Foreclosures Help Information

Posts Tagged ‘home’

Tax Foreclosed Property

Question: about to foreclose paid my property taxes can i write this off this year on my taxes as well as intersest?

Wondering if i can write off this year my property taxes paid and my interest on mortgage paid ? even if im in default and most likely will need to foreclose ?

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Answer: You can deduct the taxes that you paid in the year that you paid them (i.e. 2005 taxes paid in 2006 can be deducted on 2006 taxes) if you file itemized. Your mortgage interest is deductible as well.

I do not believe that you can deduct the interest or penalty. It is a deduction for "other taxes paid."

RE/MAX Agents Know the NEW 2009-2010 Tax Credit

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Foreclosed Multi Family

Question: foreclosed multi-family properties increasing in Houston,TX while rents and selling prices are rising. Why?

I am watching the Houston multifamily market for a quite sometime. Rental rates started to pick up in the last 12 months. Also, selling prices are increasing dramatically. However, I started to see a lot of foreclosures in last 6 months. This does not make sense. Do you guys know why?

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Answer: The reason for many foreclosures has to do with people getting 5 year ARMS.....They are becoming mature now and many people couldn't or didn't refinance those mortgages....Maybe some lost their job or had some health problems and they couldn't refinance....In other words, many got into financial problems, and now cannot pay there mortgages....

Florida foreclosures multi-family income property

Foreclosure Assistance Michigan

The funds can be used to purchase, manage, maintain, demolish or repair and resell foreclosed and abandoned properties.  States and localities can use these funds to establish financing methods for the purchase and redevelopment of foreclosed houses.

Funds can also be used to offer financial assistance to low and middle income home buyers.  After purchase with these funds the homes must be used to assist qualifying families who are considered to be low-income and 25% of the funds must be used to help households with income at or below 50% of the area median.

Funding will be focused on areas that need it the most with need-calculations being determined by HUD based on the capacity of the lead applicant to execute projects, leverage potential and concentration of investment to achieve neighborhood stabilization.

Realtors who are knowledgeable of the different provisions in the Stimulus Package can make important contributions to their local community neighborhood stabilization program.  They can provide advice to home buyers about utilizing helpful programs that they may not be aware of.

Realtors can use their knowledge of the neighborhoods to stimulate sales in neighborhoods where there are a lot of foreclosures and vacant houses.  Unoccupied homes destroy property values; neighborhoods are much more desirable when there are no rundown properties suffering from lack of maintenance.

Other provisions of the Stimulus Plan include:

First Time Homebuyer Tax Credit

FHA, Fannie Mae and Freddie Mac Loan Limits

Commercial Real Estate

Rural Housing Services

Low Income Housing Grants

Tax Exempt Housing Bonds

Energy Efficient Housing Tax Credits and Grants

Transportation Investments

Broadband Deployment

Mark Goedert of Goedert Real Estate is the creator of http://www.under100000realestate.com/ a site designed to provide information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.

About the Author:

Mark Goedert of Goedert Real Estate is the creator of http://www.under100000realestate.com/ a site designed to provide information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.

Source - Neighborhood Stabilization Plans for Wayne County, Michigan

How To Stop Foreclosure in Michigan [Foreclosure & Short Sale Specialists]