NEVER spend more than you can recoup.This seems obvious, but you'll be amazed how many people decide to throw vast amounts of money into a house that they will never again enter for the rest of
Do No Harm To Housing
In her article dated 12/3/12 in DSNews.com Krista Frances Brock brought up the subject of groups coming together to ask Congress for the extension of the Mortgage Forgiveness Debt Relief Act which is about to expire by the end of December 2012. Two groups she mentioned were the Center for Responsible Lending which is a non-profit that is "dedicated to protecting homeownership" and the Financial Services Rountable which is "a group of representatives from the nation's largest financial institutions".
The Mortgage Forgiveness Debt Relief Act was passed in 2007. Its purpose is to prevent homeowners who are behind in their mortgage payments due to loss of income, health issues and meeting with financial difficulty and who have experienced a short sale, principal forgiveness or loan modification to be released of "having to pay taxes on any portion of their mortgage debts" which were "forgiven by their financial institutions".
In addition to this critical matter is an urgent plea for your help to protect the stability of the United States housing market and economy. There is a lot of speculation that a change to the long-standing policy that allows homeowners to deduct mortgage interest payments from their income taxes could be a part of a "Fiscal Cliff" deal.
As a Member of the National Association of Realtors, I have personally written to my Senators and Representative to Congress to remind them that the mortgage interest deduction is vital to the stability of the American housing market and economy and we will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest.
Please join me and stand with 70 million American homeowners - the NAR will be watching to see who stands with us. Write to your elected officials today!
RE/MAX Properties Unlimited