On April 3, 3008 Maryland Governor Martin O`Malley signed a package of foreclosure bills into law. One of those laws made sweeping changes to the Protection of Homeowners in Foreclosure Act (PHIFA). As a result, PHIFA is no longer just for foreclosures. PHIFA applies to any residential property that is owner occupied where any mortgage secured by the property is 60 days or more past due.
I invited Dwan to speak at my 2008 Preforeclosure Summit located near BWI Airport. Not only did she speak about what she is doing in the world of short sales, she also had a few things to say about me.
Thank you Dwan. You are tops in my book too! Bruce..
President Bush Signs New Mortgage Debt Forgiveness Law
Written by Bruce R Norton
Wednesday, 02 January 2008 12:05
The Mortgage Forgiveness Debt Relief Act of 2007 signed into law by President George W. Bush on December 20, 2007 is landmark legislation that assists homeowners who have debt forgiven by a mortgage lender. It assists homeowners by alleviating the tax consequences of debt forgiveness by a lender on principal residences provided the reason for the debt forgiveness is due to a decline in home values or a change in the homeowners financial situation.
The highlights of the new law are below:
Amends the Internal Revenue Code to exclude forgiven debt from gross income of indebtedness that was incurred to acquire a principal residence.
Extends the tax deduction for mortgage insurance premiums through 2010.
Allows members of a qualified volunteer emergency response organization an exclusion from gross income for state and local tax benefits.
Allows full-time students who are single parents and their children to live in housing units eligible for the low-income housing tax credit.
Allows a surviving spouse to exclude up to $500,000 of the gain from the sale of a principal residence owned jointly with a deceased spouse as long as the sale occurs within two years of the death of the spouse.
If you are involved in any activity that would include debt forgiveness, make certain that you contact a tax specialist to find out how this new law may affect you.
Last Updated ( Wednesday, 02 January 2008 12:06 )
Maryland Gives Homeowners In Foreclosure New HOPE
Written by Bruce R Norton
Wednesday, 13 June 2007 22:00
On June 13, 2007, Governor Martin O'Malley announced a homeownership initiative called HOPE. It is the Homeowners Protecting Equity iniative and is part of the Department of Housing and Community Development. The goal of HOPE is to give homeowners facing foreclosure state resources for saving their home. Mid-Atlantic Financial Strategies, LLC fully supports this initiative, and recommends any homeowner facing foreclosure to check into this resource before contacting a real estate investor for help. For more information, you can click here or call 877-462-7555
