The Mortgage Debt Relief Act became effective in 2007. The act allowed owners selling their home as a short sale not be responsible to pay taxes on the deficiency amount. The deficiency amount is the difference between the what is owed on the mortgage and what the proprerty sold for. The tax change means the seller would owe federal income taxes on that amount forgivin by the bank. For example, if the seller is in the 15% tax bracket, they would owe the IRS $15,000 on a $250,000 lien that sold for $150,00. Some real estate analysts think doing away with the tax incentive will sabotage the government’s efforts to gradually move people out of homes they can no longer afford. That will end in 2013, giving homeowners until the end of this year to get out from under their debt without facing tax consequences. Tim Becker, director of the University of Florida's Bergstrom Center for Real Estate,said the tax change may force some owners to walk away from their homes outright. Letting the tax exemption expire doesn't make sense and runs contrary to the government's attempts to bring some financial stability to the housing market.
Ainsley Daux
Florida Realty
(813)546-1954
Saturday, January 14, 2012
Thursday, January 5, 2012
New Tampa Bay Short Sale
Dont miss out on this one.
This home is in mint condition
This home is centrally located near I275, the mall, resturants and entertainment.
It boast 3 bedrooms, 2 full bathrooms, a formal living room, a family room, wooded floors, a fenced yard and much more.
Call before its gone.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
Monday, January 2, 2012
Happy New Year
Wow its a new year. Its 2012!!!
May everyone have God Blessesd 2012.
With a new year it bring changes, at least it should bring changes.
If you are considering purchasing a home this year, take the steps now to prepare.
Step one: Pull a copy of your credit. You can use agencies such as Free credit.com or talk to a loan officer.
Step two: Review your credit for descrepencies. Check for open balances that were previously paid off that continues to show an open balance. Also check credit lines that may not belong to you. If you find any balances that were previously paid, contact the credit bureaes and dispute the balances.
Step Three: Save money, if you are planning on obtaining an FHA loan, you will need 3.5% of the purchase price.
Step four: This is critical, plan a budget plan. Track you spending. Keep all your reciepts and review them at the end of the month and try to elimnate careless spending.
Step five: If you have open revolving credit, try to reduce the balances. Do not open any other credit lines, do not go out and buy a new car.
Hope this help.
If you need additional information, please feel free to call.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
May everyone have God Blessesd 2012.
With a new year it bring changes, at least it should bring changes.
If you are considering purchasing a home this year, take the steps now to prepare.
Step one: Pull a copy of your credit. You can use agencies such as Free credit.com or talk to a loan officer.
Step two: Review your credit for descrepencies. Check for open balances that were previously paid off that continues to show an open balance. Also check credit lines that may not belong to you. If you find any balances that were previously paid, contact the credit bureaes and dispute the balances.
Step Three: Save money, if you are planning on obtaining an FHA loan, you will need 3.5% of the purchase price.
Step four: This is critical, plan a budget plan. Track you spending. Keep all your reciepts and review them at the end of the month and try to elimnate careless spending.
Step five: If you have open revolving credit, try to reduce the balances. Do not open any other credit lines, do not go out and buy a new car.
Hope this help.
If you need additional information, please feel free to call.
Thank you,
Ainsley Daux
Florida Realty
(813)546-1954
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