March 2012
Embrace Your Day
March 29, 2012 by Financemyhome · Leave a Comment
Watch this little dude do his thing. If we all approach our day with as much confidence and excitement, we can’t help but have a better day.
Pin It
Powered By WP Footer
Foreclosure trends in the Twin Cities
March 27, 2012 by Financemyhome · Leave a Comment
Check out my newsletter with foreclosure information about Minneapolis/St Paul and surrounding areas.
Powered By WP Footer
Positive Signs In The Real Estate Market
March 22, 2012 by Financemyhome · Leave a Comment
Powered By WP Footer
What Happens When Mortgage Debt is Cancelled?
March 20, 2012 by Financemyhome · Leave a Comment
The Mortgage Forgiveness Relief Act of 2007 was passed by Congress to avoid additional financial hardship that some homeowners might experience due to a foreclosure or short sale. The law affects mortgage relief that occurs from January 1, 2007 to December 31, 2012.
Normally, IRS considers partial or total debt forgiven by a lender to be treated as ordinary income. This not only affects foreclosures but even short sales where only part of the debt is forgiven would trigger additional taxes for the homeowner. There are exceptions that apply such as bankruptcy and insolvency.
The forgiveness is only applicable to taxpayers’ principal residence and only acquisition debt used to buy, build or improve the home. The additional cash taken out when refinancing a home will not be eligible for the relief unless it is used for capital improvements.
The lender is required to submit a 1099 form to IRS and provide the homeowner a copy who will file the forgiven amount on Form 982 as part of their 1040 tax return. How this affects your individual situation may differ due to other circumstances and advice from a tax professional is recommended.
Pin It
Powered By WP Footer
Another Indication –The Market IS picking UP!
March 15, 2012 by Financemyhome · Leave a Comment
The Housing Affordability Index was developed over thirty years ago to help consumers determine when it is a good time to buy a home. It’s considered advantageous to the buyer when the index is over 100 because a median income family can qualify for a median price home.
Recent figures released by the National Association of REALTORS’ economic department show that the 2011 index of 184.5 is the highest annual average since it has been calculated. The most recent month released, December 2011, was 194.9. The index is also broken down into four regions of the country.
The two major components that contribute to the index are home prices and mortgage interest rates which are lower than they’ve been in the last five years which account for the dramatic rise in the index since 2006.
The Housing Affordability Index is another indication that this is a good time to buy a home for people who have good credit, a down payment and want a home.
Powered By WP Footer
Mortgage Modification Explained
March 13, 2012 by Financemyhome · Leave a Comment
In Minnesota-I recommend you visit http://www.Hocmn.org , http://www.MakingHomeAffordable.gov , and speaking directly to your lender for help. This video is an overview.
Powered By WP Footer
What is a short sale?
March 13, 2012 by Financemyhome · Leave a Comment
I can help you pursue selling your home as a short sale if you qualify.
Powered By WP Footer
What is a foreclosure?
March 12, 2012 by Financemyhome · Leave a Comment
In Minnesota-I recommend you visit http://www.Hocmn.org for specific flow charts and helpful fact sheets. This video is an overview.
Powered By WP Footer
What is an Arm’s length transaction?
March 12, 2012 by Financemyhome · Leave a Comment
This will apply to you if you sell your home as a short sale. You must attest to this when you sell your home and sign the paperwork.
Powered By WP Footer
FHA Fees Going Up April 1st-HURRY Don’t Wait!
March 6, 2012 by Financemyhome · Leave a Comment
FHA has raised the annual Mortgage Insurance Premium to 1.25% beginning April 1st. MIP is required on all FHA loans and used to fund losses by lenders for borrowers who default on their mortgages. As of June 1st, FHA loans in excess of the standard maximum of $625,500, in high-cost areas, will have a premium of 1.5% of the loan amount.
In addition to the increase in the annual MIP, FHA also announced it plans to raise the fee on the up-front MIP from 1.00% to 1.75%. No date was reported for its implementation.
The bottom line will result in a borrower’s payments going up. However, it might not be restricted to the MIP. Freddie Mac’sPrimary Mortgage Market Survey showed that both 30 year and 15 year mortgages have gone up too.
One way to avoid the increase is to have a completed sales contract and have your lender order the FHA commitment prior to April 1, 2012. If you plan on buying a home this spring, there is a reason to do it earlier rather than later.
Powered By WP Footer
An Amazing Youtube Video
March 2, 2012 by Financemyhome · Leave a Comment
Powered By WP Footer
