Today's oil price

$96.10 per barrel

Daily change of 0.32 ( 0.33% )
Oil Quote Updated Sep-10-12 2:00 PM

Currency trading signals today

EUR / USD intraday: increasingly offer.

Pivot (level of cancellation): 1.2745

Our preference : Long positions above 1.2745 with targets at 1.283 and 1.2905. Alternative scenario : Below 1.2745 look for further downside with 1.2675 and 1.2625 as targets. Comment : the RSI good direction.

GBP / USD intraday: the upside prevails.

Pivot (level of cancellation): 1.5945

Our preference : Long positions above 1.5945 with targets at 1.6055 and 1.6095. Alternative scenario : Below 1.5945 look for further downside with 1.591 & 1.589 as targets. Comment : the RSI is mixed to rackets on the ascent .

USD / JPY intraday: under pressure.

Pivot (level of cancellation): 78.50

Our preference : Short positions long maturity under 78.5 with targets at 78 and 77.6 in extension. Alternative scenario : Above 78.5 look for further upside with 78.8 and 79.05 as targets. Comment : the RSI Homokhtlt with bias to speculate on the landing.

EUR / JPY intraday: the upside prevails.

Pivot (level of cancellation): 99.50

Our preference : Long positions above 99.5 with targets at 100.45 and 100.8. Alternative scenario : Below 99.5 look for further downside with 99 and 98.65 as targets. Comment : the RSI is sloping uneven rackets ascent.

GBP / JPY intraday: under pressure.

Pivot (level of cancellation): 125.80

Our preference : Short positions long maturity under 125.8 with targets at 124.9 and 124.25 in extension. Alternative scenario : Above 125.8 look for further upside with 126.15 and 126.5 as targets. Comment : the index force Alnspahvinya under its neutrality area at 50.

AUD / USD intraday: the upside prevails.

Pivot (level of cancellation): 1.0340

Our preference : Long positions above 1.034 with targets at 1.0405 and 1.043. Alternative scenario : Below 1.034 look for further downside with 1.03 and 1.0275 as targets. Comment : the RSI momentum sagging missing.

Cac 40 Sep 12 in intraday: targeted 3600.

Pivot (level of cancellation): 3455.

Our preference : Long positions above 3455 with targets at 3560 and 3600. Alternative scenario : under the 3455 look for further downside with 3420 and 3390 Vkohdav. Comment : the RSI is mixed to bats ascent.

Dax Sep 12 in intraday: Aligned on speculation continues to climb.

Pivot (level of cancellation): 7075.

Our preference : Long positions above 7075 with targets at 7335 and 7400. Alternative scenario : under the 7075 look for further downside with 7010 and 6945 Vkohdav. Comment : the RSI is mixed to bats ascent.

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provide daily updates of key economic events and global trading during vacations next week.

Today's oil price

$96.29 per barrel

Daily change of 1.51 ( 1.59% )
Oil Quote Updated Sep-09-12 9:00 AM

Tips For Mortgage Debt Forgiveness

Tax season is almost upon us which means there are some concerns with canceled debts. If you have undergone debt consolidation or another type of debt relief program you may wonder what is taxable. It should be mentioned that canceled debt is typically taxable; however, there are suggestions with regards to mortgage debt forgiveness.
Homeowners who underwent partial or full debt forgiveness during 2007 to 2012 may find they are not going to be taxed for the mortgage debt forgiveness. The IRS has provided 10 facts about mortgage debt forgiveness to better help your taxes this year. Keep in mind that it is always best to speak with an accountant to ensure you are filing your taxes properly, especially when you have something like mortgage debt forgiveness to worry about.
Debt forgiveness is usually taxable income. Yet, the Mortgage Debt Relief Act of 2007 will help you exclude up to $2 million of debt that was forgiven on your principal residence. Basically your credit card debt will not be covered as taxable or not taxable income. In fact debt consolidation options are not going to affect your taxes. If you file a separate return as a spouse you will find the limit is only $1 million.
Debt that was reduced by mortgage restructuring or mortgage forgiveness on a foreclosure is also excluded from taxes.
As mentioned, the mortgage debt forgiveness concept allows you to exclude canceled debt from your taxes, but you need to qualify. The debt that was cleared means any income from it would need to be used to buy a new home. If you did not buy a ready made home then building or improving your principle residence with that income would be acceptable.
Any refinanced debt income that you obtain needed to be used for improving your residence if you want to exclude that money as income. If you used any money you received from the forgiveness or restructuring of the loan to pay off credit cards or other debt it will not be excluded in your taxes.
In other words, with your mortgage debt forgiveness where you may have been given income to help you buy a new home or keep the one you have, if you had excess money from the situation it had to go back into your home and not to another debt.
There is a special form to fill out if you are excluding any money from your income due to debt forgiveness. It is important to use the Form 982, which is another reason an accountant is a good idea in this type of situation.
Given that there are other types of debt relief it is important that you understand what will or will not affect your taxes. From the above you know money used from debt forgiveness on your home will be excluded, but not debt relief for your credit cards. Any extra income of that nature needs to be recorded. If the debts are canceled without an increase in income then you do not have to worry.

Are You LOCked Into A Collateral Mortgage?

A collateral mortgage is a mortgage with a line of credit (LOC) embedded in it. Why should you care? The mortgage benefits and risks are now those of the mortgage and other forms of debt (an example being the line of credit) even if this debt is not used. If you can access credit in some way, you have to be approved to use it, and whether or not you use it, the risks are viewed the same way by the bank. In the case of a credit card, you would have to be approved before you start spending any money. What are the benefits of the collateral mortgage? If you have other forms of debt other than your traditional mortgage, and need access to cash frequently, this product may be useful to you because you pay fewer fees and you have access to extra money more easily. The reason why fees are less is because approval for the existing debt and future debt is made available at one time, which reduces legal fees and administration. What are the problems? Since a collateral mortgage registers your entire value of your home and 25% over and above that value providing you have 20% equity in it (1), you cannot easily switch your lender unless you discharge the whole mortgage. With a conventional mortgage, or can borrow on any amount over and above the mortgage amount if you have equity or collateral to back it up - an example being a second mortgage. In a collateral mortgage, doing this will usually involve mortgage penalties and legal fees. If you want to borrow more money, you have to go to the same bank for all of your borrowing needs. If you miss mortgage payments or go into default, the bank can raise your interest rate up to 10%. This cannot be done with the conventional mortgage. What to do? Read the fine print on the mortgage contract. Take time before you sign it. If you know a lawyer who understands mortgage contracts, have them go over it to make sure nothing was missed. Get educated as much as you can so you know what questions to ask. If you don't know the terminology, ask the lender about hypothetical situations and what the options are. As an example, if you ask "if I wanted to take out a second mortgage, how does that work?" If they say that is already approved, this is more likely to be a collateral mortgage. You could also ask "if I wanted a line of credit, how would I get one?" If the lender says you already have one, this may also be an indicator that you have a collateral mortgage.

Best Mortgage Modification Services - Save Upto 50% On Monthly Payments

The Obama mortgage modification service has two vital components for helping homeowners, who are financially distressed, in avoiding possible foreclosures. One of them is the home loan modification program and the other one being the home refinancing schedule. For modifying mortgages, borrowers must have missed few monthly payments or need to be at an imminent risk of a mortgage loan default. If eligible, a borrower can keep his home for long by paying manageable monthly installments regularly. On the other hand, home refinancing mechanism is provided to homeowners who are underwater on their existing mortgage loans on account of fallen values of their homes but regular on monthly payments for the past 12 months. Refinancing will allow such homemakers to reduce monthly payments to affordable levels and thus, retain homes.

Nevertheless, there may be some difference on the qualification criteria that apply to both these home saving alternatives for mortgage modification loans. If a homeowner is faced with a foreclosure he can modify mortgage only if the below mentioned conditions are being met.

1. Current home had been secured prior to January 1, 2009.

2. Mortgage must not be guaranteed by Fannie or Freddie.

3. Borrower must be delinquent on payments or fear he might go that way.

4. Unpaid mortgage loan balance cannot exceed $729,750 for single unit home.

5. Applicant has to be primary resident in the home for which mortgage is to be modified.

6. Homeowner must draft and sign a letter highlighting financial hardship situation with valid reasons.

7. If Debt-To-Income (DTI) ratio is more than 55%, borrower will have to undertake course in debt counseling.

On the other hand, if a homeowner is "underwater" on mortgage, he may seek refinancing mortgage modification services provided the following conditions are satisfied.

1. Mortgage must be owned or guaranteed by Fannie or Freddie

2. Borrower must be current on monthly payments for the past 1 year.

3. Homeowner cannot draw cash from new loan for repaying other debts.

The remaining guidelines will remain the same but still the task of identifying the right option for your situation may appear challenging. Not many borrowers can qualify that easily considering the complex and hard to interpret eligibility guidelines as well as process requirements. Hence, for deciding the correct home foreclosure prevention alternative, it could be better if borrowers took advantage of help which is easily available on the internet. Just make sure that you are working with a mortgage service provider that is reliable and reputed.