February 18, 2018


A group called Debt Settlement USA has compiled a short list of Organizations that have been Blacklisted in the Media for their stance on Debt Forgiveness.

Here’s that List along with the Posts or Articles that got them BLACKLISTED

Posts Tagged ‘Media Blackout’

-IMF urges authorities to consider debt forgiveness to restore growth
Monday, April 16th, 2012

The IMF said the lessons showed that “policies can help avert self-reinforcing cycles of household defaults, further house price declines, and additional contractions in output” and made a case “for government involvement to lower the cost of restructuring debt, facilitate the writing down of household debt, and help prevent foreclosures”.
[ Source:Freedom Project soundofheart.org ]


[…] The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008.Source: truedemocracyparty.net […]
[ Source: truedemocracyparty.net ]

-Mortgage Debt Forgiveness by Howard Knight

Since the housing bust of 2007, many homes in various parts of the country are upside down on their loans. This happens when owners owe more debt than what the house can be sold for. This forces owners to stay and try to recover their paper loss over time or sell it at a loss and pay the remaining mortgage balance to the bank. Some people have restructured their mortgage loans which forgives part of their debt. And others have turned in their keys to the bank and walked out of their mortgage crisis.
[ Source: deafnetwork.com ]

-The Tax Consequences of Debt Forgiveness

Let’ s say the Smiths, like so many American homeowners, find themselves unable to afford their mortgage. They reach out to their lender and after jumping through numerous hoops, filling out countless forms and getting a buyer on the hook, the bank agrees to release its lien and approve their short sale. The Smiths owed $500,000 on their mortgage but the bank agreed to accept a sale price of $400,000 and forgive the remaining $100,000 balance. Great news right? Yes and no. Of course, it’s positive that the Smiths were able to avoid foreclosure and move on with their lives, but thanks to the 1099-C and the IRS, they have a surprise waiting when tax time comes around. Their taxable income just increased $100,000 (the amount forgiven by the bank). Even though the Smiths never pocketed this money, despite the fact that the loan proceeds were used entirely to finance the purchase of their home, the tax man will count the forgiven debt as income and send a bill.
[ Source: yourcpapartners.com ]

-Mortgage Forgiveness Debt Relief Act of 2007 to Expire Soon

Once an escrow has been opened there are several phases of the title company’s involvement in the transaction. The first step is the issuance of the PR which is submitted to the buyer for review and approval. Many buyers have no idea what to look for in a Preliminary Report and will look to their real estate agent for guidance. The items set forth in the PR can be divided into: (1) normal items such as taxes, encumbrances which the seller is going to pay off, CC&R’s if applicable, and public utility easements; and (2) “red flag” items such as abstracts of judgment, tax liens, child support orders, private easements, and covenants regarding public improvements. As to all questionable items, copies of the underlying documents should be ordered from the title company. Real estate agents should not hold themselves out as authorities on complex title issues and should refer the client to the title officer to answer questions regarding the PR and should urge the client to consult a private attorney if any questions have not been answered to their satisfaction. The next step in the process is to “clean up” the title if necessary. This involves getting appropriate assurances that any liens, judgments or other monetary encumbrances will be removed prior to the close of escrow. Sometimes the seller is “upside down” and the monetary encumbrances exceed the seller’s equity in the property. It is imperative that a seller who knows that there is insufficient equity include a short pay contingency in the RPA-CA by incorporating a Short Sale Addendum (“SSA”). This provision is designed for sellers who are “upside down” in the property to the extent that the proceeds of the sale will be inadequate to pay off existing encumbrances. This clause makes the close of escrow contingent upon the lien holders agreeing to reduce their pay off requirements enough to allow the seller to close without bringing money into escrow and without reducing the costs of sale including real estate commissions. Thus this clause protects brokers as well as the seller. Without a “short pay” contingency a seller who cannot persuade his lenders to reduce there demands will be in breach of the RPA-CA by virtue of his inability to deliver clear title free and clear of all monetary encumbrances. As long as the property is being sold for fair market value the lender will usually agree to the short pay since the alternative is to foreclose and perhaps end up with the property on their books which is very disadvantageous from a banking standpoint. Sellers finding themselves in this position need to consult with a tax professional since, among other things, the forgiveness of any debt by a lender may be deemed to be taxable income. They may qualify for relief from any tax consequences under the Debt Relief Act of 2007 or the insolvency provisions of Section 108 of the Internal Revenue Code, however these provisions may apply to any given situation and it is imperative that they get professional advice from a qualified tax expert and under no circumstance should a real estate agent give such advice.
[ Source: masterpiecerealtyassociates.com ]

-Nonprofit grassroots movement seeks student loan debt forgiveness

“Forgiving student loan debt would have an immediate stimulating effect on the economy,” Applebaum said. “Responsible people who did nothing other than pursue a higher education would have hundreds, if not thousands of extra dollars per month to spend, fueling the economy now. Those extra dollars being pumped into the economy would have a multiplying effect, unlike many of the provisions of the new stimulus package. As a result, tax revenues would go up, the credit markets will unfreeze and jobs will be created.”
[ Source: unews.com ]

-Mortgage Debt Forgiveness

We have to do something to stop the foreclosures from continuing. The more the foreclosures, the lower the housing prices will be and the longer this mess continues. It is a moral dilemma. Lessening the principle amount on mortgages that are far higher than what the home is now worth will help stabilize the housing market and keep foreclosures at bay. This whole economic mess was started because of the governmental regulations that were shoved down everyone’s throat, that all American’s deserve a home of their own whether they could pay for it or not. These toxic loans were the impetus that threw our economy into a tailspin. No matter how the government tries to put all the blame on Wall Street, the major blame is on the liberal democrats of the early 90′s and their socialistic goals. But, putting the blame game aside, we are all in this mess and something has to be done. I would like to hear about what the other methods to take care of this problem are. Or maybe, we will all have to bite the bullet and give “Principle Forgiveness” to every homeowner whose home is underwater and modify their loans. Of course, then the banks will be clamoring for more bailouts. You would think with all these so-called “economic and financial experts” they would be able to come up with some way to get us back on track. One way I am sure will work is to never elect an OBAMA like President again. We elected someone who knew NOTHING about finances, running a country, foreign affairs, the importance of using our own natural energy resources, about being a President to ALL Americans, how to be a real leader and take responsibility for the Country and his decisions, instead of continually blaming someone else, how to get Americans to work again, and basically to be the Leader of the Free World. His only qualifications were to get and retain people on the reliance of the government and poking at the great wound of our Country by rekindling a race war. It is time to get someone who knows how to put people to work, who knows about finances and who has had a real job and been quite successful at it. We need a new Senate that can actually pass a budget – and we wonder why the government is so far in debt?! This November, ask yourself, “Are you really better off than 4 years ago? Is our Country better off than it was 4 years ago?”
[ Source: firedream.com ]

-Debt Forgiveness and Mortgages

There are a significant number of options for people who are dealing with credit card debt and require alternative options beyond standard payment plans because of a drastic change in their financial strength and many consumers have been impacted severely as well by issues of high mortgage payments, underwater mortgages and exorbitant interest rates. For the most part people who have sought debt relief have had a few options but one of the biggest issues for many people as the economy has struggled to recover is a persistent problem regarding a mortgage.
[ Source: philadelphiadailyphoto.com ]

-DeMarco Warns of the Dangers of Large-Scale Forgiving of Mortgage Debt

*The Heritage Foundation is a conservative Think Tank designed to come up with good ideas about making something bad, sound like something good. PURE DECEPTION and MISINFORMATION {Admin Note}

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[ Source: heritage.org ]

-Tax Tips: 10 Tips for Mortgage Debt Forgiveness

10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
[ Source: patch.com ]