Debt Relief = Income

Posted Posted in mortgages, real estate, Taxes

Many times a homeowner might feel relieved being out from under the obligation of a mortgage they can’t afford even though the property was lost due to foreclosure or short sale. If a lender cancels or forgives debt, a taxpayer must include the cancelled amount in their income for tax purposes depending on the circumstances. […]

Just a Thought

Posted Posted in Annapolis, MD real estate, Anne Arundel County real estate, Chesapeake Bay area real estate, homebuyers, Maryland real estate, Maryland's Eastern Shore real estate, Queen Anne's County real estate, real estate, Talbot County real estate

Whether you’re refinancing your current home or buying a new one, something worth considering is a 15 year loan rather than a 30 year term. The payments will be a little higher but you’ll get a lower interest rate and you’ll build equity much faster. Let’s look at an example of a $200,000 mortgage with […]