Friday, August 22, 2014

Does Your Credit Score Affect Your Homeowner’s Insurance Cost?

Your credit score and your insurance payments- what’s the connection? You’re likely not surprised when your loan officer asks for your social security number- a thorough credit check is standard when applying for a loan. However, many consumers are caught off-guard when a homeowners insurance agent asks for their social security number.  It’s widely debated, […]

What Every Homebuyer Should Know about Title Insurance

The process of buying a home is complicated. Consumers can become confused and frustrated with the mounds of paperwork and documents to sign. Fees show up at closing that can sometimes surprise the buyer. Title insurance is one of those charges little understood by homebuyers, who often see it as just another fee they have […]

How to Find Affordable Homeowners Insurance

If you need to renew your homeowner's insurance make sure you call around to get the best deal. It's a fact that most of the U.S. has been experiencing serious storm losses at a far greater clip than had been forecast. Insurance companies have been reeling from the losses that have been piling up. And, […]

Tax Break for Struggling Homeowners Set to Expire

The clock is ticking on a tax break that saves struggling homeowners from paying thousands of dollars to the IRS. If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage […]

Can’t Claim a Loss When Short-Selling Home

No tax on debt forgiveness is seller's best hope By Tom Kelly, Wednesday, March 14, 2012. Due to the decline in housing prices, many home sales are "short sales" in which the purchase price offered by the buyer is less than the mortgage amount owed by the seller. In a recent column, we discussed how […]

What You Need to Know About Cancelled Mortgage Debt

A lender will, on occasion, forgive some portion of a borrower’s debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule are available, but, until recently, the borrower was required to pay tax on the debt […]

Current Tax Breaks for Homeowners

February 3, 2012 by  
Filed under Real Estate News, Taxes & Insurance

There are many benefits to owning a home, not the least of which are the financial advantages of home ownership. Homeowners can gain a number of tax benefits, and, combined with the Fed's indication to keep interest rates attractively low throughout the new year, home buying in 2012 is promising to be a financially astute […]

Get Professional Help When Taking Tax Deductions on Your Home

January 10, 2012 by  
Filed under Real Estate News, Taxes & Insurance

Owning a home is one of those landmarks that signify financial adulthood. And one of the things that responsible financial adults do is get professional help when the situation requires it. Taxes are one of those areas that often do warrant calling the pros in. I'm not just shilling for the tax prep industry here, […]

If You are Going Through a Short Sale or Foreclosure You May Owe Federal Income Taxes in 2013

You may owe federal income taxes in 2013 if you have a short sale or foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home? Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or […]

Hurricane Irene Shows the Importance of Having Flood Insurance

August 30, 2011 by  
Filed under Real Estate News, Taxes & Insurance

As homeowners across the East Coast braced for Hurricane Irene and the heavy rains, the threat underscored the importance of national flood insurance, according to The National Association of Realtors┬« (NAR). A separate policy issued by the National Flood Insurance Program (NFIP) is the only way for homeowners to financially protect homes and businesses from […]

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