In a short sale, homeowners sell their homes for less than what is owed. If a lender agrees to the sale, the lender is forgiving a certain amount of the loan principle. The IRS and the state Franchise Tax Board have recently issued letters clarifying that California families who have lost their home ... » Learn More about Short Sellers Won’t Be Taxed on Forgiven Debt
Draft Tax Plan Would Limit Homeowners Tax Deductions
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?