I usually avoid mixing real estate and politics but must make an exception today even at the risk of offending you. (I hope I don’t, but one never knows!)
The mortgage interest tax deduction is at risk. (Did you know that this deduction has been in place for almost 100 years?) A reduction or elimination of the MID will have an major impact on anyone who is currently a homeowner or wants to become one in the future as it will directly increase the cost of home ownership (and may lead to a further decrease in home values).
Who knows what will happen…we’re probably safe…they’ve threatened this before but frankly I’ve never seen it come so close. Worth a quick shout-out to the Speaker!
Here is a link to email Congresswoman Pelosi and tell her that you oppose this part of the Commission’s plan. It’s very easy to do…took me 2 minutes. http://www.speaker.gov/contact/
In case it helps, here is what I wrote:
“Dear Madame Speaker,
As a constituent, homeowner and Mortgage Consultant, I am writing to convey that I strongly oppose any reduction or elimination of the mortgage interest tax deduction.
The housing recovery is vital to our economic recovery. Eliminating or reducing the MID will have a profound affect on the housing markets and most importantly, on individual homeowners.
It will likely cause home values to further plummet and create more Americans who are unable to make their monthly housing payments, leading to more foreclosures, and more distress in the market.
The economic recovery and not debt reduction is priority #1.
Thank you for your great service to our country,
Eric M Burgess”
PS. Please help repeal DADT too!”
Eric Burgess has written 75 articles on Mr. Mortgage @ Mason McDuffie Mortgage
Leave a Reply