Resources For Homeowners Facing Foreclosure

For homeowners, facing foreclosure can be a difficult, and often scary, situation. While it can be very complex, there are resources available to help homeowners facing foreclosure. Below, you will find information on what help may be available.

Created in 2009, the Making Home Affordable program was designed to help homeowners prevent foreclosure. Modification, refinancing and other alternative options are available. By visiting this website, homeowners can learn more about their options, review frequently asked questions and locate a HUD-approved housing counselor.

U.S. Department of Housing and Urban Developement

HUD provides information on how to avoid foreclosure, including how to contact a foreclosure counselor and find local and state resources. Additional information on foreclosure scams, refinancing options, what to do if you are at risk and more is available on their website.

Texas Department of Housing and Community Affairs

According to their website, the Texas Foreclosure Prevention Task was created to “avert home mortgage foreclosures and the impact of foreclosure on Texas families and communities.” Frequently asked questions, along with information on counseling services, free resources, a Homeowner’s HOPE Hotline and more, is available online.

Tax Advantages For Home Owners

realestatetaxesThere are so many advantages to purchasing your own home. For instance, it offers the pride of ownership, provides an overall sense of accomplishment, and is a place where you and your family will build many lasting memories. Among others, real estate opens the door to many tax benefits as well. Let’s discover some of the following ways that owning a home can help to create a tax shelter.

  • Mortgage Interest & Points: If mortgage debt is $1,000,000 or less, married couples filing jointly can deduct the full amount of their interest. Otherwise, those filing separately can write off up to $500,000 worth. This also includes second homes or adjacent land to your main residence. Points on either a home purchase or refinance can also be deducted, but these must be amortized for the latter. [Read more…]
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