CLICK THE IMAGE ABOVE TO PLAY VIDEO Are you one of the 11 million homeowners that are underwater on your mortgage. Are you familiar with the Mortgage Debt Relief Act? Why not? It’s been around since 2007, but it’s set to expire at the end of this year. What this means, is if you get a loan modification, or do a short sale, or even get foreclosed on your primary residence, you are not responsible for paying taxes on the forgiven amount, in other words that which was left over or forgiven, cannot be counted as income to you by the IRS, and you don’t have to pay taxes on it. And that offer is about to be taken off the table at the end of this year. So if you are upside down on your mortgage and have thought about doing a short sale, call your real estate agent right now and get that house sold before the end of the year.
If you’ve ever tried to buy or refinance a house, you know that appraisals are the number one problem killing mortgage loans in California. Well, Leave it to Bieber, Justin wants you to know that the housing crisis is hurting him too. His business manager told him to buy a house for 7 million. See Bieber fans, this is the house your imaginary boyfriend wants to buy, but the appraisal came in at 6 million, and now Justin can’t get the mortgage his business manager wants. I think more than a good business manager, you need a fashion manager. Who wears a jacket made out of space invader bed sheets? Take a lesson from the celebrities that came before you. Pay cash for your house, so no one can come throw you out of it when the well run dry and those girlish looks fade away.
Fannie Mae conducted a survey in March where 73% of all respondents believed it’s a good time to buy a house. With California interest rates dropping back down under 4% this week, I would have to agree. Who’s the next person that comes to mind that’s most likely to buy a house. Maybe a couple getting married this summer, or a family expecting a baby and needs a larger home. Please share this video with them and if you know anyone upside down on their mortgage, feel comfortable sharing my number with them, so they can get the help they need. Thanks for watching, see you next time!