Iowa property owners are estimated to receive approximately $40 million from a large mortgage settlement involving 5 banks and negotiated by 49 states attorneys and the federal government. Specifically, Iowa’s share of this settlement breaks down like this: Iowa borrowers will receive an estimated $5,899,449 in benefits from loan term changes Iowa borrowers who lost their home [...]
The U.S. House and Senate have been at odds recently on whether a payroll tax cut and unemployment benefits should be extended and how to best pay for the associated costs. So how does this impact housing and property ownership? The Senate has devised a bill that extends the payroll tax cut and some unemployment [...]
As you may know, the debate continues over the mortgage interest deduction (MID). Some legislators want to eliminate the MID in efforts to reduce the deficit. However, many others believe the MID is vital to the stability of the American housing market and economy. The ability to deduct the interest paid on a mortgage can [...]
By now nearly everyone has probably heard the news that the U.S. Government has hit its debt ceiling – the legal limit which the government can borrow. This event has the potential to significantly impact home buyers, companies, or anyone with debt. U.S. Treasury officials estimate that the federal government has enough cash on hand to [...]
As the U.S. recovers from the effects of the finanicial crisis, regulators have been charged with determining what went wrong and how best to fix the issues to prevent problems in the future. One of the solutions proposed by regulators is to require home buyers to make a minimum of 20% down payment when purchasing [...]
While national legislative proposals to change the mortgage interest deduction (MID) are still being debated in Washington, D.C., many home owners are wondering how possible changes may impact them. Here’s a few myths and the facts regarding each. Myth #1: The mortgage deduction is just for rich people. Facts: The mortgage interest deduction helps mostly [...]
As you may know, there is a proposed rule currently being debated in the U.S. Congress, which if passed, will require a minimum of 20 percent down on all residential home sale transactions. Although people may be able to put slightly less down then 20 percent, they will have to pay a huge premium for [...]
The Virginia Property Owners Alliance has a great article with tips for homeowners who are unable to make mortgage payments and therefore concerned about foreclosure. Read the article here: http://www.vahomeownersalliance.com/pages/how-work-your-loan-servicer-prevent-foreclosure For Iowa-specific mortgage help resources, please visit http://www.iowamortgagehelp.com/
Note: This article provides explanations and examples of proposed changes to the mortgage interest deduction and their potential impact on the taxes paid by a homeowner. The article was published by the National Association of REALTORS®. Entry into a new political, economic and fiscal world in 2011 has opened the most active debate in recent [...]
Iowa’s population grew 4.1% over the last decade, but the growth wasn’t as fast as other areas of the country. This means that Iowa will lose a congressional district and thus the counties assigned to each congressional district must be reallocated. It also means that one of Iowa’s 5 current US Representatives will be out [...]
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