The opinion is growing among national housing pundits that no matter who is elected president in the next few weeks, the home mortgage deduction will be shaved or eliminated for the sake of the huge federal deficit. Members of Congress (read fools) that think this will help more than it hurts know very little about home valuation along with cause and affect on real estate across this country. Think we have homeowners under water now? Just wait until values drop because by eliminating the interest deduction. If it matters to you, consider contacting your Congressmen/Senator early and often post election. You can read more about this national discussion
HERE.
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2 comments:
Thanks for sharing helpful information about mortgage interest deduction.
Jeffrey T. Angley
When homeowners have insufficient equity built up in a property, the only option they have is to sell the property under market value and repay the debt. Homeowners may be reluctant to short sell their home, but for foreclosure investors, short selling is the most profitable business if you can negotiate a short sell with the lenders and the homeowners.
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