The MI tax deduction is on the chopping block
January 4, 2012 by Darcy Beg · Leave a Comment
Unless Congress changes the tax rules this year, mortgage insurance could become both more expensive and less desirable, something that would hurt the housing market nationwide.
Under current tax rules, the cost for mortgage insurance–whether it is through the FHA or through the private sector–is deductible to homeowners. For instance, if you pay $1,500 in mortgage insurance this year and are in the 25 percent tax bracket, your taxes would be reduced by $375. However, under the current rules, the mortgage insurance deduction will end this year.
L. Gaye
After defaulting on loan, CityPlace gets extension of its $150 million mortgage
January 2, 2012 by Jack Collie · Leave a Comment
According to a document filed with the Palm Beach County clerk’s office, the maturity of the loan has been moved back to December 2018. The original loan, issued in 2006, was scheduled to end in 2016.
CityPlace defaulted on its loan this year, and in September loan servicer CSMC 2007-C1 South Rosemary filed a foreclosure proceeding on the property.
The loan modification document filed this week doesn’t indicate whether the 6.27 percent interest rate on the original loan has changed.
Ilyce Glink: Unemployed homeowner may not qualify for help
January 1, 2012 by Matthew Bond · Leave a Comment
Q: I have been unemployed since July 2010. I’m now a full-time student and a homeowner from Rhode Island.
I recently received a letter from some legal company out in California stating they could drastically reduce the payments on my mortgage. I was skeptical of this but somewhat intrigued.
I responded to the solicitation because I was hoping to hear about options that would allow me to lower my payments. Since I’m not behind on my mortgage payments, I assumed I could not get help.
Weekly Rate Update – Aflac Federal Credit Union Offering 2.41% APY Savings Account
December 29, 2011 by Darcy Beg · Leave a Comment
Rate information contained on this page may have changed. Please find latest savings rates.
Work for Aflac? If so, don’t overlook one of the perks of the job. Aflac Federal Credit Union is offering a 2.41% APY savings account for its members, and that’s no quack. The average national savings account rate for local banks is 0.21% while for online banks it is 0.80%. That gives you a sense of how competitive this rate is. The rate holds for deposits up to $100,000.01. The rate on deposits over this limit drops to 1.10% APY which is still highly competitive.
Like most credit unions, Aflac has a restricted field of membership.
Bank Repossessions Drop To A 44-Month Low
December 16, 2011 by Darcy Beg · Leave a Comment
Foreclosure activity continues to concentrate over just a few states.
According to foreclosure-tracker RealtyTrac, Novembers foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.
Foreclosure filing is a catch-all term for the various action steps throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.
As in most months, though, foreclosure activity remains concentrated by state. Mo