Real Estate's Fiscal Cliff: 5 Items To Watch Out For
The IRS allows homeowners who pay mortgage insurance in connection with a home acquisition to deduct the premiums from their taxes along with their mortgage interest payments. In order to be tax-deductible, the mortgage insurance contract must have been issued after 2006.
For complete details about taxes and mortgage insurance, check IRS Publication 936.
No. 4: Operation Twist. The Federal Reserve's Operation Twist is scheduled to come to a close at the end of the year. Operation Twist is a money-recycling program in which the Fed has bought longer-term Treasury bonds while selling shorter-term bonds in order to hold down rates.
While it sounds technical, the program is essentially an effort is to lower long-term interest rates, including mortgage rates.No. 5: Independent foreclosure reviews. Originally slated to end on July 31, consumers now have until the end of this year to submit a request for a foreclosure review at http://www.independentforeclosurereview.com. To request a foreclosure review, you must log on and first check your eligibility. You must be a customer of one of the participating servicers. If you are, your next steps are to fill out and submit a “Request for Review Complaint Form.” Forms must be sent online or postmarked before Dec. 31. For general questions or for help completing the form, call 1-877-465-0428. The five items above aren't the only issues threatening the real estate market as we come to the turn of the year. A nearly insolvent FHA and a still-undetermined definition of what a “Qualified Residential Mortgage” should be are bound to also have a profound influence on the mortgage market moving forward.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV