Consumer Credit Counseling Services

A reliable and efficient debt consolidation program may help you in taking the right step towards becoming debt-free.

If you feel you are overwhelmed with credit card debt, tired of harassing phone calls or just like the convenience of one monthly payment, a credit counseling program may help you.

Credit card consolidation and debt management program can help you financially by offering you a choice of solutions, custom tailored to fit your financial needs.

A credit counselor will speak to your creditors to: 

  • Stop any harassing creditor phone calls.

  • Reduce your monthly payments.

  • Consolidate all of your unsecured credit card debt into one simple monthly payment.  You may even be able to choose what day of the month it is due.

  • Reduce the number of years to pay off your debt dramatically.

Consumer Credit Counseling Specialists

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* Credit card debt, unsecured loans, IRS debt, utility bill debt, and student loans. Do not include auto loans or mortgages. Describe your credit situation:

 

 

Financial Articles Related To Oregon

 

The mortgage forgiveness debt relief act and debt cancellation in Oregon

With foreclosure rising and declining home values, home owners are left no where because with decline in home values and rise in interest rate home owners are forced to walk away from homes leading to foreclosures. Even though facing foreclosure the home owners are not able to clear the total mortgage and as a result the remaining amount is forgiven by the lender as he is unable to recover the amount even after the property is foreclosed.

According to IRS, any amount that is forgiven by the lender is taxable (i.e.) if you owe a debt to someone else and they cancel or forgives that debt, the cancelled amount is treated for tax calculation. This is most horrible situation for the home owner who is desperate is sued to pay tax.

To help home owners, then president, bush signed HR 3648, the mortgage forgiveness debt relief act of 2007. It was initially produced before senate on October 4th 2007 which took nearly two and half months for senate finance committee for helping home owners dealing with foreclosure or short sale.

The need for mortgage forgiveness debt relief act 2007 came when sub prime mortgage crisis hit the economy and not thousands but millions are facing foreclosure due to delinquencies on the mortgage. This is situation where the home prices are bottoming out and the mortgage lenders are not able to recover whole mortgage even after foreclosing. As the mortgage lending is non recourse over the United States, consumer is not liable to pay the deficient amount. In such a case the mortgage lender will let the amount off as there is not way to recover the amount from the borrower.

In such a situation the internal revenue service will view this forgiven amount is taxable. For example if the mortgage is for $3,00,000 and the home value is $2,50,000 in such a case the mortgage lender will recover only $2,50,000 after the home foreclosure and letting remaining $50,000 off. In this case, internal revenue service views this $50,000 as taxable income and this is totally legal.

To overcome this situation, the mortgage forgiveness debt relief act was passed on December 14 2007. The basic idea behind this law was to help the home owners avoid foreclosures. This law was basically designed as an incentive for lenders and home owners to work together in a way to renegotiate adjustable rate mortgages that were fluctuating at the time when the home values were declining and there by allow more home owners to save their homes while paying lenders the outstanding mortgage.

This law actually applies to debt that is forgiven on primary residence for period 2007 to 2012. in order to qualify for the relief act the mortgage taken must be utilised to modify, build or improve the primary residence and must be secured with primary residence as it does not applies to mortgages taken for second homes, credit cards debts, car loans personal loans and other types of debts that are available.

 
Available in the following Oregon Cities:

( For cities available in other States click here )
Ashland
Beaverton
Bend
Corvallis 		Eugene
Medford
Portland
Salem
 Also try Debt Consolidation Connection

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Oregon Economy- The office of economic analysis believes that the state is in recession, and that job losses in the second and third quarter of this year will extend through the second half of 2009. OEA forecasts the first three quarters of 2009 will also see declines and state won't see signs of recovery until the first half of 2010. Most published sectors will suffer declines in 2009 and construction sector will see decline by over 8 % as the housing market continues to struggle. OEA doesn't for see growth persistent to this sector until 2011. Manufacturing will be down by sharp losses in the wood products sector (-70%) and transportation equipment manufacturing (-89%). Depressed consumer and corporate spending will pull down most sectors of the economy from retail to professional and business spending.