Blogs

In a recent announcement, the IRS has announced that it will reduce the number of liens that it would place on property which are owned by people who are unable to pay their taxes. The IRS will also make it easier for taxpayers to get their existing liens withdrawn.

The year 2011 is already 2 months old now. Many of us have taken a resolution of building up some wealth this year. Most of us now agree that it is very important to get rid of our debt and increase our income or build some financial security.

Here are 5 ways in which you'll be able to build up your credit:

The Treasury and the Department of Housing and Development have finally come up with some straight talk regarding the mortgage system of the nation. The Obama Administration has finally gone on record to say that Fannie Mae and Freddie Mac should go out of the mortgage business. As per the Obama Administration's proposals, Fannie Mae and Freddie Mac should wind down within the next five to seven years.

How will it affect our lives?

Anti-government protests are increasing in Egypt day by day. However, the outcome of the bloody demonstrations in Egypt remains unclear. In the meantime, the United States is condemning the violence and has urged Hosni Mubarak, the present President of Egypt, to step down.

Can Egypt's political situation affect the U.S. economy?

In order to trim down the debt of $3.8 trillion dollars, National Commission on Fiscal Responsibility and Reform is thinking of reducing income tax deduction for mortgage interest payments. The Commission is planning to eliminate second homes, mortgages of more than $500,000, and home-equity loans from receiving any kind of tax deductions.

If thus new rule is passed into law, it will affect the mortgage market in a negative way. Lets take a look:

In an attempt to reduce scams and frauds, the Federal Trade Commission (FTC) is making stricter rules for companies and attorneys who help borrowers to get loan modification or other foreclosure-rescue services.

The new rule…
The highlights of the new FTC rule are as follows:

The U.S. Department of Veteran Affairs has come up with special mortgage programs and refinance deals on Veterans Day. Any veteran can take help from VA mortgage programs more than once in his or her lifetime. Moreover, VA loans are charging low rates at present. It is available at an interest rate of around 4.25% - 4.50%. So, it's even worth a refinance as well.

The government also prefers giving out VA loans because it has the second-lowest default rate, second only to USDA farm loans.

Positives of VA mortgage:

While participating in the forum discussions, I find that a large number of people face financial dangers due to various decisions they take. However, women are more prone to these dangers.

Let's take a look as to why they are more prone to such dangers.

Due to the crisis in the real estate market, foreclosures have increased manifold. As a result, title insurance has suddenly become a hot topic, especially for the mortgage lenders. Whether you're buying a new property or a foreclosed property, the lenders will require title insurance to issue a mortgage. Due to the increase in foreclosures, the title insurance companies are re-examining if they should cover homes or how they should cover homes that have gone through foreclosure.

Let's take a look at what title insurance is all about.

Many of us try to avoid reading the paperwork which we receive when we purchase anything or go for insurance. However, it's not a good option to do so as we miss on the terms and conditions of the purchase. In the long run, the avoidance of reading the paperwork can lead to severe problems in our daily lives.

Here are 6 documents that you shouldn't sign without reading: