ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 11/12/2012
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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
These are Single Family Homes 'Active' on the Mobile AL MLS. These homes are ripe for the picking. DO NOT LET THEM PASS YOU BY...ACT NOW....BEFORE IT IS TOO LATE!!!
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
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Now that President Barack Obama has won re-election, there are several housing-related challenges staring the federal government square in the face. These are some of the decisions that will have to be made in the coming weeks:
1. The "fiscal cliff": The fiscal cliff is a series of tax increases and spending cuts that will go into effect unless U.S. lawmakers come up with an alternative plan to reduce the federal deficit by $1.2 trillion as required by the Budget Control Act of 2011. The spending cuts, known as "sequestrations," would automatically go into effect on Jan. 2 and be split evenly between defense spending and domestic spending.
The president has put forward two deficit reduction proposals that included both spending cuts and revenue increases, but has run into opposition from some members of Congress who oppose tax increases and want to reduce the deficit solely through spending cuts, the report said.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
2. The mortgage interest deduction (MID): Revamping the mortgage interest deduction is one of the solutions proposed to head off the fiscal cliff and could be part of a broader plan to streamline the tax code by eliminating some loopholes and deductions.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
3. Mortgage debt forgiveness: Another homeowner tax break may be on the table in fiscal negotiations: the Mortgage Debt Relief Act of 2007, which is set to expire at the end of this year.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL
The law exempts up to $2 million in mortgage debt forgiven by a lender in a short sale, loan modification or foreclosure from federal taxation. The law applies only to mortgage debt incurred to fund the purchase or improvement of a principal residence.
4. Qualified mortgages: Now that we know the Dodd-Frank Wall Street Reform and Consumer Protection Act is here to stay -- presidential candidate Mitt Romney had vowed to repeal it -- there are two controversial rules contained within the law that are waiting to be finalized: the qualified mortgage (QM) and the qualified residential mortgage (QRM).
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