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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Good News For Home Buyers
Good news for home Buyers. The Fed is increasing the the limit conforming limit from $417,00 to $729,750 in some areas. The link below breaks down the dollar amount by state and Metropolitan area.
”The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon. ”
HYPERLINK “http://takeaction.realtoractioncenter.com/ct/N7LihOp1mSxR/“Fannie Mae and Freddie Mac Proposed Loan Limit Changes
Tags: Buying, San Digo Real Estate, Selling. conforming home loans