Archive for category Financial

Who Exactly Benefit from the Mortgage Relief Act 2013?

Some time ago, when homeowners made a short sale, they were required to file an income tax on the difference between their mortgage debt and sale price, which was forgiven by their banks since under the US Federal Tax Code, any debt that is forgiven, including mortgage debt, is considered an income, therefore taxable. When the Mortgage Debt Forgiveness Relief Act was established in 2007, things have since changed. Forgiven debts were no longer seen as income, therefore not subject to tax.

Given the much needed extension this year, thanks to fiscal cliff, homeowners could finally breathe a sigh of relief. Expected to expire last December 31, 2012, it was given another year, set to last through December 31, 2013. The extension is especially benefiicial to homeowners with underwater mortgages or those with mortgage balance higher than the actual value of their property.

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Are you talking too much in public?

Anyone can be conned as long as they are not careful about their business dealings. Don’t think that people who get conned are the ones who are not intelligent. You would be surprised that the people who keep losing money are more educated than the ones who steal from them. A person only needs to know your weakness for them to steal from you. They only need to look at the place where you are not keen enough and voila, they will have their way. When paying using PayPal, you should be careful to check your accounts. Don’t use the paypal phone to ask about your account. You don’t know who might be listening to your call. What you need to do is visit the nearest office to learn more about your account. Ask the questions to someone when you don’t have to worry about who is listening to your intimate details. Some details you can easily get from pay pal .com. But when the issues are serious and strictly confidential, keep them to yourself. What would it cost you to take the walk to your nearest office and ask? Those who fall prey to fraudsters may be giving too much information at the wrong place. Since you can never be too sure about the person you are sitting next to, you should not be at liberty to provide all the information you have on your account. Don’t make yourself an easy prey. You don’t have to be stupid for someone to steal from you. All you have to be is relaxed and unassuming. To stay away from the radar of con people, don’t be brash in public. That is what ticks them off.