Mortgage Forgiveness Act

President Bush has signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with cancelled mortgage debt.
 
Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. the bill also extends the tax deduction for mortgage insurance premiums through 2014.
 
“This is going to make a happy holiday for many homeowners,” President Bush said last Thursday before signing the bill into law. During the press conference he added the following:
 
“When you’re worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And it’s a really good piece of legislation. The provision will increase the incentive for borrowers and lenders to work together to refinance loans – and it will allow American families to secure lower mortgage payments without facing higher taxes.”
 
“There’s more work to be done,” Bush added, saying that Congress needs to pass legislation to strengthen Freddie Mac and Fannie Mae, to modernize FHA, and to allow the government to issue tax-exempt bonds for refinancing existing home loans.

If you would like a free market analysis of your property,  contact us at (714) 264-3458 for a free, no obligation report.

Happy house-hunting!

Althea
Rose-Marie & Althea
The OC Dream Home Team
http://www.ocdreamhometeam.com

View 38,000 properties at http://www.ocdreamhometeam.com  Interested in foreclosure properties? …Take one of our Saturday Foreclosure tours!Want to buy property but don’t know how?…

Attend our next First-Time Home-Buyers seminar and learn the tricks of the trade!

Call (714) 264-3458 NOW!….  for more information.

Interest Rates Change Daily

Interest rates change constantly, but it is important to know that rates are cyclical. If rates are currently at historical lows then we know there is a strong probability rates will go up again, and vice versa. Certain economic indicators such as unemployment data, consumer price index, retail sales data, and consumer confidence all have an effect on mortgage interest rates. But the key factor to watch is the relationship between stocks and bonds.

When the economy is slow and the stock market is “bearish,” many investors move money out of stocks and into bonds and mortgage-backed securities. This causes mortgage interest rates to go down. When the economy is doing well, the stock market rallies and is considered “bullish.” Investors then have a tendency to move their money out of that safe haven of bonds and mortgage-backed securities and back into stocks. As a result, mortgage interest rates go up.

If you would like a free market analysis of your property,  contact us at (714) 264-3458 for a free, no obligation report.

Happy house-hunting!

Althea
Rose-Marie & Althea
The OC Dream Home Team
http://www.ocdreamhometeam.com

View 38,000 properties at http://www.ocdreamhometeam.com  Interested in foreclosure properties? …Take one of our Saturday Foreclosure tours!

Want to buy property but don’t know how?…

Attend our next First-Time Home-Buyers seminar and learn the tricks of the trade!

Call (714) 264-3458 NOW!….  for more information.


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About author

Rose-Marie and Althea are both professional, full-time Realtors in the Orange County area of California. Both local residents, they specialize in the Huntington Beach, Fountain Valley, Costa Mesa, Westminster, Irvine areas, where they list and sell residential property. Avid students, Rose-Marie and Althea stay abreast of changing laws and make it their business to be the experts that their clients turn to, for sound advice. With more and more customers doing their own research, it has become essential for Realtors to have full command of all things technical and this is not new to this partnership ~ Althea taught Corporate technology for 23 years and brings to the client, innovative marketing ideas that really capture TODAY’s Buyer! Rose-Marie is qualified in both Technology and Senior Real Estate as well as Short Sales and Foreclosures. In these tough economic times, we can expect to see many Real Estate agents dropping out of the industry in the next year, but Rose-Marie and Althea have made it their business to stay, serving their clients old and new, with loyalty and ‘above expectation’ service! Real Estate is all about YOU! Rose-Marie and Althea have the tools, they have the expertise and they have the determination to surprise you with results!

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December – Home for the Holidays

Your Home – Holiday Safety
The holidays are meant to be enjoyed with your loved ones. To ensure a safe and festive holiday season this year, don’t forget about safety. Each year, families across the country face unintentional damage and even injury because they fail to take basic precautions when decorating for the holidays. Below are some safety tips that will help you make the most of your holidays:

· If you own an artificial tree, make sure it is flame retardant and if you opt for a live tree, make sure the needles are green and fresh

· When hanging Christmas lights, make sure they are in good condition and free of frayed wires or exposed metal and never overload your circuits

· If you burn candles in your home, keep them at least 3 feet from any holiday decorations including your tree

· Leaving your cooking unattended is the leading cause of home fires, be sure to keep an eye on your meal and always keep a fire extinguisher in the kitchen

· If you have pets or children in your home, be sure to keep all decorations out of reach and don’t use tinsel as it is a choking hazard · Never place your Christmas tree or wrapping paper in the fireplace

Enjoy your holiday season and have a great new year by being safe and using common sense when using any heating appliance, hanging decorations, or cooking in your home.
Finances – Giving and Saving
 
With all the traveling, cooking, and gift giving taking place, the holidays can add up fast. By planning ahead and setting your budget ahead of time, you can enjoy the holidays just as much without breaking your budget. When it comes to saving over the holidays, first track your largest expenses. For most these involve travel costs, gifts, and food / treats. When it comes to travel, book as early as possible and be sure to comparison shop on the internet for the best deals. You can also save more if you are flexible with your dates. For those who are entertaining and hosting this year, try to plan on what you need and see how much you can save by purchasing in bulk. Although most people try their best to plan ahead and avoid last minute stress, going to the store for those last minute items means you’ll be paying more. A good example is wine- by purchasing a case instead of individual bottles, you can often save upwards of 20% and even more if you shop at a club store.

When gift giving, don’t forget to calculate all the extra odds and ends because they really add up. For example, greeting cards, wrapping paper, and even sales tax will all drive the cost of gift giving up. If you plan on shipping gifts this year, ship them early and avoid paying the higher fees for air which can end up costing up to 5x more.

Personal Interest – The New Year
 
The New Year is approaching quickly and for many people, this involves making resolutions. Come February, however, most resolutions are but a distant memory as people slip back into their lifestyle. If you are planning a change for the New Year, you can improve your chances of following through by first writing down your goals and keeping the list in a conspicuous place. You are also much more likely to succeed with your goals if you inform others about what you are doing so they can support you- odds are you’ll even find others who want to participate with you by joining a gym or participating in classes.

If you would like a free market analysis of your property,  contact us at (714) 264-3458 for a free, no obligation report.

Happy house-hunting!

Althea
Rose-Marie & Althea
The OC Dream Home Team
http://www.ocdreamhometeam.com

View 38,000 properties at http://www.ocdreamhometeam.com  Interested in foreclosure properties? …Take one of our Saturday Foreclosure tours!Want to buy property but don’t know how?…Attend our next First-Time Home-Buyers seminar and learn the tricks of the trade!

Call (714) 264-3458 NOW!….  for more information.