A Forward Look at 2008
January 16th, 2008
Well, a new year is here. Unfortunately for homeowners, we are expecting a 40% increase in foreclosures in 2008 over 2007.  Homeowners need honest help now more than ever. The good news for them is that lenders are getting more creative in their workout options. While it does not represent a big paycheck for those of us who are genuinely attempting to help homeowners, it does give us more tools to use to help them stay in their homes. Ultimately, if we keep the best interests of our clients in mind, we will end up generating more business than we can handle.
 We can expect more legislation this year. Some of it will regulate our activities. Some of it will provide relief for homeowners. One very exciting piece of legislation was signed by President Bush in December. The Mortgage Forgiveness Debt Relief Act of 2007 eliminates the phantom income received when a lender issues a 1099 for the next three years. Obviously there are restrictions and rules, but it will make life easier for homeowners as well as those of us who earn our living helping them.
