What is the Smartest Way to Offer Wells Fargo a Settlement on My Mortgage?

Question: Dear Steve, I have my first mortgage ($450,000) and home equity loan ($350,000) now with all the added penalties from Wells Fargo. I want to offer them a settlement. What do you will the smartest way to do it. The house value probably about $350,000. Flo Answer: Dear Flo, Settling a debt is nothing … Read more

Taxes May Be Due on Mortgage Settlement Checks. Slap!

Double Whammy: Mortgage Settlement Payments Will Be Taxed (via Credit.com) If you are one of the more than 1.8 million people who have received a check from the Independent Foreclosure Review (IFR) settlement — or if you have one coming — don’t spend it all in one place. These payments are considered taxable income for … Read more

Wasden Warns of Reported Mortgage Settlement Scams

Attorney General Lawrence Wasden today warned Idahoans to be cautious of scam phone calls and e-mails related to the recent multistate mortgage servicer settlement. Citizens throughout the country have reported to the multistate group that they have been contacted by callers claiming to have a list of consumers who are eligible for money from the … Read more

Our Home is Currently Worth Less Than We Owe On It. – Chris

“Dear Steve, Our home is currently worth less than what we owe on our first mortgage. We purchased our home in 2003 and it was valued at $224K. Our mortgage broker, who we believed was a friend, took us sub-prime when we would have qualified for FHA or Fannie Mae we later learned. Our interest … Read more