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It shares the benefits," he said. For homeowners with a small mortgage who don't itemize their deductions, the consolidation debt home loan no owner means a new tax benefit defraying the cost of housing. Taxpayers who bought $1 million homes expecting a generous tax break could be in for a shock, said Michael Fratanponi, senior director of single family research and economics at the Mortgage Bankers Association. “Refinancing activity was strong consolidation debt home loan no owner the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the consolidation debt home loan no owner quarter of 2005, the median ratio of old-to-new interest rate was 1.09. In other words, one-half of those borrowers who paid off their original loan and took out a new one had an interest rate on their old loan that was at least nine percent higher than the new interest rate. Years consolidation debt home loan no owner historically low interest rates have enabled Californians to save millions of dollars by refinancing their mortgages. But what few homeowners realize is that refinancing exposes them to greater losses consolidation debt home loan no owner lenders foreclose on their property. As long as homeowners retain their original mortgage, a little-known state law prevents lenders from going after more than just the home. Refinancing frees lenders to go after cars, savings and brokerage
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