Controlling expenses is the key to being able to save money, but hidden costs and misunderstanding monthly charges eat away at household budgets.
Mortgage & Home
Everything you need to know about paying off your home early, getting a mortgage and saving money around the house.
Americans struggling with substantial mortgage debt that exceeds the value of their home have several options, including a short sale, foreclosure, or mortgage restructuring. Traditionally, any of these options that results in forgiving or discharging some of the debt on their primary home results in a form 1099-C, Cancellation of Debt, from the lender.
The IRS considers most forms of cancelled debts, including mortgage debt, as income for the recipient. This can mean a tax bill of thousands of dollars, even if you lost the home in foreclosure.
The Mortgage Forgiveness Debt Relief Act of 2007 was passed at the height of the foreclosure crisis, gives homeowners tax relief from this forgiven debt. Here’s what you need to know about the Mortgage Forgiveness Debt Act.
For one reason or another, after spending several years to decades in your current home, you may feel that the time is right to move on; maybe to a new neighborhood, a bigger house or even a smaller one.
The most important thing at this point is to get the best return on investment on your house.
Home improvement has, more often than not, proved to be the difference between a modest return and the handsome return that you expect.
You may need to invest on a few fixes around your home to spruce it up.
Here are five quick fixes that will do well to add value to your house and ensure a huge return.
Buying a house can be an incredibly exciting experience, one that can send people running around all over the place trying to figure out just how exactly to find the residence of their dreams. However, just because a house is a big investment does not mean that it is impossible to understand just what you need in order to make the best choice possible for yourself and for others.
If you are going to put a large amount of money down on a property, then you might as well make absolutely sure that you are going to get the one that will serve your needs perfectly, not just in the current period of time, but for many more years far into the future.
In this post, we will discuss a very important question that you can ask yourself in order to determine whether you are making the best decision possible, or if you might be setting yourself up for financial failure down the line.
First-time homebuyers struggle with the process because it’s overwhelming.
There’s a lot to contend with: mountains of paperwork, mortgage rates, the down payment, and the list goes on.
The last thing a new homebuyer needs is to lock themselves into a lifelong commitment that ultimately winds up being the wrong decision.
With more than 880,000 homes in foreclosure, that’s a very real possibility.
The secret to ensuring your dream home doesn’t become a nightmare purchase is to put together a solid plan; this is the essential information you need to know, so your experience of buying a home is a positive one.
“Renting is throwing your money away.”
“Buying ties you down and locks up money that could’ve been invested.”
“When you buy a home, pay it off as fast as possible.”
“If you do buy, don’t pay off your home early. It’s better to invest the money.”
These are just a few of the ideas floating around the web. It makes the choices so easy, doesn’t it?
These are difficult topics that require slightly complex (but not scary-complex) answers.
Let’s dive in to theses topics, and decide what’s best for you.
Four bedrooms with a large backyard and a white picket fence.
For most people, this is an American dream that they cannot wait to attain.
But turning that dream of homeownership into a reality can take a lot of grit and determination in this day and age. Considering that a traditional mortgage requires a 20 percent down-payment and that the average price for a single-family home sold in 2014 was $345,800 according to the US Census Bureau, you would have find a way to save a whopping $69,160 (not to mention additional closing costs) before you would be able to sign on the dotted line.
So how is it that 437,000 people were able to do that?
We at Modernize have a few tips to help you reach your goal without having to give up everything.
The best way to sell a rental property is to let the lease expire and put a vacant home on the market. This option avoids many potential difficulties, but is not ideal from a financial standpoint, since an empty rental brings no income and still has expenses.
Whether your renters are difficult or dream tenants, if they are under a lease when you are ready to sell your property, it poses a few challenges. That said, it’s not anything that can’t be overcome with some effort and know-how.