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Category: Foreclosure

FHA Reduces Mortgage Insurance Premiums for FHA Loans

FHA Reduces Mortgage Insurance Premiums for FHA Loans

The Federal Housing Administration recently announced that as of January 26, 2015, it will reduce the annual mortgage insurance premiums for FHA loans by .5%.  On average, the reduction could save an FHA loan borrower about $900 per year. (Learn more about FHA Loans.) What Are FHA Mortgage Insurance Premiums? If you get an FHA-insured loan you’ll have to pay mortgage insurance (mortgage insurance protects the lender in the event you default on loan payments). There are two types of…

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President Signs Bill to Extend Mortgage Forgiveness Tax Break Through 2014

President Signs Bill to Extend Mortgage Forgiveness Tax Break Through 2014

On December 19, 2014 President Obama signed H.R. 5771, the Tax Increase Prevention Act. One of the provisions of that Act extends the tax break for homeowners who have had mortgage debt canceled or forgiven in 2014. When Is Mortgage Debt Forgiven? Thousands of financially struggling homeowners had mortgage debt forgiven by their lenders in the past year.  Mortgage debt forgiveness might happen as part of a mortgage modification – lenders often forgive part of the principle in order to…

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