Eliud Gautier

As you may know, last night the Senate reached a deal on extending and expanding the home buyer tax credit, and they plan on attaching it to the unemployment insurance bill. You can see a copy of the bill here. The tax credit provisions begin on p. 14.

Near as we can tell at this moment, the process from here will go like this:

1. There will be a cloture vote at 5 pm on Monday in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to "ripen," i.e., before the bill can be brought to the floor.

2. Thirty hours later it's Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.

3. Thirty hours after that, it's Thursday morning, when the Senate will vote on final passage of the bill.

4. The House could take up the bill as early as Thursday afternoon or Friday. They likely will just accept the Senate bill and vote on that. If their bill differs from the Senate bill, then the whole thing has to back through Conference. That's unlikely at this point - and undesirable.

5. The plan/hope is to have the bill on the President's desk as soon as next weekend.

Obviously, this is all subject to change without notice. This is the Congress, after all.

You can see from the above that it is important to keep weighing in throughout the week - and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same. The amount of emails being sent through the Fix Housing First site has been fantastic - keep it up!

www.FixHousingFirst.com

Save Your Home Conference

September 8, 2009 @ 6 PM

Temple of Yahweh
2128 Sunset Ave, Vineland, NJ

You are cordially invited to attend this workshop presented by representatives from New Jersey Housing Mortgage and Finance Agency (NJ HMFA) and United State Housing and Urban Development (HUD).

They will be discussing the following topics:

• The New Face of FHA
• Stream Line 203K Rehabilitation Program
• Foreclosure Prevention Assistance Programs
• The Tax Credit Loan Program - $5,000
• The SMART Start Program - 4% NJ Grant
• The Live Where You Live Program - 5% NJ Grant
• The First Time Home Buyer Program - 0 pts Loan

This event is for families interested in learning how to buy their first time home, prevent foreclosure, and/or refinance an adjustable loan.

This event is also great for real estate professionals that want to raise their level of awareness of the many programs available for their clients. Therefore, if you are a realtor or a loan officer - come out to this great educational event.

Guest Speakers

Migdalia Murati
Senior Account Liaison
FHA Office of Business Development
HUD Regional Office
1 Newark Center
Newark, New Jersey 07102
973.776.7316

Stephone, D. Mickler
Outreach Officer
NJ HMFA
637 South Clinton Ave.
Trenton, NJ 08650
(609) 278-7545

NJ First Time Home Buyer Tax Credit LOAN

http://www.state.nj.us/dca/hmfa/consu/buyers/ownprg/tclp.html

It looks like everybody is doing it again - helping First Time Home Buyers (FTHB) - Buy a Home with another LOAN package. I hope that for the sake of the first time home buyer (FTHB) that this doesn't become a nightmare.

Basically, this sounds like the FTHB is going to borrow money from their own future 2009 Federal Tax FTHB Credit of up to $8,000.

Therefore, if the buyer needs additional money for down payment and/or closing cost - they could go to their state agency - borrow up to $5,000 - then after they apply for their tax credit - the no interest loan is paid back with this Federal Tax Return.

I like this idea. And I am glad that the program is helping families buy their first home. But this entire process - if I am not mistaken - is based on helping families that can't save enough for the purchase of a home. Hummm

I prefer a saving incentive such as the Individual Deposit Accounts (IDA) where the banks match money saved by the family for the purpose of buying a home. The money belongs from the family and the Bank; no more government money and the family learns a good lesson - SAVE money for your Home and Family.

Therefore, I warn FTHB to use this program - the TAX CREDIT LOAN - with CAUTION.

Get Paid for Buying Your First Home

Don't hesitate any longer. The real estate market is on your side. It's time to become a First Time Home Buyer.

The real estate market has never been so user friendly to First Time Home Buyers. Interest rates are at its lowest in history. Property prices have been reduced in most neighborhoods in the Delaware Valley.

I know what you are thinking; "My credit score is lousy and I don't have any money." Well, here are some solutions to your financial challenges.

What if you knew that you'll get paid for saving money, cleaning up your credit and buying a home? Would you do the work? Well, it is true - some of you could get paid for getting your act together now and buying Your First Home before December 1, 2009.

Get Paid for Saving

There is a program called Individual Deposit Accounts (IDA) that will pay you for saving money to buy a home. They'll match your monthly savings with an additional $1.00 for every dollar you save. Contact your local IDA program for more details. Camden County Council On Economic Opportunity (aka OEO) has a program in South Jersey. They could be reached at (856) 962-6911.

And I have done one better for you - get the application online from my website.

Get Paid for Cleaning Your Credit

You will reduce the cost of your monthly mortgage by thousands of dollars through the life of the loan for increasing your credit score. You wouldn't have to pay points at closing in order to reduce your interest rates if you raise your credit score. The interest rates on your credit cards could also be reduced once you clean up your credit.

Therefore get free credit counseling advice at your local Consumer Credit Counseling Service office and start getting paid for cleaning up your credit history. They could be reached at (800) 989-2227.

Get Paid for Buying Your First Home

You could get up to $8,000 as part of the 2009 Federal Tax Credit for buying your first home before December 1, 2009. Usually, you could get this money 8 to 10 weeks after you buy your home. You don't have to wait until 2010 to file for this tax credit. Get it right away. Consult your tax professional for more details.

Therefore if you save money - You Get Paid. If you clean up your credit - You Get Paid. And if you buy your home before December 1^{st - You Get Paid.}

For more information about these programs go to www.CasaLatinoNJ.com

Eliud Gautier, REALTOR® Associate, Casa Latino Affiliates, (856) 448-6090

TO: ALL NEW JERSEY REAL ESTATE LICENSEES

FROM: ROBERT L. KINNIEBREW, EXECUTIVE DIRECTOR, REAL ESTATE COMMISSION

RE: NOTICES TO RESIDENTIAL TENANTS IN FORECLOSED PROPERTIES

The Real Estate Commission Staff has learned that some licensees are sending letters or notices to residential tenants in properties that have been foreclosed or are pending foreclosure which either state or imply that the tenant must promptly vacate or face eviction, notwithstanding that the Anti-Eviction Act, N.J.S.A. 2A:18-61.1 et seq. ("the Act") provides, with very limited exceptions, that tenants, whether or not they have a written lease, who are current on their rent payments cannot be evicted solely on the grounds of foreclosure.

Under N.J.A.C. 11:5-6.1(a) letters and notices of this nature issued by licensees are considered a type of advertising. Such letters or notices which state or imply that a tenant is subject to eviction solely because of a foreclosure are either patently false or, at best, misleading and licensees who send such communications would be in violation of N.J.A.C. 11:5-6.1(r) which states: "No advertisement shall contain false, misleading or deceptive claims or misrepresentations. In all advertisements which make express or implied claims that are likely to be misleading in the absence of certain qualifying information such qualifying information shall be disclosed in the advertisement in a clear and conspicuous manner."

Licensees who issue letters that fail to comply with this rule are subject to sanctions pursuant to N.J.S.A. 45:15-17t, including revocation or suspension of one's license and/or fines up to $5,000 for a first violation and up to $10,000 for subsequent violations. Each notice sent would constitute a separate violation. The broker responsible for supervising the licensee could also be subject to sanctions. See N.J.A.C. 11:5-4.2.

In addition, N.J.A.C. 11:5-6.4(i) requires a licensee to recommend that legal counsel be obtained whenever the interests of a party seem to require it. Clearly, a notification to a tenant stating or implying that the tenant is being or may be evicted constitutes circumstances where the interests of the tenant seem to require that they obtain counsel. Consequently, such letters and notices should include text recommending that the tenant consult with an attorney. Licensees who issue these letters without including such a recommendation are subject to sanctions for failing to comply with N.J.A.C. 11:5-6.4(i). Finally, N.J.S.A. 45:15-17, which subjects licensees to sanctions for: making a substantial misrepresentation (17a.); pursuing a flagrant and continued course of misrepresentation through advertisements or otherwise (17c.); and engaging in conduct which demonstrates unworthiness, incompetency, bad faith or dishonesty (17e.) may also be applicable to licensees who issue notices or letters as described above.

The New Jersey Public Advocate has published a pamphlet entitled "The Rights of Tenants During a Foreclosure," available at http://www.state.nj.us/publicadvocate/public/pdf/tenantsforeclosurebrochure.pdf

All brokers are urged to provide copies of this Notice to all salespersons and broker-salespersons in their firms.

Robert L. Kinniebrew, Exec. Dir., NJREC