Rep. Dave Camp, Chair of the House Ways and Means Committee of the U.S. House of Representatives, recently unveiled a large-scale plan to overhaul the federal tax code. Included in his draft proposal was a significant limit on the mortgage interest deduction. Over four years, the amount of mortgage ... » Learn More about Draft Tax Plan Would Limit Homeowners Tax Deductions
Legislature Considers Another Tax on Homeowners
The California state legislature has been considering a tax that would be imposed on homeowners who need to record certain documents with their counties This $75 per document tax will be imposed on a variety of documents, which will include, for example, documents related to refinancing properties, ... » Learn More about Legislature Considers Another Tax on Homeowners
Fate of Fannie, Freddie Replacement May be Decided this Week
A Senate plan to wind down Fannie Mae and Freddie Mac faces its first major hurdle this week. The bill, written by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho), would replace the companies with a new federal mortgage insurer and move more of the ... » Learn More about Fate of Fannie, Freddie Replacement May be Decided this Week
Is Your Work Commute a Mortgage Killer?
Most home buyers know they'll pay for desirable locations, whether it's conveniently near their workplace or pleasantly distant from it. But a recent look at commuting costs by Credit.com reminds buyers to put the figures into stark black and white, even if the lender doesn't require it. Many ... » Learn More about Is Your Work Commute a Mortgage Killer?
Homeowners Think Twice About Doing a Short Sale – Taxes Can Kill Them
Since the expiration of the Mortgage Forgiveness Debt Relief Act, home owners have been thinking twice about proceeding with a short sale, says CoreLogic deputy chief economist Sam Khater. A sharp drop in short sales began at the start of this year, likely because of the increase in taxes borrowers ... » Learn More about Homeowners Think Twice About Doing a Short Sale – Taxes Can Kill Them