This is the act that allows folks that have completed a short sale or loan modification to exclude the portion of their loan that was forgiven from their income taxes…and it is set to expire at the end of the year. Without it, any amount of mortgage debt that you have forgiven will be taxed at…
Just when I was thinking that maybe, just maybe, I could start trusting the big lenders…they snuck up behind me and bit me in the ass. I thought that the major real estate lenders out there, when they so graciously agreed to follow the HAFA program guidelines were doing the right thing. Despite the fact…
Knowing how to read your good-faith estimate can help you save money on your home loan. When you’re shopping for a mortgage loan, it’s sometimes hard to understand the jargon lenders use in the good-faith estimate explaining the costs and fees you’ll pay when taking out a mortgage.When you apply for a mortgage, the lender…
It’s a bit of a misnomer, since Federal Housing Administration (FHA) loans are not loans at all. What they do is insure loans so that lenders can offer mortgage assistance to people who: Have fair or poor credit Have a low down payment (must have at least 3.5%) Have undergone bankruptcy Have been foreclosed on…
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