When the housing market collapsed approximately six years ago, many homeowners found themselves in over their heads as they tried to make mortgage payments they could not afford toward a balance that exceeded the current value of their homes. As a result, some Washington families may have wound up losing their homes to foreclosures. To make matters worse, there were several unscrupulous individuals who set up fraudulent businesses in an attempt to take advantage of those who were struggling to keep up with their mortgage debt.
Several years ago, the housing market crashed and sent prices and property values tumbling. As a result of the severe downturn, many families in Washington lost their homes to foreclosure. Fortunately, some of those families may now have a chance to buy back their homes due to a new policy.
The housing crisis a few years ago costs thousands of families their homes and their sense of security. Now, it seems that it may have also taken a bite out of Uncle Sam's pocket, which ultimately means the citizens' wallets in the form of higher taxes. Several banks have been ordered to respond to questions concerning foreclosure fees. Those who have lost or purchased homes in Washington may be interested in the outcome of this current investigation.
The Mortgage Forgiveness Debt Relief Act expired Dec. 31, though Congress could still retroactively file an extension. There are countless states struggling with what the expiration will mean for its residents, including Washington. Many residents across the nation have already lost their homes to foreclosure and sold off all their assets, some due to no fault of their own.