Tag Archives: mortgage

10 Facts About Mortgage Debt Forgiveness

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. Normally, debt forgiveness results in taxable income. However, under [...]
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Mortgages: Conventional Loans

Talk to your lender about specific loss mitigation options. Work directly with him or her to request a “workout packet.” A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation. Fannie [...]
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First Steps To Obtaining A Mortgage: Your Credit

47. WHAT STEPS NEED TO BE TAKEN TO SECURE A LOAN? The first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months W-2 forms for the past 2 years Information on long-term debts Recent bank statements tax returns [...]
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Financing Questions: Mortgage Basics

33. WHAT IS A MORTGAGE? Generally speaking, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest. 34. WHAT IS A LOAN TO [...]
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Judge Rules Against Bank’s “Repulsive” Behavior

In a very unusual legal decision, Judge Jeffrey Spinner ruled against a California bank that he said behaved in a “harsh, repugnant, shocking and repulsive” manner. The ruling against OneWest and the IndyMac mortgage division has relieved the homeowners of their $291,000 original mortgage, as well as, $235,000 in interest. The judge wrote that OneWest’s [...]
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How Much Home Can I Afford?

The maximum loan amount of your mortgage depends on several factors, such as, how much you earn, how much debt you already have and the type of mortgage. FHA mortgages are one example: What have you heard about qualifying for an FHA-insured Loan? * Only inexpensive homes are allowed? Not true! * You need a [...]
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FHA Mortgages And Loan Limits

FHA Limits For Pennsylvania (PA) Common Questions About an FHA-insured Loan Why choose an FHA-insured loan? There are lots of good reasons to choose an FHA-insured loan, especially if one or more of the following apply to you: * You’re a first-time homebuyer. * You don’t have a lot of money to put down on [...]
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How to Buy a Home With a Low Down Payment

A consumer’s guide to owning a home with less than three percent down. If you’re dreaming of buying a home, congratulations. You’re in good company! About two-thirds of the nation’s households own their own home. This brochure describes how families can get into their own homes with little cash up front. It explains mortgage insurance [...]
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Federal Reserve Board: Resources for Consumers Mortgage Foreclosures

If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you. If you are having difficulty making your mortgage payment, one of the most important things you [...]
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