EXIT Preferred Realty's Blog
This Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay income taxes on the amount forgiven.
Without the Mortgage Forgiveness Debt Relief Act, debt reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. Under the act, up to $2 million of this type of debt elimination can be tax-free.
In the Treasury’s summary explanation of the administration’s budget proposal, it calls for an extension of the tax break due to “the continued importance of facilitating home mortgage modifications.”
The administration is proposing an extension that would apply to any amounts forgiven before the date of January 1, 2015.
Improve the ventilation in your bath and laundry by installing exhaust fans.
Use natural cleaning compounds and air fresheners, such as real flowers and plants.
Dispose of opened paint cans and leftover solvents promptly and properly. Don't let cans of paint or cleaning solvents sit in your basement or garage.
Have a pair of shoes that you wear only for yard work and keep in the garage.
Have your home checked for radon.
January 2012 Housing Statistics
The REALTORS Association of York & Adams Counties (RAYAC) reports that a totalof 33 homes were sold in Adams County in the first month of 2012, a 6% increase from 2011. In York County 220 homes were sold in January, a 9% increase from 2011.
A new downpayment and closing cost assistance program was unveiled by the PA Housing Finance Agency (PHFA).
The Keystone Advantage Assistance Loan (KAAL) will provide an amortized subordinate loan of up to 2 percent of the sales price (maximum of $4,000) to qualified borrowers obtaining a PHFA first mortgage. This program will replace the agency’s Keystone Assistance and Keystone Government Assistance Loan programs.
“The Keystone Advantage Assistance Loan will allow qualified homebuyers to borrow a portion of the funds needed to cover their downpayment requirement and/or closing costs associated with the purchase of their home,” according to the PHFA homeownership programs director. “This loan will carry the same fixed interest rate as the first mortgage but a term of 10 years. And, there’s no prepayment penalty for paying off the Advantage loan early.”
Feds, Banks Postpone Foreclosure Evictions Until 2012 by Broderick Perkins
Government agencies and mortgage lenders have a little something to temporarily ease your holiday blues if you are a homeowner facing foreclosure -- the existing roof over your head until after the New Year. http://realtytimes.com/rtpages/20111208_foreclosure.htm
Home Ownership matters not only to people but to communities and to America as a whole. For each two homes sold, one job is created in the U.S. Each purchase generates as much as $60,000 in future economic activity. Need help buying yours? I would be happy to help!
“There will be times when it’s tough going and you’ll question whether you can do it or not. There’ll be times when it seems fruitless and there’s absolutely no progress whatsoever. That’s when you take a deep breath, dig down deep, and persevere.”―Nancy Sathre-Vogel
The U.S. economy is projected to grow 2.3 percent for the year, according to Fannie Mae’s Economics & Mortgage Market Analysis Group.
Growth will be affected by “fiscal policy issues and political economic uncertainty,” according to Fannie Mae.
The upcoming presidential election, the healthcare debate, and the sovereign debt crisis in the euro zone are three wild cards causing concern for Americans.
Recent improvements in employment have elevated consumers from their “summer rut,” and the housing market is showing some positive indicators, though movement is slow.
