Foreclosures, Mortgages

On May 24, the President signed legislation amending eight consumer statutes—everything from rights of tenants in foreclosed property to mortgage originations to private student loans to credit reporting. This article highlights the changes—both harmful and helpful for consumers.

Reverse mortgages are one way that families in financial distress can tap into the equity in their homes to meet their needs. This article provides advice for consumers on who should consider a reverse mortgage, how it works, foreclosure risks, impacts on spouses, partners, and heirs, and whether it is a good idea.

As explained in this article, February legislation provides important tax relief to homeowners who faced foreclosure, short sales, or loan modifications in 2017. 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.