Obama Mortgage Relief Act: Cancellation of Debt Income Reported to the IRS

By Ken Melblock


Applying for a loan modification in today's scenario of economic struggle can be a daunting task for many applicants that find it difficult to repay their mortgage loans and other financial debts while balancing their careers and families at the same time. Many individuals are worrying about the Obama mortgage relief act plan and wonder if the federal plan is harder or easier to apply for. Evidence of financial statements needs to be given to the lender in documentation to prove that the applicant can save the institution money when reducing their interest rate, extending their long term loans and reducing their principle balance as well, in which the applicant can continue to make periodical reimbursements.

Mike is a CPA. He has been in public accounting since 1988, with his own tax practice and operates out of Scottsdale, and focuses on tax-preparation, advance planning for high net worth individuals and small businesses throughout the Valley. He moved to the Valley in 1990 back from New York. You know, I have had the opportunity to work with Mike as a strategic partner as well and I share a number of clients. Each time I have had the honor of providing him a referral for tax work the outcome has exceeded expectations, so I am really pleased to be part of the discussions today and to work with such a great group.

It has been a pleasure, and again if you're talking about that strategic partnership, the financial power team, as our good friend Dan Havey likes to call it, the outcome is important, but when a client calls you up or a homeowner calls you up and says thank you so much for sending me to Brett or Mike, what a great job, wow. That''s the greatest, again Mike that's why you're here with us today. So we should probably dive right in. I know we've been talking a lot the last few weeks about Obama mortgage relief act loan modifications and how Velocity Financial can help in that regard. But, help me out, even for my financial planning perspective what are some of the implications of taking this approach. For example how does the IRS look at people who don't pay back their debt?

Another great approach to reducing costs on the credit bill is by paying in cash and debit wherever and whenever possible. This will help maintain a certain level of understanding so as to where and when saving is to be maintained and leveled. It will also aid individuals make only necessary payments. Those users that wish to continue using their card should make sure that they opt for a good financing institution that has a competitive interest rate. While this may seem a little far fetched, it can go a long way in reducing costs and eventually maintain a positive credit score.

Next step: You can request a free quote from various debt relief companies online and select the one that best suits your personal financial needs. To request a Free Quote Online and see exactly which Free Government Debt Consolidation Programs will benefit you. I highly recommend the link above if you want to see exactly how much you can save!




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