Fiscal Cliff

Well with a stroke of a pen some important things in the mortgage industry will stay the same for 2013–

Mortgage forgiveness debt relief extended thru 2013. For example, if your lender wrote off $50k in debt thru a short sale, you would’ve been taxed on the $50k just like it was income. Congress extended the code where as this is not treated as income.

Mortgage insurance deduction- retroactive for 2012 and extended thru 2013 for households with incomes up to $110,000.

Tax credits for energy efficiency home improvements

Tax credits for energy efficient new homes




About lizschneider66

Mortgage consultant with over 19 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news. I am Vice President of the North Coast Building Industry Association, Lorain County Association of Realtors, Working Women Connection and Womens Council of Realtors.
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