Don’t Forget To Check Out “Maximizing The Bank Of You Concept”

Do you want to be debt free today?  If you have the money in the bank, of course, you can pay off all of your bills.  However, for most of us, being debt free today is more of a mentality than a reality.

Being debt free today means no mortgage, no auto loans, and no credit card bills.  It means that everything you earn goes into your pocket for spending this month or for saving for the future.

In today’s consumer culture, that doesn’t seem likely for most people.  In fact, most Americans dig themselves deeper in debt each and every month.

But, if the current economic slowdown has shown us anything, it is that we have to become more responsible consumers.

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Get Everything About Your Credit Here

Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year.

Want to avoid falling Read the rest of this entry

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The Money In Your Mind – Why The Rich Keep Getting Richer Click Here!

Tired of hearing about money and debt? Are you on overload yet on the myriad of strategies that will get you out of debt and allow you to become a Financial ninja? Read the rest of this entry

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Media Contact:
Lotus Lou (213) 739-8304
lotusl@car.org

For release:
December 1, 2010

Changes to mortgage interest deduction would hurt economy, prolong housing downturn, C.A.R. says Read the rest of this entry

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The typical perception of a budget is usually met with a scowl and a feeling of “doing without”. this perception and the feelings that come without could not be further misplaced.. In fact, a well crafted budget can allow you to be able to save for college, buy new cars, take great vacations, donate to charity, etc. Properly preparing a budget that actually works for you has perplexed even the most financially educated individuals. Here are 5 steps to get you on your way to a more fulfilling and prosperous life. Read the rest of this entry

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The Money In Your Mind – Why The Rich Keep Getting Richer Click Here!

It has been said that the majority of bankruptcies could be prevented with less than $200 per month in additional income. The amount of debt that we continuously take on keeps us depressed, stressed out and unhappy. Here are some areas perhaps you have not thought about where that additional money could be found Read the rest of this entry

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No one would disagree with or object to the three principles of-you should spend less than you earn, you should regularly save toward your goals, and you should buy and hold solid investments with an eye toward the long term. However, even though these points are widely known and accepted, millions of people still haven’t been able to overcome the financially detrimental behaviors preventing them from putting their knowledge into action and getting on the best financial path. Read the rest of this entry

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NO MORE STATE TAX ON FORGIVEN DEBT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board’s Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service’s Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

Brought to you by the California Association Of Realtors

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Understand your rights under the Fair Credit Reporting Act

It is important to understand your rights under the Fair Credit Reporting Act. There are lots of regulations that creditors have to follow before they can negatively affect for Credit Report. Knowing these regulations will always put you in the driver seat and prevent you from becoming a victim. You can download a copy of the Fair Credit Reporting Act here. Read the rest of this entry

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