Extension Of The Mortgage Debt Forgiveness Act Really Big Of Our Congress What BS

Extension Of The Mortgage Debt Forgiveness Act Really Big Of Our Congress What BS

Once again I cannot help but laugh at how the middle class and lower got sucked dry from the housing collapse from a few years ago. This collapse or what I think of as a Ponzi scheme was caused by Bankers, Realtors and Appraisers. I mean if they just put any price they wanted on a house with the appraisers blessing it , the bank acceptance and the realtors selling it to someone that cant afford a tent, followed by when that person gets thrown out do it all over again... why wouldn't this be a Ponzi scheme. The best thing is no one spent a day in jail over this..

Now we are expecting our government to protect us from criminals like this but I guess this wasn't to be because it continued until it burst on its own, just like it did with old Bernie.  So here we get the middle class housing values start going down and this hard working guy who has done nothing wrong sees the value of his home go below his mortgage...He is underwater. Now he has to sell, economy goes to hell jobs dry up but his house is not worth what he can sell it for.

Here is the best part there is a process called a short sale and after months and months of begging the banker, who probably was directly involved in selling houses for 50% to 100% more then the value to people who were unemployed, decides that you are worthy of a short sale. So lets say you have a $300,000 mortgage and your house is worth and sells for $200,000. The bank has forgiven you a $100,000 in debt... Now are you ready!!!!!!!
the government taxes you as income that $100,000 .

So you see that now the government plays up how they are helping these people with extending the Mortgage Debt Forgiveness Act ... Really great word Chutzpah (look it up in a Yiddish dictionary) that describes the government

Really upsets me how about you
Bob






WHAT IS YOUR HOME WORTH? CLICK TO FIND OUT VIA TEXT MESSAGE!!!!!
 

Robert Schmalz 
California Broker Lic #01813025 
West LA Real Estate Group / Rodeo Realty 
310.505.5571 
bob_schmalz@wlaregroup.com
11940 San Vicente Blvd Suite #100
Los Angeles, CA 90049

www.WestLARealEstateGroup.com   
Serving all of Santa Monica, Brentwood CA, 
Pacific Palisades and West Los Angeles 

CLICK TO SEARCH THE MLS       


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Phone: 310-505-5571
Dated: December 18th 2014
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