US Senate Agrees on Foreclosure Prevention Bill
With this new bill bankruptcy judges will be given the power to alter borrowers mortages, provide for councling and also a $7000.00 Credit for buyers who buy foreclosed properties. See entire article at http://www.bloomberg.com/apps/news?pid=20601087&sid=ahxzNeEDeWoU&refer=home
Tags: Buying, Foreclosures, San Digo Real EstateRelated posts
Mortgage Forgiveness Debt Relief Act of 2007
President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt. Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.
http://www.govtrack.us/congress/bill.xpd?bill=h110-3648&tab=summary
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Hello world!
Hello all and welcome to my first blog. As you know this is an opportunity to read and express your opionions or just ask questions. We are also looking for your input for other articles. What is important to you. Let us know.
We all know tht the Real Estate market is in a downward spiral. Forcloses and short sales are at an all time high. There were over 1300 notice of defaults filed last month. The followong is from the California Association of Realtors:
We all know that from history that the market always recovers, and when it does, it goes higher than before. Now for the good news. Thinking of an investmet property? How about that larger home (rent your existing home)? Maybe a second home? Interest rates are still low. Something to consider.
Tags: Buying, San Digo Real Estate, Selling. HOME SALES DECREASE