Your lender may forgive your mortgage debt, but will the IRS? | HSH Financial News Blog

While you may not think of discharged mortgage debt as income since you don’t actually get to make a deposit in your bank account, the IRS considers canceled debt to be income.

For homeowners who have undergone a foreclosure or a short sale, the difference between your loan pay-off amount and what the bank actually got from the sale of your home is considered canceled debt. The same goes for a loan modification that reduced your principal balance. For example, if your loan balance was $250,000 and your short sale agreement netted $200,000 for your lender, $50,000 would be considered the canceled debt. Click below for entire article…..

Your lender may forgive your mortgage debt, but will the IRS?

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March mortgage madness: Mortgage rates on the rise | HSH Financial News Blog

The Federal Reserve acknowledged last week what we’ve been championing for months: The economy is getting better.

While their assessment suggests that the growth needles have moved by just a touch, from “modest” to “moderate,” it was enough to spark a strong move in interest rates, and underlying Treasury yields moved considerably higher by last week’s end.  Click the link below for entire article.

 March mortgage madness: Mortgage rates on the rise

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FHA mortgages are poised to get more expensive – Los Angeles Times

If you’re considering buying a house with an FHA mortgage and expect the seller to help out with your closing costs, here’s a heads-up: The Federal Housing Administration plans to impose significant restrictions on the amount of money that sellers can contribute at closing in the near future.

On top of that, the FHA also will be raising its mortgage insurance premiums during the coming weeks, increasing charges for new purchasers across the board.  Click below for entire article…….

FHA mortgages are poised to get more expensive

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Credit Tips

Underwater? New calculators tell you when you won’t be | HSH Financial News Blog

Is your home underwater—do you owe more on your mortgage than your home is worth? If so, you’re not alone. Recent data suggests that nearly a quarter of all residential mortgages in this country are underwater. But with the release of two new underwater mortgage calculators from HSH.com, underwater homeowners can now determine exactly when they won’t be. Click link below for the entire article…..

Underwater? New calculators tell you when you won’t be

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New FHA refinance plan could save you $1,000 a year | HSH Financial News Blog

The president made yet another push at stabilizing the nation’s housing market on Tuesday when he announced the White House’s latest refinance effort.

An FHA streamline refinance is reserved for existing FHA borrowers who wish to refinance into a new FHA loan. The refinance process is streamlined in the sense that it does not require lenders to verify your income, employment and credit status, and no new appraisal is required, thus, underwater homeowners can qualify.  Click the link below for further information…..

 New FHA refinance plan could save you $1,000 a year

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Percentage of Underwater Homeowners Grows in Latest Quarter/Mortgage 101 Blog

More and more homeowners are finding themselves underwater on their mortgage loans. According to mortgage data firm CoreLogic, during the fourth quarter of 2011, 11.1 million homeowners owed more on their loans than their homes were worth, up 22.1 percent from 10.7 million in the third quarter. That is the highest level since the company started tracking in the third quarter of 2009.  Click link below for entire article………

 Percentage of Underwater Homeowners Grows in Latest Quarter

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Will the increase in mortgage rates last? | HSH Financial News Blog

A drumbeat of better economic news finally got loud enough for markets to notice. Coupled with a generally climbing stock market, interest rates firmed a little last week. Mortgage rates moved to former record-low levels last week, levels which were trumpeted far and wide just a few weeks ago.

The minor move is simply a subtle reminder that yes, interest rates can also rise. At some point, they will ultimately do so, and on a regular basis. With rates so low for so long, some perspective as to what “normal” interest rates are is getting a little lost.  Click below for entire article……

Will the increase in mortgage rates last?

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Rates Down Slightly but Expected to Trend Higher | HSH Financial News Blog

“Rates for the most popular types of mortgages were down slightly over the past five business days, but a warming economy and stronger stock market will push them higher as the week progresses,” said Keith Gumbinger, vice president of HSH.com.

“If the economy continues to show stronger signs, at least slightly higher rates are inevitable,” commented Gumbinger.  Click below for more information…..

Rates Down Slightly but Expected to Trend Higher

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Bipartisan Legislation Introduced to Hasten the Short Sale Process | Mortgage News | Daily National and State Headlines

Sens. Lisa Murkowski (R-AK), Scott Brown (R-MA) and Sherrod Brown (D-OH) have introduced legislation, The Prompt Notification of Short Sale Act, to improve the housing market by expediting the short sale process. The legislation addresses the lengthy closing process that often comes with a short sale by requiring banks to respond to prospective buyers within 75 days.  Click link below for entire article.

 Bipartisan Legislation Introduced to Hasten the Short Sale Process 

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