tax: Mortgage Relief Tax Act Passes House 386-27 - 10/08/07 03:02 PM
On October 4th, the US House of Representatives approved legislation that permanently eliminates taxes on people who have their mortgage debt canceled. Under current law, canceled mortgage debt on primary residences counts as taxable income. This will probably expedite sales for the number of homes facing foreclosure. It also relieves distressed … (0 comments)
tax: IRS Foreclosure Tax Relief Available for Homeowners - 09/18/07 03:32 PM
A special Web section of the IRS site unveiled tax relief for homeowners who lose their home to foreclosure. The IRS is taking steps to reassure homeowners that even though mortgage workouts, short sales, and foreclosures can result in income tax consequences - - - special tax relief provisions can greatly assist … (3 comments)
tax: Creative Ways To Fund a Home Down Payment - 09/12/07 01:05 PM
Remember the 60's song 'Tighten Up'? Lenders are tightening up loan qualifications for borrowers. A high FICO score and large down payment are your strongest allies to obtaining a home loan. Here are three alternative creative ways to find those down payment funds (consult with your tax preparer prior to taking any … (1 comments)
Welcome to the Great Northwet (rains a lot). My soapbox for the home loan business and lifestyles in Bellingham, Whatcom County, Skagit County and Washington state.
On October 4th, the US House of Representatives approved legislation that permanently eliminates taxes on people who have their mortgage debt canceled. Under current law, canceled mortgage debt on primary residences counts as taxable income. This will probably expedite sales for the number of homes facing foreclosure. ;)
;)
