Still Time to Have Forgiven Mortgage Debt Excluded as Taxable Income

Homeowners who have had mortgage debt forgiven after a foreclosure, modification, or short sale may be able to exclude the canceled debt from their taxable income if they meet specific criteria. According to Gil Charney, principal analyst at The Tax Institute at H&R Block, the specific criteria to have forgiven debt excluded are the debt …

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What you should know about balloon loans

A balloon mortgage is one on which the outstanding balance is due at some point before amortization has paid off the balance in full. Aside from the repayment obligation, balloon loans are identical to standard fixed-rate mortgages (FRMs). For example, if a five-year balloon loan for $100,000 is at 5 percent for 30 years, the …

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11 must-knows about early mortgage payoff

Q: Will I save money if I make my regular monthly payment early? A: No, paying early merely allows the firm servicing your loan to earn interest on your money until the payment due date. This is not the case, however, if you have a simple interest mortgage (SIM). Because it accrues interest daily, the …

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Downgrades and Debt Concerns

The problems with the downgrade in U.S. Treasuries and the debt crisis here and abroad are adding another layer of uncertainty to an already uncertain marketplace right now. The main question for housing in particular is where mortgage rates are headed. S&P’s Downgrades US Treasuries and Fannie & Freddie… Standard & Poor’s downgraded the U.S. …

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