Homeowners Content Index - Page 1

Owning a home can be a very rewarding experience, but it can also come with headaches involving taxes, permits, upkeep and repair, fees, insurance and more. Look for more information here in our articles, blog posts, videos and radio shows about what it means to be a homeowner.

A homeowners association is a legal way to insure that there would be certain rules in place to govern the way people live in a particular community. It can be a high-rise building, golf course development, townhome community or traditional neighborhood. Check out our articles and blog posts for more information about homeowners associations.

**$8000 Home Buyer Tax Credit Extension Causes Confusion Over Start Dates, Mobile Home Rules** The home buyer tax credit extension that opened up a home buyer tax credit to trade-up buyers, not just first time home buyers, has caused some confusion over the rules for the home buyer tax credit. The start date has been a big point of concern for the home buyer tax credit extension. Officially, home buyers must close after November 6 to qualify for the home buyer tax credit extension. RV and mobile homes have also caused some confusion. Read below for some of the IRS answers for the home buyer tax credit extension.

**HUD Revised Streamline Refinance Transactions** Streamline mortgage refinance applications will be undergoing some changes. Under the HUD revised streamline refinance, there are changes to the mortgage seasoning, payment history requirements, and verification of assets, employment and income. For a streamline refinance without an appraisal there will be a new maximum mortgage amount, and under the HUD revisions, there is is maximum combined loan-to-value amount for the streamline refinance. Read the full letter below for more details on the changes to HUD streamline refinance applications.

**Investment Property Short Sale Generates Phantom Income** When an investment property is sold as a short sale, it generates what is known as "phantom income." The IRS looks at the difference between what the property is worth and what your sold it for in the short sale as income. You should receive a 1099 for the phantom income generated by the short sale of the investment property.

**Bad Neighbors Fight Over Access To Yard** Neighbors can turn into bad neighbors when fighting over fences or yard access and maintenance issues. The best way to deal with a bad neighbor is usually through communication, but you may be able to get some legal help. Look up your local ordinances to see what kind of rights you're given to your neighbors land to maintain your own property. A bad neighbor can ruin an otherwise perfect home for you, so try to resolve bad neighbor situations so both neighbors are happy.

**Home Buyer Tax Credit Cut-Off Dates: Do I Qualify?** The $8000 first-time home buyer tax credit has been extended and a new $6500 trade-up buyer tax credit was expanded. Some home buyers are upset because they don't qualify for the home buyer tax credit. It's unfortunate that some people just missed the cut-off dates for the home buyer tax credit, but the tax credits have to begin and end somewhere. Do you qualify for the home buyer tax credit?

**Should I Refinance My Mortgage?** Mortgage interest rates keep falling, now below 5 percent. Should you refinance your mortgage? It's more difficult to get a mortgage refinance in today's lending market, but it might be worthwhile to try to refinance your mortgage. Will it reduce your monthly mortgage payments? Will a mortgage refinance shorten the term of your loan? You need to determine why you want to refinance your mortgage to determine the best refinancing scenario for your loan.

Property owners are finding creative ways to fill vacancies during the recession. Over 70 percent of property owners have experienced higher vacancy rates over the past year. Recent vacancies are primarily a result of job loss and tenants trying to save money on rent by moving to a cheaper unit or doubling-up with roommates. Property owners are modifying credit policies to fill units during the recession. Owners are also lowering rent, relaxing pet policies and offering unit upgrades. Read the full press release below from Rent.com.

**Jobs, Foreclosures, The Stock Market And More Thoughts About Our Wacky World.** If we don't have jobs, it's awfully hard to pay a mortgage. More foreclosures may be on the way, according to the one person who I knew correctly called the financial meltdown.

**Fannie Mae Deed For Lease Program Rules.** Fannie Mae announced an innovative program designed to help homeowners avoid foreclosure. Called Deed for Lease, the program allows struggling homeowners who are unable to qualify for a loan modification under the current Obama Loan Modification Plan to hand their keys over to Fannie Mae, but then rent back their house at current market rental rates. Here are the Deed for Lease program rules.

**The Fannie Mae Rental Program will allow homeowners to avoid foreclosure for a year.** This rental program or "Deed to Lease" program will allow homeowners who haven't qualified for a home loan modification or for the Making Home Affordable Act to avoid foreclosure for a year. The Fannie Mae Rental Program has specific criteria that the homeowners must qualify for, including they must live in the home as their primary residence and they can't be more than 12 months past due. Read the full article below fore more information on the Fannie Mae Rental Program.