Bob Murphy

Did you buy a home in Indiana this year?

Have you filed for your tax exemptions if you did? IN INdiana you have the benefit of a tax break on property taxes if you file for certain exemptions.

The typical exemptions that nearly everyone qualifies for are "The Homestead Exemption" and "The Mortgage Exemption".

You qualify for "The Homestead Exemption" if the home is your primary place of residence.

You qualify for "The Mortgage Exemption" if you have a current mortgage on your home. This one is very interesting because you don't necessarily have to have a balance on your mortgage to qualify for the exemption. Many homeowners take out an equity line on their home when they don't have another mortgage, just to qualify for this exemption.

The tax savings can amount to a large sum of money. The exemption amount is taken off the assessed value of the property before the property taxes are applied to the home. Many homeowners reduce the value of their home for tax purposes by as much as $48,000.00.

A couple things you should know about these exemptions:

1) If you bought your home in 2009 you have until December 31, 2009 to file for the exemptions to have them apply in the following year.

2) If you refinance your home you must re-file for the Mortgage exemption.

It is easy to file. Take a phto ID (Drivers License) and your property address to the Auditors office in the county in which you are filing. Simply let the Auditor know you want to file for your exemptions. The clerks in the office will walk you through this process. It takes about 10-15 minutes. Sometimes there is a small fee (Like $1.00) charged by the Auditor to process your filing.

Once you file KEEP YOUR RECEIPT. It is the only proof you have that you did indeed file.

If you have questions about filing your tax exemptions in Indiana please give me, Bob Murphy, a call at 502-773-2564 or you can email me at Bob.Murphy@RealLiving.com

If you are in the market to buy or cell a home in Indiana or Kentucky I am licensed in both states.

Want to see my listings? Visit http://www.RealLiving.com/Bob.Murphy

How do I file for the First Time Home Buyer Tax Credit?

The First Time Home Buyer Tax Credit has been extended. So if you purchased your home after November 06,2009 and want to file for the tax credit I am afraid you will have to wait a little longer. The current Form 5405 applies only to qualifying purchases made by November 06,2009.

This link will take you to the Form 5405 you will need to file for the First Time Home Buyer Tax Credit.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

If you have questions about the tax credit please call me, Bob Murphy, at 502-773-2564 or you can email me at Bob.Murphy@RealLiving.com.

Before filing the Form 5405 it may be advisable to talk with a Tax Professional.

Do you think you might lose your home? Is there a Foreclosure in your future?

If you are behind on your home loan or if you think you are about to fall behind on your mortgage there is help. Lenders do not really want to foreclose on homeowners. In fact most lenders will do as much as possible to help a homeowner stay in their home.

The key is the homeowner must want to stay in their home. They must actually care if they might lose their home.

If you have special financial circumstances you may qualify for a special government program that can help you stay. Some of these circumstances include job loss, medical bills, even divorce.

Even if you can't keep your home there are options other then Foreclosure that are better then a Foreclosure on your credit report.

One option would be to call the lender and agree to sign the deed over to the lender. This is called Deed in leiu of Foreclosure.

The best option may be a Short Sale. Especially if you owe more on your home then it would probably sell for.

A Short Sale is when someone sells their home for less then they owe on it. Many times the lender will forgive the shortage, relieving the borrower from any obligation to repay the shortage. Or the lender may allow the mortgage holder to pay out the shortage over a period of time.

If you find yourself in a tough situation where your home mortgage is concerned and would like some help please call me. As a Realtor I am very familiar with the process and I am here to help.

You can reach me by phone at 502-773-2564 or by email at Bob.Murphy@RealLiving.com

How would you like to BNI ?

BNI is a lead referral organization that I recently got involved with. I was invited to attend a meeting of a BNI chapter in my area to fill the Commercial Realtor seat within the group. I had no real idea what it was all about until I attended that first meeting.

This is a very well organized group whose soul purpose is pass referrals within the organization or chapter. There was a Residential Realtor at the meeting I attended whom I respect a lot. He told me that much of his business came from referrals within his chapter.

I wasn't really interested in the "Commercial Realtor" seat within that chapter but after seeing the number of referrals passed at just one meeting I was hooked on the concept.

So, I met with the local area director for BNI in my market and set out building a new chapter where I would occupy the Residential Realtor seat. It is going quite well for my group right now and I expect we will start to really hit our stride in the coming months. Although we are what is referred to as a "Forming Group" right now because our size has not yet grown to 22 members we are already making referrals to one another.

If you are not a member of a BNI group I recommend that you look into the possibility.

You can go to www.BNIKentucky.com to begin your investigation of the organization. If you are from the Southern Indiana area and think you may be interested in our forming group please drop me a line or give a call. You can reach me by phone at 502-773-2564 or by email at Bob.Murphy@RealLiving.com

Do you know someone behind on their mortgege?

Unfortunately I get more and more calls everyday from people who are behind on their mortgage and want to sell before their home is foreclosed. Many times selling their home may not be the best solution for them.

If they have have experienced a financial hardship that qualifies they may be eligible for a loan modification.

If they aren't yet behind but think they will be soon they may have the option of re-financing their loan.

The point is there are several options available to a homewowner in trouble who wants to stay in their home.

The problem is homeowners don't always know what to do, who to call, or what to say when they do call. Sometimes their lender is nearly impossible to reach.

This is when an outside firm may be able to help.

Here is a link to one of those firms. http://yourfinancialsolution.yolasite.com/

I am not endorsing this company, but this is a least a plce for a homeowner in trouble to turn for help.