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MORTGAGE DEBT FORGIVENESS RELIEF – PROPOSED EXTENSION

MORTGAGE DEBT FORGIVENESS RELIEF – PROPOSED EXTENSION

HAPPY NEW YEAR!!!! In the early morning hours on January 1st, 2013, an extension of the Mortgage Debt Relief Act of 2007 was passed by the Senate and many are hopeful will also be passed in the House by today. The legislation dealt with many issues, but relevant here is the amendment they made to the 2007 Act by striking the expiration date of “January 1, 2013” and inserting “January 1, 2014”. Without this extension, any debt forgiven by a lender due to a short sale, modification, or deficiency waiver would be considered taxable. Read the rest of this entry

Mortgage Rate Volatility Follows Election

I ran across this article this week after the election and thought it would be of interest:

Mortgage rates along with the financial markets in general are experiencing significant volatility in the aftermath of the US elections.  While we know who will be President and the makeup of Congress we are now facing the urgency of getting things done in light of the impending tax increases and automatic spending increases known as the fiscal cliff.  On top of that is a looming debt ceiling crisis and worsening economic conditions in Europe.  Today rates appear to be headed slightly higher based on early trading.  Why? Read the rest of this entry