Archive for 2010

• Thinking about a mortgage default? Beware the taxes due
• POSTED 07.30.10

If you walk away from a mortgage you don’t want any more, what are the consequences? I wrote about the moral and credit implications in a previous post. A reader emailed to ask about the federal tax implications. “In my state, the banks send a notice saying that you owe taxes on the unpaid debt,” [...]

• Mortgages Under Financial Reform: 5 Ways the Market Will Change
• POSTED 07.27.10

The financial reform law includes tough new mortgage regulations, to stop the deceptions (and self-deceptions) that have driven millions of homeowners into foreclosure. Here’s how the market will change in 12 to 18 months, when the new rules start to take effect:
1. The fees you can be charged at closing will be capped at 3 [...]