“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Dennis Herman

Internet Links with Help for Foreclosures

Facing foreclosure? Here is a collection of material I have been passing along to home owners looking for answers to many of the most asked questions.

One of the major concerns is having the ability to find reliable information from the correct sources. To avoid scams begin your Internet search on sites ending with the .gov suffix. The .gov shows the information is listed on a government site, such as www.irs.gov. Many government sites contain links to other sources and agencies.

You may also contact local Real Estate Agents for specific information in your area. Many Real Estate Agents have advanced training in the area of short sales and foreclosures. It may also be a good idea to consult an attorney before making a decision. Many local governments have grant and refinance programs available. Ask your local Real Estate Agent or search the Internet for web sites supported by your local city and county government agencies.

Local Real Estate Agents will be able to review currant market conditions, giving you an idea of a sale value for your property and an estimated time it may take to sell.

Contacting your lender may be the first step. Gather information on refinancing and restructuring loans. You can search the Internet using the key words, loan modification .gov. Again, look for sites ending with the .gov, such as HUD.gov.

Http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm


Http://makinghomeaffordable.gov/



The most important factor is, getting in touch with the right sources and beginning the process as soon as possible. The longer you wait the less time you will have to seek alternative solutions.

Following is a list of sites aimed at helping home owners facing the possibility of foreclosure.

Here is a portion of information from the IRS site concerning debt relief. Many home owners are looking for information concerning the liability of taxes in regards to a short sale or foreclosure.

Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn't apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition.

Here is a link to the IRS site.

Http://www.irs.gov/individuals/article/0,,id=179414,00.html


Http://www.irs.gov/newsroom/article/0,,id=174034,00.html



The following links provide information about foreclosure procedures from state to state. Each site provides a little information to answers some of the questions most home owners may have.

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

Http://www.foreclosures.com/pages/state_laws.asp

Specific questions can be answered on web sites such as AllExperts.

Http://www.allexperts.com/cl2/2927/realestate/Foreclosure/

Make sure you do not pass along any personal information unless you know exactly who you are dealing with. When asked to share information, credit card companies and the IRS will ask a number of questions such as date of birth, address and phone number. They will never ask this information if they place a call to you. Know who you are calling. If you receive a letter, confirm the contact information, address and phone number on the Internet before calling. Never give charge card numbers or social security numbers over the phone unless you can verify who you are talking to.

H1N1 In Perspective

We have heard way too much about this H1N1 flu. The drug companies claim there is a shortage of shots. These are the same drug companies spending BILLIONS in advertising, most of which is during the news hour. I suspect these drug companies are threatening the media, telling them to create a scare so they can make more money. If they create a shortage, they raise th

http://www.kirotv.com/money/20975936/detail.html

Talk about CONTROL, this is only the beginning. After spending millions of dollars lobbying against any type of public health insurance plan, the same drug companies want the government to spent $18 BILLION dollars to publicly distribute the shot.

http://www.lakelandtimes.com/main.asp?SectionID=9&SubSectionID=9&ArticleID=10046

Let's gauge the scare tactic. How many people have died from the N1H1 virus this year?

4700 WORLD WIDE.

http://www.chinadaily.com.cn/world/2009-10/17/content_8805678.htm

How many people have died in traffic accidents in the UNITED STATES?

Over 40,000.

http://www.edmunds.com/ownership/safety/articles/120006/article.html

How many people are killed by drunk drivers in a year in the United States?

Over 13,000

http://www.duiattorneyhome.com/DUI/Drunk-Driving-Statistics

If these drug companies were really concerned about our health, shouldn't they be spending money to loby against drunk driving?

Take precautions against the flu, but look at it in a realistic manner.

Land Contracts and the first-time homebuyer tax credit.

I don't know about you but I have been searching the internet looking for this information. To think this has been changed in July and no formal announcement was formulated.

Mortgage Banking/Finance - General Finance
QUESTION:
Re: Land Contracts and the first-time homebuyer tax credit.

ANSWER:

Here is the new addition from the IRS on their Q and A page at http://www.irs.gov/newsroom/article/0,,id=206291,00.html.

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)

READ MORE ABOUT IT:
For more information about the homebuyer tax credit visit the WRA’s new Wisconsin Homebuyer Microsite @ http://www.wisconsinhomebuyer.org/taxcredit.html and the IRS information @ http://www.irs.gov/newsroom/article/0,,id=206291,00.html.

Menomonee Falls Wisconsin Rotary Evening of Grapes & Hops Fund Raiser

Wednesday October 28, 2009 5:00 - 9:00

Cost - $40 per person Reservations needed by Oct 19

North Hills Country Club
N73 W13430 Appleton Avenue

Come and taste some of the finest wines and beers in the area. Enjoy chef prepared
appetizers and desserts! The beautiful North Hills Country Club is our venue for this
fabulous fall event. Activities will spill outdoors weather permitting. Make your plans now and
share in a great fall evening with Rotary and many of the most influential people in the area.

Proceeds will go to benefit ARCh CAmp Pow Wow, a summer camp for those with learning
disabilities, cognitive challenges, mental health needs and physical health difficulties.
http://www.waukeshaarch.org/

See the Menomonee Falls Rotary Club Web page for additional details:
http://www.menomoneefallsrotary.org/Grapes_Hops.html

Rent to Own Option

A Rent to Own Option may be perfect for Home Buyers who find themselves just one step away from realizing their dream of owning a home. With today's prices you may never get another chance to own a home for the same cost of renting an apartment. A Rent to Own Option may be the bridge you have been looking for.

A Rent to Own Option works much like a loan. To qualify you must meet the following criteria.

You must have a credit score of at least 550.

If your credit score is between 550 and 620 you will be required to enroll and participate in a credit counseling course.

Includes a free credit repair consultation.

Down payments of 3 to 5% are required.

Call for more details and begin the qualification process.
Dennis Herman
Realty Executives
414-426-1784

Serving the Menomonee Falls and Greater Milwaukee Areas.

Most clients are able to refinance and buy out the Rent to Own Option in 3 to 6 months.