Here is a round up of some posts from the past week on the Arizona Mortgage Guru blog:
- Gilbert Housing Report: Stay Put, Be Happy: In this post AMG highlights an article from the Arizona Republic which talked about the Gilbert housing market. This article did touch on a little bit of tax trivia regarding forgiven debt. In case you're curious, the IRS taxes forgiven debt as ordinary income. Read the full post for details.
- Phoenix Area Borrowers Need Not Worry: There is so much talk of doom and gloom in the mortgage industry right now and people are fearful. However, the average person need not worry. There are plenty of mortgages out there which caters to their needs, even 100% ones. Read the full post for details.
- Nobody Read the Truth-in-Lending Disclosure: AMG highlights a recent post at The Big Picture. The premise of the post is that many of the Truth in Lending Disclosure for 2/28 ARM Loans (sub-prime) did not adequately document the actual interest rate, payment and cost of the mortgage over the loan term. Read the full post for details.
- 1099 Income Makes You Self-Employed: Regardless of your ownership stake in the business, for mortgage qualifying purposes, if you receive 1099 income you are considered self-employed. This has some pretty sever repercussions in this changed climate. Read the full post for details.
- What it Was Like Twenty Years Ago: Reacting to a recent comment by a veteran in the mortgage industry, AMG posts the major events of 1987. It's quite revealing how much time has gone by and considering where we are right now, it's almost nostalgic. Read the full post for details.
Remember to visit the Arizona Mortgage Guru for the most comprehensive mortgage information and commentary.
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