Thinking of buying or selling real estate in 2014? Here are the top five changes you need to know:
1. The expiration of the Mortgage Forgiveness Debt Relief Act. Homeowners who go through a foreclosure or short sale may now have to pay tax on the forgiven debt due to the bill's expiration on Dec 31st. Congress could still retroactively extend this bill, but as of yet has failed to do so.
2. Flood map changes and insurance premium increases. Homes that were not located in a flood zone may now find they need flood insurance due to recent changes in our flood maps. In addition, the Biggert Waters Flood Insurance Reform Act resulted in higher premiums for those located in flood prone areas, pricing some buyers out of the market.
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Source: P.Staines (www.jacksonville.com).
