Contact Information
Sheila Morales, R, ePRO, SFR Kauai Dreams Realty 4-1435 Kuhio Hwy Kapaa, HI, 96746
Office: 808-652-1900 Cell: 808-652-1900 Fax: 888-251-2235
|
Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
|
|
How President Obama's Mortgage Plan affects Homeowners in Kauai Hawaii, by Sheila Morales, R, ePRO, SFR, Real Estate Expert in Kauai Hawaii |
|
In order to reduce the number of foreclosures, which has been on the rise recently, Pres. Obama introduced a plan to make homes more affordable. It offers Kauai Hawaii homeowners the chance to either modify their home loan or refinance it. They will then be able to get a fixed-rate mortgage at a 2% interest rate. Here are a few major points from the bill that will affect homeowners the most.
#1 - It is no longer necessary to have at least 20% equity built up in your Kauai Hawaii home, or the equivalent in cash to be approved for a modification of your home loan. If you have been rejected for refinancing or modification you may now find that you can get an approval.
#2 - This plan permits any Kauai Hawaii homeowners, that currently owe more than the value of their home on their loan, the opportunity to refinance their mortgage or modify it.
#3 - Cash incentives are being offered to banks and lending institutions that are willing to help out homeowners in Kauai Hawaii that have been caught in the housing market crisis. The approval rate for loans is much higher now, since this plan has been set in place and these incentives have been introduced.
#4 - The owner of the Kauai Hawaii home must live in it in order to qualify. Owners of vacation homes and rental housing in Kauai Hawaii cannot use this plan unless they reside in them permanently. This is unfortunate because in most cases, when a rental foreclosure takes place the occupants are evicted and must find new housing.
Many people in Kauai Hawaii are taking this opportunity to modify and refinance their existing loan in order to save their Kauai Hawaii home, or merely as a way to get their finances back in order.
There is a lot of free information available to you about buying, selling or investing in Kauai Hawaii real estate. For complete information about the Kauai Hawaii real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Kauai Hawaii real estate. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 808-652-1900 or email me at sheila@sheilamorales.com.
|
|
|
What is an impound account? |
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
Read more...
|
|
|
appealing your property taxes |
Where can I learn more about appealing my Kauai Hawaii property taxes?
Contact your local Kauai Hawaii tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Are property taxes deductible? |
Are Kauai Hawaii property taxes deductible?
Property taxes on all Kauai Hawaii real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Tax benefits to homeowners |
What tax benefits are there toKauai Hawaii area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
Are points deductible?
If you are a Kauai Hawaii buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Kauai Hawaii area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
loss from selling your home |
Can I deduct the loss I suffered when I sold my Kauai Hawaii area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
Are taxes on second Kapaa homes deductible?
Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax advisor for specifics.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
who gets a sold homes furnishings? |
Who gets the furnishings when a home is sold?
It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
Read more...
|
|
|
sellers disclosing other offers |
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
considerations before buying |
What are some pre purchase considerations to think about?
When you buy a resale home, you can find out a lot more about the Kauai Hawaii area property and the neighborhood before you buy than when you buy a new home.
Land to support new-home developments usually is located on the outskirts of town. Potential buyers should ask the developer about future access to public transit, entertainment activities, shopping centers, churches and schools. Find out how far it is to the nearest library, for example.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
Do Kauai Hawaii area builders offer financing?
Builders often include financing programs to help move more buyers into a project early on. If it's a buyer's market in the Kauai Hawaii area, you can be sure that developers will offer incentives such as low-down-payment financing.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
are vacation homes an investment? |
What do you think of a Kauai Hawaii area vacation home as an investment?
You can buy a vacation home today for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Kauai Hawaii area to use as a permanent retirement home later, which allows them to get ahead on their payments. Another benefit is that the interest and property taxes on a vacation home are tax-deductible.
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Should I buy a vacation home? |
Should I buy a vacation home in Kauai Hawaii ?
Today a vacation home can be purchased for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Kauai Hawaii area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying for a second home. A vacation home also can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
| | << Start < Prev 1 2 3 Next > End >>
| | Results 1 - 27 of 80 |
|
