If you are thinking about buying a home one of the first things you need to do is check on and perhaps improve your credit score. Whether or not you can get financing and what kind of financing you can get depend a lot on your credit score. If you score is not up to par you will need some time to work on it before you can get pre-qualified for a mortgage which also has to be done before you can buy a home. (more…)
These days with so many homeowners owing more on their mortgage than their home is worth there has been a lot of cancellation of mortgage debt. There are several events that can trigger this cancellation, a short sale, a foreclosure or an agreement worked out with the bank so a homeowner can stay in their home but the bank reduces the amount of the mortgage. The big question that people in these situations have is whether or not the forgiven debt is taxable. For advice specific to your situation you should always consult a tax professional but for a quick overview the following article sums it all up pretty well. Click here for the article.