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It's a pretty exciting time, when you made the decision to make your first home purchase. I know it was for me. It's certainly one of the major milestones in your life. It can also be a little bit scary as well. It's not so much owning your own home that's frightening, it's that dreaded first home mortgage that makes it seem so scary. But, information is power, so let's consider a few little tips to tame that mortgage down to size.
Recent financial industry distress publicly attributed to widespread mortgage loan defaults has generated mounting pressure on federal prosecutors to increase investigations into incidents of mortgage fraud across the nation. On February 6, 2004, CNN reported that the FBI warned that mortgage fraud was becoming so rampant that the resulting "epidemic" of fraud could trigger a massive financial crisis. Mortgage fraud has now become so prevalent that the United States Department of Justice and the Federal Bureau of Investigation have been forced to create an entirely new category for tracking these cases.
The tax laws are spring-loaded to help you if you own real estate, but be careful. If you are not deft enough at your taxes, you could lose a bundle in missed deductions or end up paying ordinary income tax when it should be capital gains or excluded altogether. This is a high altitude review of the situation that will help you see the terrain and learn when to call for help.
Did you know you can sometimes change your mind on a real estate transaction even if the note and deed of trust have been signed? It's called your Right of Rescission, and it exists to give you time to consider your actions.