Real Estate Becomes A Favorite Investment Again

According to a Gallup poll released last month, a plurality of Americans now think of real estate as the "best" long-term investment, followed by gold, stocks and mutual funds, savings accounts/CDs, and bonds:

FHA Goes Full Throttle with Modernization Effort

FHA green lights acceptance of more e-signatures on mortgage documents.

As part of its modernization effort, the Federal Housing Administration is accepting more electronic signatures on mortgage-related documents. The policy allows e-Signatures on origination, servicing and loss mitigation documents. FHA insurance claims, REO sales and other contracts can also be administered by e-Signature. Under current policy, lenders dealing with FHA are used to electronic signatures being limited to only third-party documents, including sales contracts not controlled by the lender.

"By extending our acceptance of electronic signatures on the majority of single family documents, we are bringing our requirements into alignment with common industry practices," said FHA Commissioner Carol Galante. "This extension will not only make it easier for lenders to work with FHA, it also allows for greater efficiency in the home-buying and loss mitigation process." This new policy begins immediately for lenders who want to use e-signatures on single-family forward mortgages and FHA reverse mortgage products. Lenders still have to follow the Electronic Signatures in Global and National Commerce Act.

Deadline Approaching for New Personal Property Tax Exemption

The February 10th, 2014 deadline for a new and potentially money-saving exemption from the Michigan Personal Property Tax is fast approaching.

Specifically, the law now provides for businesses that own, lease or possess commercial and industrial personal property with a market value of less than $80,000 to eliminate their 2014 Personal Property Tax bill. This is a significant jump from the previous threshold of $40,000, and the inclusion of commercial and industrial property may increase applicability among investors.

Eligible businesses must file the MI Treasury Form 5076 (Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes) by February 10th of this year. Businesses that qualify for the exemption by filing the affidavit on time are not required to file a Personal Property Statement. However, they are required to maintain adequate books and records on the equipment to substantiate the claim.