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Big News for Central Florida: Mortgage Debt Cancellation Relief Act

Posted by Tim Weisheyer on Oct 7, 2014 8:24:02 PM

 

Is there big news on the horizon for Central Florida homeowners? To answer that question we need to understand what the Mortgage Debt Cancellation Act is and how it impacts property owners...

The Mortgage Debt Cancellation Relief Act was established in January 2007 to provide tax relief to borrowers on forgiven home mortgage debt (up to $2 million), as long as the debt was secured by a principal residence and the total amount of the outstanding mortgage did not exceed the original purchase price plus the cost of improvements. What does this really mean?

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Topics: Tax, Around Central Florida, Short Sales

Is Using Your Tax Refund Toward Your Home a Good Idea?

Posted by Tim Weisheyer on Apr 3, 2014 6:30:00 PM

Homeownership has been and remains a cornerstone of the American Dream, and a strong desire remains among Americans to own their own home. In fact, research shows more than 7 in 10 renters aspire to own their home one day. It is widely agreed among experts that secure and stable housing has social, academic, familial and financial benefits for individuals and families. What many of those renting might not realize though, is that they can leverage their tax return to take advantage of still affordable home prices and historically low interest rates. Who knew you could use your tax refund and turn it into a lifelong investment?

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Topics: Tax, Buying a Home, Good Ideas, Buying 101, In the News

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