19:33:05 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22260 There were never any guarantees that property values would rise in any agreements regarding the sale of real estate in any of the 50 states! If you entered into a LEGAL CONTRACT to purchase a home for an agreed upon price at an agreed upon payment you can not blame anyone but yourself if the value decreases. Anyone who buys a car and trades it in for a newer car while there is still an outstanding balance on the loan knows there will be a negative equity transferred to the new loan. The only reason people are complaining is that they don't want to face up to the consequences for their decisions. It seems rather simple, although unfortunate for some, that if you agreed to pay a price that no one else will currently pay, it's no one elses fault but your own! Not everything in this world can be someone elses fault! Sometimes bad things happen to good people! DON'T BUY WHAT YOU CAN'T AFFORD!!!... 22260@http://www.washingtonwatch.com Wed, 17 Oct 2007 19:24:11 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22253 October 5th, 2007: Good news for individuals who are at risk with short sale or foreclosure....looks as though H.R. 1876 will pass...see attached link from the co-author of bill... http://www.house.gov/apps/list/hearing/nj01_andrews/mortstate.html... 22253@http://www.washingtonwatch.com Wed, 17 Oct 2007 18:04:47 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22211 I don't understand how this can't go through. Although, I agree, it probably won't be retro-active. (I, too sold on a short sale this year and took a loss of $60,000) So, I'm keeping my fingers crossed. However, if I could afford the tax penalty, obviously I could afford to keep the house!! Hello!!... 22211@http://www.washingtonwatch.com Tue, 16 Oct 2007 10:40:01 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22171 Those of us in certain areas felt that if we didn't move forward and make a home purchase when we did, we would just be facing higher home prices and bigger mortgage payments later on. That was particularly true in California, where prices had been climbing regularly for a long time. We didn't cause that situation and wanted the advantages of homeownership like all those who bought before us. So when we find ourselves in a situation where we can no longer afford the mortgage, why should we be penalized for the shortfall? The mortgage lenders and real estate interests wanted the surge in home purchases and the gov't fostered it as well. So they need to take the good with the bad, that's part of doing business. It's true buyers should learn from their mistakes but the tax on forgiven debt imposes way too much hardship on them, for things they have no control over.... 22171@http://www.washingtonwatch.com Sat, 13 Oct 2007 21:30:19 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22103 What's the deal with H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007? It jsut passed the house and was introduced into the senate. Check it out. Does this law apply to shortsales? I would think it does.... 22103@http://www.washingtonwatch.com Wed, 10 Oct 2007 14:11:29 EDT http://www.washingtonwatch.com/bills/show/110_HR_1876.html#22086 I'm an attorney, and a single mother. I bought a house in Southern California after my divorce in early 2006. I've never missed a payment. However, lately I've been in-and-out of the hospital with Crohn's Disease. I won't make October's payment, and it appears that I'll soon be in the same boat as most of the prior posts. My house value has gone down 40% in 20 months! In losing my home, whether it's a Deed in Lieu of Foreclosure, a Short Sale, or a Foreclosure, I will be losing (1) my home; (2) my down payment; (3) the value of the improvements I've made to the home; and (4) my credit (I, too, have a 779 FICO at the moment). So, I should have to pay income taxes on the $260,000 loss, as well? My gut is in knots over this . . .... 22086@http://www.washingtonwatch.com Tue, 09 Oct 2007 20:44:18 EDT