12/21/07 Aid for Distressed Families

Here is some great news on changes in the market place that will aid families who are in distressed situations.

I have followed it up with an inspirational excerpt from Napoleon Hills: Grow Rich! With Peace of mind.

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Mortgage Forgiveness Act Signed into Law

Yesterday, President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt.

Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.

"This is going to make a happy holiday for many homeowners," President Bush said yesterday before signing the bill in to law. During the press conference he added the following:

"When you're worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And it's a really good piece of legislation. The provision will increase the incentive for borrowers and lenders to work together to refinance loans – and it will allow American families to secure lower mortgage payments without facing higher taxes."

"There's more work to be done," Bush added, saying that Congress needs to pass legislation to strengthen Freddie Mac and Fannie Mae, to modernize FHA, and to allow the government to issue tax-exempt bonds for refinancing existing home loans.

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Excerpt from Napoleon Hill’sGrow Rich! With Peace of Mind: by Napoleon Hill

What do we mean by BELIEVE? “Wishing won’t make is so,” runs an old saying. This is true, and helps you remember a wish is not a belief.

A wish takes place, as it were, upon the surface of the mind. I wish . . . you may say, and follow with any wish that tickles your fancy . . . to have a million dollars drop into your lap . . . to be able to flay your arms and fly. A wish is not limited by natural forces.

That very apparent fact, however, is not the main difference between a wish and a belief. A belief is created, as it were, in the depths of the mind. A belief becomes part of you. That is why a true, deep belief can change your glandular secretions and the content of your bloodstream, and work other physical changes beyond the power of medical science to explain. Again, a belief, radiating its unknown wave length from the depths of your mind to the depths of another mind, accounts for a good deal of “personality” power and much else on which we can put only the clumsiest of labels. It is belief in a cause – much stronger than a wish to stay alive – which causes people to transcend even the instinct of self-preservation. It is belief that founds religion, sustains nations, stands behind anything great that ever is achieved. A belief, I repeat, is part of you; that is why you can achieve what you believe. Moreover, when you hold a great belief you believe all the time, just as, all the time, you go on living. Source: Grow Rich! With Peace of Mind. Napoleon Hill. Fawcett Crest Book, 1967. Pg. 177.


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Final Thought…
To laugh is to risk appearing a fool,
To weep is to risk appearing sentimental,
To reach out to another is to risk involvement,
To expose feelings is to risk exposing your true self,
To place your ideas and dreams before a crowd is to risk their loss,
To love is to risk not being loved in return,
To hope is to risk despair, To try is to risk to failure.
But risks must be taken because the greatest hazard in life is to risk nothing.
The person who risks nothing, does nothing, has nothing is nothing.
He may avoid suffering and sorrow,But he cannot learn, feel, change, grow or live.
Chained by his servitude he is a slave who has forfeited all freedom.
Only a person who risks is free.

~Anon.