5 Tips to Help You Purchase a Home

Purchasing a home is a big step for anyone but the excitement can lead to mistakes. Following these tips will help you keep a level head throughout the process.

Since the United States was founded, the American dream has been to own land and comfortably provide for our families. However, owning a home has become incredibly difficult for some. Problems like student loans taking up most income, overwhelming credit card debt, and poor credit scores have proven to be issues for many who want to eventually own a home. Here are 5 tips that will help you on your …

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Deceptive Mortgage Ads

The rate may be fixed for an introductory period only. When you shop for a mortgage, you need to know when and how your rate, and payments, can change.

If you’re looking for a mortgage to buy a home or refinance an existing loan, you may see or hear ads with offers of low rates or payments. Whether you see them on the Internet, on television or in the paper, or whether they come by fax or mail, some of these ads look like they’re from your mortgage company or a government agency. Regardless of where you see the ads, …

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Ten Facts About Mortgage Debt Forgiveness

You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

2. The …

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6 Signs of a Mortgage Rescue Scam

Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver.

Foreclosure rescue firms use a variety of tactics to find homeowners in distress:  Some sift through public foreclosure notices in newspapers and on the Internet or through public files at local government offices, and then send personalized letters to homeowners. Others take a broader approach through ads on the Internet, on television, or in the newspaper, posters on telephone poles, median strips and at bus stops, or flyers or business cards at your front door. The scam artists use …

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mortgage rates

Mortgage Difficulties

You’ve bought or refinanced a home in the last few years and facing a major increase in your mortgage’s interest rate and monthly payments.

By: Federal Citizen Information Center of the U.S. General Services Administration

Here are some tips to help you manage your payments and maintain ownership of your home:

Don’t Ignore the Problem
Many people avoid contact with their lender about mortgage troubles because they feel embarrassed discussing money problems with others. Or sometimes people believe that if lenders know that they are in trouble, the company will automatically rush to a collection agency or foreclosure. This …

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