Do Hard Money All Official Videos playlist

A Call to Action to Patriots Everywhere…

“The reduction or elimination of Mortgage Interest Reduction will lead to a depression far more severe than “the Great Depression”

Today is a day you can make your voice heard and it is not only your opportunity but if you believe in freedom it is your obligation. Congress Deficit Commission made a proposal to either limit or eliminate the Mortgage Interest Deduction. Homeowners and Landlords are able to write off or not pay taxes on the amount of money they pay in interest each year on the loans they have on properties.
To help understand the gravity of the situation lets use an example. Let’s take an average family that makes between a combined household income between $15,000 and $68,000. They own an average size home in most areas. For example lets assume their house payment is $12,000 per year. This payment includes Taxes, Insurance, and Principle (paying down what is owed on the loan). We will assume that the Interest is $10,000 per year for the home and the Taxes, Insurance, and Principal are $2,000 annually.
Right now this family is able to deduct $10,000 per year from income taxes because they are paying interest. Congress is recommending that this deduction is eliminated or drastically reduced. That would mean that this family would now have to pay taxes on this $10,000. The tax rate for this family income is 15%. So an additional $1,500 would be paid in taxes, basically this family house payment just went up $100 per month. But it gets worse… If the house hold income is between $68,000 and $137,000 per year the tax rate is 25%. Many of these families have annual house payments around $24,000 per year. If the Mortgage Interest Deduction was eliminated this family would be paying an additional $6,000 per year in taxes or in essence there house payment just went up $500 per month due to the additional tax burden.
Congress is trying to pull the wool over our eyes making you think they are not going to increase taxes but they are going to eliminate a deduction that will automatically make it more expensive for you to own your home or for new homeowners to purchase a home.
Remember the founding fathers of this country revolted when Great Britain started taxing tea, legal business documents stamps, and so forth. This lead to the Boston Tea Party and eventually to our independence as a country.
Lets look at all the effects of this Deduction being eliminated:

1. Essentially every homeowner’s monthly house payment will increase. They will not be paying more to the bank, but they will be paying more in taxes due to not being able to deduct the interest paid on the loan. As we know there are many families that are struggling and barley getting by. An additional $100 to $500 or more a month in “tax” will take many people over the edge and cause more foreclosures and bankruptcies.

2. Decline in House values. If the Deduction is eliminated, homeowners will get foreclosed on not being able to make house payments and there will be more houses on the market which will lead to continue decline in house values.

3. Home buyers will not be able to afford as much. When a buyer looks at monthly payments on a home if the Mortgage Interest Deduction is eliminated the “buying power” of a home buyer will go down substantially. This will do two things: A. It will take many families that were able to purchase properties to no longer able to buy because of the “tax” so it takes them out of the home buying market. B. Families that are able to purchase will have to buy a smaller home because essentially their monthly payment will be more money since they cannot write off the interest on the loan. This will lead to fewer home buyers and people that are able to buy a home will have to purchase homes for much less money due to not being able to write off the interest on the loan.

4. Lenders will have to look at borrowers having to earn more money because they cannot write of the tax. This will lead to less lending on homes due to the ability for borrowers to qualify.

5. Small and Large landlords everywhere are going to get hit with HUG taxes! Think if you where a landlord paying $500,000 on interest expenses a year. This may seem like a lot of money but it is really not. It is a small time landlord that owns around 30 homes. On most of these homes the landlord does not have any profit margin until the home is paid off. So in most cases the landlord is not making any money whatsoever, but he is able to write off the interest so that helps with taxes. If the mortgage deduction is eliminated this Landlord would be paying an additional $175,000 PER YEAR in taxes! Due to not being able deduct the interest. To continue to break-even the Landlord would have to raise rents by $500 per property just to break even and cover the tax.

6. Discouragement of Investments. Property investors will not be interested in investing in property because they don’t have the write off of the Mortgage interest deduction. In addition any current landlords large and small will go into default on their loans due to not being able to cover the payment due to the increased “tax” by not being able to deduct their mortgage interest. This will make the final shoe drop! Property investors are the movers and shakers in the real estate market and could lead to the downturn of these investors completely. This will lead to more Foreclosure, more bankruptcy, and the decline of property values and so on.
I am a Homeowner, Landlord, Realtor, Lender and have over a decade of experience in the real estate market. I have been on the front lines of the housing crisis and I can assure you that the elimination or reduction of mortgage interest deduction will be more devastating to this country than large banks and large companies failing. In fact it may be the very thing that leads this country into a depression much greater than the “great depression!”
Call to Action to homeowners, future homeowners, investors and patriots everywhere… Stand Up and Make your voice heard.
First Find your Senator. This is very easy just go to…

From that Site you can email your Senators directly and call them…PLEASE CALL AND EMAIL THEM.
I have created the email below for you to send directly to your Senator. You have complete permission to copy the below verbage in its absolute entirety. Just find your senator and copy and paste the below message in. I cannot stress the importance of doing this today!

“Dear Senator
I am writing you today to let you know that I absolutely and emphatically am AGAINST the reduction or elimination of the Mortgage Interest Deduction. The reduction or elimination of MID will essentially raise the house payments for hard working Americans everywhere. This will lead to more defaults, more foreclosure, and more decline in property values. There are so many families just trying to get buy and this will have a devastating impact on millions of families. In addition this will impact small and large landlords and there ability to provide rental housing and will disincentives property investors to take risks in purchasing homes.
Please DO NOT support the reduction or elimination of Mortgage Interest Deduction in any form or Fashion!
Your Name”



Do not delay. Take action today, or it may be too late
To Homeowners, Future Homeowners, Real Estate Investors and Patriots everywhere, the future of our country rests in what you choose to do in over the course of the next week. Please make your voice heard today!

Ryan G Wright