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Mortgage Deduction – Tighter Limits for Wealthy Families
Tighter Limits for Wealthy Families in Obama’s 2011 Budget Proposal The Obama administration proposes to raise $291 billion over the next decade by reducing the amount by which wealthy families can cut their tax bills by claiming itemized deductions for mortgage interest payments and other write-offs. The Obama administration tried and failed to implement a similar change in last year’s... [Read more]
Bank of America is 1st to service 2nd Lien Modifications
Bank of America announced Tuesday (01/26) that it is the first mortgage servicer to sign an agreement formally committing to participate in the second-lien component of the Home Affordable Modification Program (HAMP). The news follows a “verbal commitment” to the program made by CEO, Brian Moynihan made during a meeting with Treasury Secretary, Timothy F. Geithner earlier this month, the company... [Read more]
Reverse Mortgages – the Top 9 Myths
Recent headlines pointing to the detriments of reverse mortgages aren’t getting the story straight. “Because so many Americans over the age of 62 are facing significant financial stress due to dropping retirement and savings account balances, as well as higher healthcare costs, many groups are targeting seniors under the [dis]guise of helping them,” said Scott Peters, CEO and President of Generation... [Read more]
HUD Takes Action to Speed Resale of Foreclosed Properties
A measure to help bring stability to home values and accelerate sale of vacant properties In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part... [Read more]
The Expanded Home Buyer Tax Credit – In Detail
As 2010 begins, both real estate professionals and home buyers can look forward to taking advantage of the Extended and Expanded Home Buyer Tax Credit. Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009. Now, for a limited time in 2010,... [Read more]
