The housing crisis is old news but it is still affecting a lot of people. The hardest hit area is the west coast. An few years ago their property was up but with the crisis many are finding it difficult to find their way through the maze of credit. The saver in this case is that he government has finally came to the rescue. This may be the thing that breaks this crisis and get California back to the good times.
The program the have introduced is the mortgage relief act. California has got it passed though and into law because they needed it more than the other states. It is the hope of many in California that this will provide the relief needed to many struggling families.
This plan is predicted to help a lot of people in that state alone. Many of them desperately need the help or be forced out onto the streets.
To understand the way this bill works you must first understand how taxes work on mortgage related issues. The tax cod says that if your are forgiven by a bank for a part of your mortgage you must claim it are income on your taxes. So until this bill was passed people were getting forgiveness only to return to hardship when the taxes came due.
This new law eliminate this tax. You do not have to claim it on your taxes and this is good news. There are a few restrictions. First is does not apply to people who are forgiven more than half a million dollars. Second it must be your primary residence. Th rid it is a limited time offer it expires in 2012.
You can file it this year even if you have already filed just amend your tax forms.
A cut in tax is the best way to get California back on its feet and this came just in time.
Look it is nice to find out that old Uncle Sam did it right this time.
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That’s because you don’t ACTUALLY have that 1.5 mil yet, you have it when you sell the houseEquity is the gap beetewn the cost of your house when you bought it and the positive (more worth) value at a certain time, or when it gains valueTherefore if you sell the house, you’d make enough money to pay off the bank and make some cash; but until then your house is STILL the banks; that’s why you take out a loan, your house isn’t yours until you pay it off including the equity;
Wow, with a house that is cash you really ohlusd not have that much trouble. Amazing how banks are changing so rapidly.Keep trying, but maybe ask banks for a 5 year mortgage for the amount you need. They don’t advertise this, but banks DO offer short term mortgages, with fixed rates no games.If you have time go to annualcreditreport.comand fix anything that is incorrect or outdated if you haven’t already done so. Things become outdated after 7 to 8 years.Also get one credit card, and pay it in full each and ever month for top notch credit. Carrying a balance reduces credit.Keep trying, there is no reason you ohlusd be getting turned down if your house has no mortgage. If you are asking for 20% value they ohlusd be throwing it at you.Try a credit union./