| prior to anyone else's claim. Tax liens, in some cases, will come ahead of mortgages. For this reason, if a borrower has delinquent property taxes, the bank will often pay them to prevent the lienholder canadian american exchange rate foreclosing and wiping out the mortgage. A recent report from the federal reserve indicates a sharp rise in housing values in the past decade. They say that rise has led to a buildup in mortgage debt. Greg McBride, senior financial analyst at Bankrate.com, said canadian american exchange rate proposed credit won't help homeowners in regions of the country, like New York and California, where housing prices have skyrocketed. ``It seems to ignore the plight of a first-time buyer in an expensive market,'' he said. Because the panel would convert the deduction to a credit, taxpayers who pay income tax at marginal canadian american exchange rate over 15 percent will see their benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled by the Internal Revenue Service. The President's Advisory canadian american exchange rate on Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the deduction for property taxes, too. If canadian american exchange rate mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for |
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