A bipartisan commission in Congress whose objective is to reduce the deficit, is considering the removal of the mortgage interest deduction. Their report is due by December 1, 2010. I can’t imagine such a change taking affect in view of the struggling housing market. It is this deduction that for many is the largest factor … More Mortgage interest tax break may face ax.
Owners of condominium units are facing an even tougher time than owners of single family homes due to the recent changes in the rules that the FHA has established for lenders to follow prior to approving a loan on a condominium. Spot approvals of condo units is no longer allowed. The building’s financials must be … More The Trouble With Condos
NYTimes: Buying a Foreclosure Home Is Not for the Timid http://nyti.ms/9eKywt
Adding an adult child to your deed to your house is not a good idea for a number of reasons. First of all, by doing this you will have to file a gift tax return. If the amount of the gift is under 1 million dollars, you will not have to pay a gift tax, … More Should I put my daughter on my deed?
Congress passed the Housing and Economic Recovery Act back in 2008 to try to stimulate the housing market. The first plan was to allow those who purchased between April 9,2008 and December 31, 2008 to claim a $7,500 credit on their tax return. This amount must be repaid in 15 equal monthly installments of $500 … More Do You Have To Repay Your Homebuyer Credit?
CNN interviews Tam Doan a former Bank of America employee who states “I had no idea what I was signing. Either you were in or you were out. We had no knowledge of whether the foreclosure could proceed or couldn’t, but regardless, we signed these documents to get these foreclosures out of the way“. His … More Confessions of a robo-signer
A consumer research firm has conducted a study on the characteristics shared by today’s home buyers. Read more