Friday, February 27, 2009
Thursday, February 26, 2009
First-Time Homebuyer Tax Credit
The American Recovery and Reinvestment Act of
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.
2009 features an $8,000 tax credit for first-time
buyers who purchase a home on or after Jan. 1, 2009
and before Dec. 1, 2009.
I-Loan Certificate (MCC) Programs
Program Highlights: The federal government allows each homeowner to claim an itemized income tax deduction for the amount of interest paid each year on a mortgage loan. The Mortgage Credit Certificate enhances this benefit. Homeowners with a MCC are allowed to use 20% of their annual mortgage interest as direct federal tax credit, resulting in a dollar for dollar reduction of their annual federal income tax liability. The remaining 80% of their annual mortgage interest will continue to qualify as an itemized tax deduction.
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Tax credit can be used with IHDA MCCs. According to the Illinois Housing Development Authority, the $8,000 tax credit can be used in tandem with IHDA’s Mortgage Credit Certificate (MCC) programs, which recently received $99 million in funding.
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Tax credit can be used with IHDA MCCs. According to the Illinois Housing Development Authority, the $8,000 tax credit can be used in tandem with IHDA’s Mortgage Credit Certificate (MCC) programs, which recently received $99 million in funding.
IHDA Launches $99 million of MCC Programs !!!!
The Illinois Housing Development Authority (IHDA) is pleased to announce three Mortgage Credit Certificate (MCC) Programs and an increase in the IHDA Community Partner Credit Certificate Programs.
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Support Under the Homeowner Affordability and Stability Plan: Three Cases
Family A: Access to Refinancing
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Homeowner Affordability and Stability Plan Executive Summary
The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities throughout the country.
• Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates.
• Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure.
• Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent. The Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
• Millions of responsible families who make their monthly payments and fulfill their obligations have seen their property values fall, and are now unable to refinance at lower mortgage rates.
• Millions of workers have lost their jobs or had their hours cut back, are now struggling to stay current on their mortgage payments – with nearly 6 million households facing possible foreclosure.
• Neighborhoods are struggling, as each foreclosed home reduces nearby property values by as much as 9 percent. The Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
The New Housing Plan
President Obama's housing plan is expected to help as many as seven million to nine million homeowners by making it easier for them to either refinance their mortgages or renegotiate payments.
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Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan
Borrowers Who Are Current on Their Mortgage Are Asking:
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Friday, February 20, 2009
Homeowner Affordability and Stability Plan Fact Sheet
The deep contraction in the economy and in the housing market has created devastating
consequences for homeowners and communities throughout the country. Millions of responsible
families who make their monthly payments and fulfill their obligations have seen their property
values fall, and are now unable to refinance to lower mortgage rates. Meanwhile, millions of
workers have lost their jobs or had their hours cut, and are now struggling to stay current on their
mortgage payments. As a result, as many as 6 million families are expected to face foreclosure in
the next several years, with millions more struggling to stay current on their payments.
THE WHITE HOUSE
Washington
consequences for homeowners and communities throughout the country. Millions of responsible
families who make their monthly payments and fulfill their obligations have seen their property
values fall, and are now unable to refinance to lower mortgage rates. Meanwhile, millions of
workers have lost their jobs or had their hours cut, and are now struggling to stay current on their
mortgage payments. As a result, as many as 6 million families are expected to face foreclosure in
the next several years, with millions more struggling to stay current on their payments.
THE WHITE HOUSE
Washington
Wednesday, February 18, 2009
Short Sales can be Easy if you avoid these 7 mistakes
In the past year we have become very familiar with the short sale process. When we speak to many of you who are having problems getting your short sales approved, we come across the same issues constantly.
Here are the top 7 mistakes keeping you from your Short Sale fortune.
1. Not being organized. Short Sales require lots of paperwork and follow up. If you don’t have a system in place to be efficient then you are losing a lot of time.
2. Not Submitting a complete package. Have you ever faxed a package to a lender only to call back in 48 hours to find out that they have not received your package? 9 times out of 10 your package was incomplete, so they won’t even have it in the system.
3. Missing the BPO. Meet the agent at the property to build rapport. Offer to make his/her job easier by providing a list of repairs and comparable properties. You’d be surprised how often the agent will thank you.
4. PRICE. This is a big one. Most investor’s attempting short sales think that they can get every property for pennies on the dollar. Although this may be true for abandoned properties, most of the newer properties will only be discounted 20-30% of retail value.
5. Not being fully committed. In our experience we have found that you need approximately 30 deals in the pipeline to be able to close 1 short sale transaction per month. If you’re not able to handle this kind of volume, partner with someone that can.
6. Not Using a Realtor. Typically banks are more receptive to Realtors presenting short sale offers therefore the process can move along a lot quicker.
7. Not having a Buyer. Don’t take on a short sale unless you have a clearly defined exit strategy. Since most properties will only qualify for a small discount, the only way to sell them is retail. This is where a good realtor can make the difference in your success rate.
If you can stay away from these 7 mistakes, short sales will be a breeze.
Here are the top 7 mistakes keeping you from your Short Sale fortune.
1. Not being organized. Short Sales require lots of paperwork and follow up. If you don’t have a system in place to be efficient then you are losing a lot of time.
2. Not Submitting a complete package. Have you ever faxed a package to a lender only to call back in 48 hours to find out that they have not received your package? 9 times out of 10 your package was incomplete, so they won’t even have it in the system.
3. Missing the BPO. Meet the agent at the property to build rapport. Offer to make his/her job easier by providing a list of repairs and comparable properties. You’d be surprised how often the agent will thank you.
4. PRICE. This is a big one. Most investor’s attempting short sales think that they can get every property for pennies on the dollar. Although this may be true for abandoned properties, most of the newer properties will only be discounted 20-30% of retail value.
5. Not being fully committed. In our experience we have found that you need approximately 30 deals in the pipeline to be able to close 1 short sale transaction per month. If you’re not able to handle this kind of volume, partner with someone that can.
6. Not Using a Realtor. Typically banks are more receptive to Realtors presenting short sale offers therefore the process can move along a lot quicker.
7. Not having a Buyer. Don’t take on a short sale unless you have a clearly defined exit strategy. Since most properties will only qualify for a small discount, the only way to sell them is retail. This is where a good realtor can make the difference in your success rate.
If you can stay away from these 7 mistakes, short sales will be a breeze.
President to Unveil Plan to Fix Housing Today
RISMEDIA, February 18, 2009-(MCT)-
President Barack Obama is expected Wednesday to take a carrot-and-stick approach with banks and other lenders when he unveils his new plan to address soaring nationwide home foreclosures.
President Barack Obama is expected Wednesday to take a carrot-and-stick approach with banks and other lenders when he unveils his new plan to address soaring nationwide home foreclosures.
Will the Stimulus Benefit Homeowners and Buyers?
RISMEDIA, February 18, 2009—"There are four primary sections of the economic stimulus plan that will benefit home owners and buyers," said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers ...
Thursday, February 12, 2009
New Good Faith Estimate for Home Loans
NAR held a webinar on Wednesday February 4, 2009 with RESPA Attorney Phil Schulman covering the major provisions of the new RESPA rule set to go into effect January 1, 2010. Schulman discussed the new Good Faith Estimate, the new HUD-1, and a number of other provisions important to real estate agents, brokers, and others in the broader real estate industry. Schulman also gave his perspective on the likely prospects of lawsuits by the NAHB and NAMB dealing with "required use" and yield spread premium respectively.
Click On Link for New Good Faith Estimate
Click On Link for New Good Faith Estimate
House Committee Passes Reforms to Foreclosure Assistance Program
The House Financial Services Committee last week approved H.R. 787, a bill which reforms the Hope for Homeowners program. Hope for Homeowners was designed to help families who are facing foreclosure refinance into a safe, affordable FHA mortgage. However, the restrictions on the program have been such that lenders are refusing to participate, and since October of 2008 only 25 mortgages have closed under the program. HR 787 eases some restrictions to make lender participation more likely. The bill allows for payments to loan servicers and lessens the write-down for lenders, while preserving the benefits to homeowners and limiting risks to the FHA fund and the American taxpayer. In addition, the Committee approved another bill, HR 788, to provide a safe harbor for mortgage servicers who engage in certain loan modifications. This bill should also help ease the way for more loan modifications for families in trouble. Both bills are expected on the Floor of the House this week.
Obama Administration to Announce Financial Stability Plan
Treasury Secretary Timothy Geithner is now scheduled to announce the Obama Administration's "Financial Stability Plan" on Tuesday, February 10, 2009. Speculation and rumors abound in Washington. Important elements of the plan are apparently still being debated within the Administration.
Reportedly, the plan may include:
Expanding the Federal Reserve Board's Term Asset-Backed Securities Loan Facility (TALF) to include federal support for both commercial and residential lending. NAR has strongly urged Secretary Geithner to expand TALF to include commercial lending.
Subject to rules still being developed, guaranteeing banks against certain losses on loans, including mortgage loans. One goal is to attract more private investment in banks, which would stabilize the capital position of banks and allow them to make more loans.
Using $50-100 million from the remaining Troubled Asset Relief Program (TARP) funds to help home owner occupants avoid foreclosure. NAR supports the goal of minimizing foreclosures to help keep families in their homes, protect communities, and minimize increasing the inventory of homes for sale.
Purchasing troubled assets from banks to stabilize their financial condition and enable them to make more loans. NAR has urged government officials to get TARP back on track, including the purchase of troubled assets to help unclog the credit markets and establishing an interest rate buy-down program.
Making additional federal investments in banks, in exchange for securities convertible into common stock, which could give the government power control over banks that are remain troubled. The additional investment would come with conditions on the use of the additional funding.
Reportedly, the plan may include:
Expanding the Federal Reserve Board's Term Asset-Backed Securities Loan Facility (TALF) to include federal support for both commercial and residential lending. NAR has strongly urged Secretary Geithner to expand TALF to include commercial lending.
Subject to rules still being developed, guaranteeing banks against certain losses on loans, including mortgage loans. One goal is to attract more private investment in banks, which would stabilize the capital position of banks and allow them to make more loans.
Using $50-100 million from the remaining Troubled Asset Relief Program (TARP) funds to help home owner occupants avoid foreclosure. NAR supports the goal of minimizing foreclosures to help keep families in their homes, protect communities, and minimize increasing the inventory of homes for sale.
Purchasing troubled assets from banks to stabilize their financial condition and enable them to make more loans. NAR has urged government officials to get TARP back on track, including the purchase of troubled assets to help unclog the credit markets and establishing an interest rate buy-down program.
Making additional federal investments in banks, in exchange for securities convertible into common stock, which could give the government power control over banks that are remain troubled. The additional investment would come with conditions on the use of the additional funding.
Monday, February 09, 2009
UPDATE: Salmonella - FBI joins investigation - Americans on their own with food safety
Salmonella update:Senate Hearing...warns Americans.."Beware of what you eat. You are on your own"FBI enters investigationSchools received at risk peanut butter.
Thursday, February 05, 2009
Highlights of 2008 Tax Law Changes: Tax Breaks Renewed, Recovery Rebate Credit, Homeowner Relief
FS-2009-1, January 2009
AMT exemptions rise; several expiring deductions and credits get a new lease on life; a new standard property tax deduction and a special first-time homebuyer credit are available to some homeowners; and retirement savings incentives expand. These are among the changes taxpayers will find when they fill out their 2008 tax returns. More information about these and other changes, summarized below, can be found on IRS.gov and in various IRS documents, including the Instructions for Form 1040.
AMT exemptions rise; several expiring deductions and credits get a new lease on life; a new standard property tax deduction and a special first-time homebuyer credit are available to some homeowners; and retirement savings incentives expand. These are among the changes taxpayers will find when they fill out their 2008 tax returns. More information about these and other changes, summarized below, can be found on IRS.gov and in various IRS documents, including the Instructions for Form 1040.
Five Important Changes for Taxpayers
Here are a few tax law changes you may want to note before filing your 2008 federal tax return:
Please Click On The Title To Go To The Link.
Please Click On The Title To Go To The Link.
Pulte Homes Narrows Loss, Improves Sales
The homebuilder reported a loss of $1.33 a share in its fourth quarter on sales of $1.65 billion, compared with a deficit of $3.54 a share on sales of $2.9 billion in the same period last year.
@ CNBC Posted: 02/05/09 at 0320 EST
@ CNBC Posted: 02/05/09 at 0320 EST
Record 19 Million Empty Homes
The number of empty homes — for sale or rent — has hit a record 19 million, the U.S. Census Bureau reports.
As foreclosures mount and banks seize properties, the number of them sitting empty rose by 6.7 percent from the fourth quarter of 2007. The number of homes for sale rose to 2.9 percent of all homes, the highest since the agency began tracking data in 1956.
By: Greg Brown
Newsmax.com
As foreclosures mount and banks seize properties, the number of them sitting empty rose by 6.7 percent from the fourth quarter of 2007. The number of homes for sale rose to 2.9 percent of all homes, the highest since the agency began tracking data in 1956.
By: Greg Brown
Newsmax.com