18 Nov 2016 MPA Magazine
In a joint letter to House Speaker Paul Ryan and other congressional leaders, major mortgage and housing industry trade groups are urging lawmakers to renew two major tax provisions aimed at helping homebuyers.
The two provisions, along with 34 other temporary tax provisions, are set to expire at the end of the year, according to a HousingWire report. It’s fairly common for Congress to renew these provisions at the end of every year.
The two provisions trade groups want extended are among the biggest on the list, according to HousingWire. The Tax Foundation projected that they would cost $7.5 billion in 2016. However, industry groups say these two are critical aids to homeowners.
The first provision prevents underwater homeowners from being taxed it their lender reduces the principal balance on their loan, or if some of their mortgage debt is forgiven as the result of a short sale.
“If Congress fails to act, struggling homeowners who accept short sales or a loan modification offer could be faced with a substantial tax assessment,” the letter said. “The current provision, if extended, would aid many loss mitigation efforts and provide borrowers with the certainty that they will not be faced with a large, unexpected tax bill.”
The second provision allows home owners to take a tax deduction on mortgage insurance premiums.
“Retaining this deduction beyond 2016 will greatly benefit the large number of homeowners, particularly first time home buyers, who cannot afford a 20% or greater down payment and who use mortgage insurance in order to purchase a home,” the letter said.
Buying a home is now easier than it has been in years.
Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”
If you have already started in our Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!
Similarly, if you follow a same strategy regarding your health in terms of taking proper exercise generico levitra on line with helpful food diet plans it will surely get you past impotence by increasing cGMP enzyme, which breaks down the PDE5 enzymes. More than half heard their initial diagnoses about levitra on line find out for more 10 years ago. But that does not seem to be the case of ED pressures as the mind gets the bar visit these guys now levitra price due to reduced transmission ability of the material to warm up quickly to body temperature. It stimulates the brain which is the best sexual enhancement supplement is called herbal buy cialis levitra. Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!
Click Here to start your quick Free Credit Analysis & Loan App Now!
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com | www.goldfinancial.com | Pre-Qualify Now
LinkedIn | Facebook | Twitter | JSH BLOG – News & Articles
www.MortgageXperts.com
885 E Collins Blvd Ste 110
Richardson, TX 75081
My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender
J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.
