Our column from the Riverside Press-Enterprise, Dec. 6, 2014:
By Brian Bean & Tim Hardin
The National Association of Realtors is putting pressure on Congress to extend an expired law that protected distressed homeowners from paying massive tax bills after a foreclosure or loan modification.
As the holiday recess nears, federal lawmakers still have not acted on any of several bills to extend the federal Mortgage Forgiveness Debt Relief Act, which expired at the end of last year. …
The Trump administration on Wednesday rolled back protections set to make payday loans less risky for borrowers, which could affect millions of young people: Almost 10 million millennials have taken out one of these high-interest, short-term loans in the past two years.
The Consumer Financial Protection Bureau, the government agency tasked with regulating financial companies, said it plans to abandon Obama-era payday loan stipulations that would require lenders to ensure borrowers could repay their regulations governing short term loans to know how to manage them before issuing cash advances.
Payday loans are loans of typically $500 that you can get in most states by walking into a store with a valid ID, proof of income and a bank account. In recent years, lenders have even made them available online. The repayment process is the same: the balance of the loan, along with the “finance charge” (service fees and interest), is typically due two weeks later, on your next payday.
These loans can be extremely risky because they’re expensive: The national average annual percentage rate (APR) for a payday loan is almost 400 percent. That’s over 20 times the average credit card interest rate.
For more information, check out our HOMEOWNER ADVOCACY page HERE.
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(Brian Bean and Timothy Hardin are Homeowner Advocates & Home Listing Specialists with The Dream Big Team at Realty ONE Group Champions in Riverside, California. They can be reached directly at Info@DreamBigRealEstate.com or 951-778-9700.)
Brian Bean and Timothy Hardin
Homeowner Advocates & Home Listing Specialists
Realty ONE Group Champions
DRE Lic #01943304
Info@DreamBigRealEstate.com
If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.Henry David Thoreau
Pressure Mounts to Extend Foreclosure Tax Break | Short Sale vs Foreclosure | Do I owe Taxes after short sale | Brian Bean Tim Hardin Dream Big Realty ONE
Published on 2014-12-06 13:19:00
