AnnMarie Belair ReMax Advantage /Associates

| WASHINGTON (Reuters) — Thousands of individuals claiming the first-time home buyer's $8,000 tax credit may have been trying to scam the system, including purported 4-year-olds and illegal immigrants, according to a watchdog report released Thursday. Treasury Inspector General for Tax Administration J. Russell George told a House panel that more than 19,000 people filed 2008 tax returns claiming the credit for homes they had not yet purchased. George said his office had identified another $500 million in claims, by some 74,000 taxpayers, where there were indications of prior home ownership. He told a House Ways and Means oversight subcommittee that they also found 580 taxpayers under the age of 18 who claimed $4 million in first-time home buyer credit. One was 4 years old. "Some of our findings, while preliminary, are somewhat disturbing," George said. Among the most striking instances of fraud include 4-year-olds, non-U.S. citizens and IRS employees inappropriately claiming the benefit, he said. The report comes amid a heated debate about the popular credit, which the real estate and home-building industry is fiercely lobbying to protect. It expires at the end of November, and some say it simply doles out cash to those who would have purchased a home without it. A subcommittee of the tax-writing Ways and Means Committee in the U.S. House of Representatives will hear from IRS, IG and other officials at a hearing Thursday. About 1.4 million tax returns have been filed to take advantage of the credit at a cost to the government of about $10 billion. Many powerful lawmakers want to extend it, including some that back broadening it to all home buyers and doubling its benefit. Extension in its current form would cost about a $1 billion a month. A proposal in the Senate to double the credit and extend it until June would cost about $17 billion. In response to a report last week citing thousands not qualifying properly for the credit, the IRS said it intends to vigorously root out fraud in the program. An IRS spokesman also said potential for fraud exists whenever a refundable credit is put in place. The agency has opened 107,000 civil cases related to the credit and identified 167 criminal schemes. Also, they have selected thousands of returns for those claiming the credit for deeper audits. The report finds that 582 taxpayers under the age of 18 claimed about $4 million using the credit, with the youngest being 4. It further faults the IRS for failing to take its advice that a third party be required to document an individual claiming the credit actually purchased a home. The IRS disputed some of the findings of the IG, and argued for example that some findings are premature because some taxpayers may eventually purchase a home. Under the law, the credit should be claimed after purchase. The IRS has responded to some of the IG's advice, including installing computer filters so those who filed for a home mortgage interest deduction could not also claim the first-time tax credit. "The IRS is having a very mixed bag in terms of its implementation of this important tool to help the economy," George said. A 2008 law created a $7,500 tax credit for those who haven't purchased a home in three years and who meet certain income limits, with the intention of jump starting the moribund housing market. A 2009 law boosted the credit to $8,000. A bipartisan group of lawmakers, including Senate Majority Leader Harry Reid, want to extend the credit but the housing chief for the Obama administration on Tuesday expressed doubts the United States could afford to extend the credit. Housing and Urban Development Secretary Shaun Donovan said the administration would decide in coming weeks whether it backs an extension. Contributing: Associated Press Copyright 2009 Reuters Limited.

77 MACK RD FITCHBURG -$71,300

Listing Agent Information
	Ann Marie Belair - REALTOR® RE/MAX Advantage I 179 Shrewsbury St • Worcester, MA 01604 - - - - - - - - - - - - - - - - - - - - - - - Direct: 508-523-2676 • Phone: 508-523-2676 Cell: 508-523-2676 • Fax: 508 752-1506 Toll Free: 800-496-5551 x36 • Vm/Pager: 508-523-2676 Website: www.annmariebelair.com • Email: annmariebelair@comcast.net

Property Listing

Additional Photos (8) Fitchburg, MA 01420 77 Mack Rd List Price: $71,300 Type: Single Family Type of Single-Family: Detached Style: Colonial Status: Price Change Acres: 0.12 Lot Size: 5,152 Basement: Yes Rooms: 7 Bedrooms: 3 Full Baths: 1 Half Baths: 1 Master Bath: No Fire Places: 0 Garage Parking: Detached Garage Spaces: 0 Year Built: 1907~ Year Round: Yes Approx. GLA: 1,352 MLS#: 70952284 Description: Great investment bank owned home with many updates needs work & is priced to sell. Cash or rehab loan necessary. * Sellers will credit buyer up to a maximum of 3% of sales price toward closing costs if neg. in final signed counter offer* SOLD AS IS where is, seller has no knowledge**offers no warranties. Corporate addendums apply. Buyers agents repsonsible for all due diligence including smokes and final reads. Selling agent bonus $3000.00.

Agent Information

Listing Office: RE/MAX Advantage 1 179 Shrewsbury Street, Worcester, MA 01604 Office Phone: (508) 757-4200 Listing Agent: Ann Marie Belair Direct: (508) 523-2676 Email: Original List Price: $76,300 Listed Date: 7/24/2009 DOM: 26 Web Hits: 336 Entry Only: No Agreement Type: Exclusive Right to Sell, ER w/Var.Rate Comm. Showing: Sub-Agent: Sub-Agent Comp: Not Offered Showing: Facilitator: Call MA-Pass at 508-389-1780 Facilitator Comp: 0 Showing: Buyer-Agent: Call MA-Pass at 508-389-1780 Buyer-Agent Comp: 2.5 Firm Remarks: For Special fin. and incentives seller req. borrower call Chase Loan Off. Harry Carrel 203-622-4539 Show Instructions: call ma pass buyer agent must accompany do not give out code/ bring flashlight Directions: Bemis Rd to Mack

Interior Basement: Yes Description: Full, Bulkhead Cooling: None Cooling Zones: 0 Heating: Hot Water Baseboard, Gas Heating Zones: 1 Flooring: Wood, Tile, Other (See Remarks) Electrical: Other (See Remarks) Fire Places: 0 Hot Water: Other (See Remarks) Energy: Other (See Remarks) Lead Paint: Unknown Insulation Features: Unknown UFFI: Unknown Exterior Acres: 0.12 Lot Size: 5,152 Lot Description: Other (See Remarks) Foundation: Fieldstone, Other (See Remarks) Foundation Size: irreg Garage Parking: Detached Garage Spaces: 0 Parking Spaces: 2 Road Type: Public Construction: Frame Roof Material: Asphalt/Fiberglass Shingles Exterior: Vinyl Sewer/Water: City/Town Sewer, Other (See Remarks) Tax Assessed Price: $177,900 Taxes: $2,259 Tax Year: 2009 Book/Page: 5943/45 Homeowner's Assoc.: Unknown Homeowners Assoc. Required: Unknown Warranty Available: No

Additional

Exterior Features: Roof Deck, Porch, Storage Shed Amenities: Public Transportation, Shopping Exclusions: Proof of Funds or Pre-approval letter must accompany all offers Disclosure: Sold As IS-NoChanges to Corp Add-All signed docs must be ret. w/in 48hrs-

Rooms

None Listed

Photos

The information in this listing was gathered from a third party source including the seller and public records. Rls2000 and its subscribers disclaim any and all representations or warranties as to the accuracy of this information.

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Mass. to let home buyers borrow on $8G tax credit By Jay Fitzgerald Wednesday, July 15, 2009 - Added 13h ago Jay Fitzgerald has been a journalist and blogger for years. He's now the general economics reporter for the Boston Herald. Massachusetts thinks it’s found a faster way to get an $8,000 federal tax credit into the hands of first-time home buyers. Gov. Deval Patrick announced yesterday a new state program that would effectively let first-time home buyers borrow against the federal tax credit for home down payments or for closing costs. The program, which will be run by the quasi-public agency MassHousing, would loan potential buyers, via a second mortgage, the $8,000 if they get their primary mortgage through the agency. No interest would be charged through June 1, 2010, or roughly the same time buyers would get their tax-credit money from the federal government. If borrowers don’t repay their loan with the tax-credit funds, they’ll be charged at a mortgage-level interest rate. Patrick said there’s no need for buyers to wait for the federal money to use it to their advantage. “The truth is it’s a good time to buy a home,” Patrick said. The $5 million program will run through Nov. 30. Earlier this year, Congress approved the tax credit as part of the massive $787 billion economic stimulus package backed by President Obama - and it’s quickly become one of the recovery act’s more popular programs. State officials say the new program might be able to help up to 1,000 people struggling to finance the purchase of a home. http://www.facebook.com/ext/share.php?sid=109651677162&h=ZV5SP&u=o4SV8&ref=mf

The federal government has launched a new website with online tools that
will allow a homeowner to determine if they are eligible to participate in
the "Making Home Affordable" loan modification and refinancing program.

The site is WWW.MAKINGHOMEAFFORDABLE.GOV and shares information about how
this program works and who is eligible for assistance.

PLEASE HAVE THIS INFORMATION AVAILABLE AND READY WHEN YOU CALL:

www.MakingHomeAffordable.gov


* Information about your first mortgage, such as your monthly mortgage
statement.
* Information about any second mortgage or home equity line of credit on the
house.
* Account balances and minimum monthly payments due on all of your credit
cards.
* Account balances and monthly payments on all your other debts such as
student loans and car loans.
* Your most recent income tax return.
* Information about your savings and other assets
* Information about the monthly gross (before tax) income of your household,
including recent pay stubs if you receive them or documentation of income
you receive from other sources.
* It may also be helpful to have: A letter describing any circumstances
that caused your income to be reduced or expenses to be increased (job loss,
divorce, illness, etc.) if applicable.

Ann Marie Belair

annmariebelair@comcast.net

www.annmariebelair.com

(508)523-2676 cell #

HOPE THIS HELPS! If you need further assistance with any Real Estate information please feel free to contact me anytime!

The federal government has launched a new website with online tools that
will allow a homeowner to determine if they are eligible to participate in
the "Making Home Affordable" loan modification and refinancing program.

The site is WWW.MAKINGHOMEAFFORDABLE.GOV and shares information about how
this program works and who is eligible for assistance.

PLEASE HAVE THIS INFORMATION AVAILABLE AND READY WHEN YOU CALL:

www.MakingHomeAffordable.gov


* Information about your first mortgage, such as your monthly mortgage
statement.
* Information about any second mortgage or home equity line of credit on the
house.
* Account balances and minimum monthly payments due on all of your credit
cards.
* Account balances and monthly payments on all your other debts such as
student loans and car loans.
* Your most recent income tax return.
* Information about your savings and other assets
* Information about the monthly gross (before tax) income of your household,
including recent pay stubs if you receive them or documentation of income
you receive from other sources.
* It may also be helpful to have: A letter describing any circumstances
that caused your income to be reduced or expenses to be increased (job loss,
divorce, illness, etc.) if applicable.

HOPE THIS HELPS! If you need further assistance with any Real Estate information please feel free to contact me anytime!

Ann Marie Belair

annmariebelair@comcast.net

www.annmariebelair.com

(508)523-2676 cell #