What the Mortgage Forgiveness Debt Relief Act Means For You

On December 20, President Bush signed a law that is meant to help homeowners who are facing foreclosure or who sell their homes in a short sale. Before this law, the Mortgage Forgiveness Debt Relief Act of 2007, if your bank or lender forgave a portion of your mortgage debt because the value of your home had decreased, the IRS treated the forgiveness as taxable income. That meant that if your mortgage lender forgave $15,000 in mortgage debt because your house was worth $15,000 ...

What You Can Do To Stop Mortgage Foreclosure

If you have watched you financial situation spiral out of control and are now in arrears on your mortgage payments, you should immediately start seeking the assistance you need to stop mortgage foreclosure. You may be surprised to learn that there are several ways to stop mortgage foreclosure, and they almost all involve, even more surprisingly, your mortgage lender. Banks and other financial institutions are designed to use money to make money, and one of the ways they do it is by making ...

The Right Time to Buy your First Home

There are many economic and market forecasts and predictions, however the bottom line is if you want to buy your first home—there is no wrong time. There is because the motivation to buy is not determined by regional market conditions or by location. Industry opinions, economic reports and investor speculation do not sway or predict when a particular individual will be ready to buy. For the great majority of folks, the most compelling reasons to buy a home are based on individual ...