Home & Mortgage Worries

In a new AP-AOL money & finance poll study the results are alarming if your selling, good if you're the one buying, but not as good if you are a first time buyer. Although many home values have dropped across the country, for a first time buyer it is even more difficult to be approved for a home finance.

According to the study, one in seven mortgage homeowners worry they may not be able to make their payments within the next six months. The numbers are even higher on the results regarding the people who fear the value of their homes is dropping or will decline sharply. With the numbers of job loss of 23,000 in Jan, with February job loss number at 63,000 ad to that the March unemployed numbers which have yet to come out, we could expect to see even higher numbers of foreclosures?

Yet there is another worry, not covered by this poll, the homeowners who have fallen into the quick sell of selling their homes for a lot less then what they owe will have a surprise when they do their taxes the following year. Yes, the mortgage companies can agree to forgive what is still owed, but then the homeowner who did the quick sell has to count the amount that was forgiven as his income in the next tax season. If this year the home sold for $100,000.00 less then what is owed, it is considered income for the homeowner who dropped the price for a quick sell. Good luck come April 15, 2009. "The vision of things to come."

The source for the AP-AOL Money & Finance poll study, http://abcnews.go.com/Business/Economy/WireStory?id=4646234&page=3