Refinancing a home? Be aware of tax rules

Know the tax deduction rules when refinancing a home
This Wall Street Journal article covers what homeowners need to know about interest deductions when they refinance their home mortgage. “Those who decide to borrow more than they owe on their existing mortgage often assume they can write off interest on the whole new loan, but in many cases they can’t,” according to the article.

Bloomington-Normal sees jump in home sales
WEEK-TV reports that home sales in the Bloomington-Normal market are up 36 percent compared to a year ago.

Foreclosure settlement filed; Illinois borrowers urged to seek help
The $25 billion national foreclosure settlement was filed in federal court Monday and Illinois Attorney General Lisa Madigan urged distressed homeowners to seek help to determine if they might qualify for relief, the Aledo Times Record reports.

“I can’t stress enough how important it is to make the call for help,” Madigan said. “Whether you are eligible under this settlement or another assistance program, we want to connect you with the free, legitimate resources available for distressed borrowers.”

Leave a Reply

Your email address will not be published. Required fields are marked *