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Irish Negative Equity Mortgage - A New Beginning

A different way of looking at an Irish Negative Equity Mortgage from I posted this video because RTE take down their ...

Doomsday predictions over tax cuts have not come true — yet

The net effects of the changes, which were designed to raise billions of dollars in new federal revenues, were widely predicted to be negative for owners, especially in high-cost, high-tax areas of the country. These include metropolitan areas along the West and East coasts, along with dozens of pockets of high-cost neighborhoods in the Midwest, South and Rocky Mountain states. Late last year, some independent economists and real estate industry advocates predicted declines in home values nationwide averaging 10 percent, with potentially much higher reductions in high-price, high-tax markets. One group forecast devaluations of up to 17 percent.

Back to the original question: Where are we now? Here’s a quick update.

— The latest data from the National Association of Realtors on existing home sales in the high-cost brackets — the most vulnerable to the federal tax hatchet — suggest that demand is actually up: Sales between $500,000 and $750,000 rose by 11.9 percent in April, compared with a year ago. Sales of $750,000 to $1 million homes jumped by 16.8 percent, and those above $1 million increased by 26.7 percent. That’s frothy.

Mountain Mortgage Guy: Tax bill is not having a visible impact on housing values (column)

When the tax reform act passed, capping mortgage and property tax deductions for millions of homeowners, it was widely predicted that homebuyers would back off buying and refinancing homes, particularly in areas with high property taxes and high home costs.

The tax reform act limits deductions on mortgage interest for new home loans to that incurred on the first $750,000 loan amount and limits property tax deductions to $10,000. In Colorado, the property tax limit is rarely an issue except in certain gated enclaves and price ranges.

Research by the real estate bean counters at the National Association of Realtors shows nationwide demand for the homes most impacted by this (those selling for more than $1,000,000) jumped by 26.7 percent in April compared to a year ago. That is an impressive number by any standard. Not surprisingly, mortgage demand for jumbo loans, above $636,150, increased substantially, as well.

Can a new home equity loan amount be larger than your mortgage balance?

We currently have a home equity loan and a mortgage, but want to pay off credit card debt.

You should be able to technically do this as long as the new home equity loan + the 1st mortgage are not more than 85% of the home's total value. This is generally the cap.

So if you have a home that's worth $200,000: 85% of that is 170,000.