A federal statute enacted this month provides important tax relief for homeowners involved in 2017 foreclosures, short sales, or loan modifications. The Qualified Principal Residence Indebtedness exclusion that had expired after 2016 has been extended, allowing homeowners to continue excluding certain forgiven mortgage debt from taxable income. Read more here.
CHI is a HUD-approved housing counseling agency that offers FREE one-on-one and group Foreclosure Prevention Counseling services. Homeowners in Westchester who are having difficulty making mortgage payments or those who have already defaulted can get counseling and legal referrals from CHI. CHI’s counselors can analyze your specific situation and design a mitigation action plan, which might include a loan forbearance, loan modification, partial claim, short sale, or a deed-in-lieu of foreclosure. CHI will also review your current financial profile to develop a workable budget, including developing a plan to manage your debt.
For help, call one of CHI’s housing counselors at (914) 683-1010, and download a foreclosure prevention information packet.
CHI’s FastTrack™ Loan Modification Program is designed to expedite the loan modification process. FastTrack™ provides homeowners the opportunity to have face-to-face contact directly with assigned bank loan modification representatives, leading to quicker decisions on modifications. The program was created by CHI in partnership with Congresswoman Nita Lowey and Westchester County Executive Robert Astorino.
FastTrack™ Loan Modification Program events have been held with the Bank of America, Chase Bank and Wells Fargo/Wachovia Bank. Check the Events page to see when the next FastTrack™ session will be held, or call (914) 683-1010.
CHI occasionally hosts Foreclosure Prevention workshops in our White Plains offices. For more information contact email@example.com or 1 (877) 483 2686.