Pattie Zanders

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Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Saleand other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.

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Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Saleand other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.

Maryland realtors and homeowners are scheduled rally against the proposed reduction to the mortgage interest deduction. The event will be held in Annapolis on Wednesday, February 29, 2012, from 9:00 am to 11:00 am on Lawyers' Mall in front of the the State House. The State House is located at 100 State Circle, Annapolis, MD 21401. All Marylanders are encouraged to join the protest.

Click or copy and paste the following URL to sign up for the rally:

http://mdrealtor.org/Legislative/GovernmentAffairsNews/articleType/ArticleView/articleId/530

Maryland's governor, Martin O'Malley has proposed the Budget Reconciliation and Financing Act of 2012 (BRFA, HB 87/SB 152) which will reduce the most important tax benefits homeowners have, the mortgage interest tax deduction, state taxes, and local property taxes. The proposal will cap the state income tax deductions for taxpayers whose income is more than $100,000 at 90%. The cap will be smaller for homeowners whose earnings are higher.

According to the Maryland Department of Housing and Community Development (DHCD), one out of every five homes is underwater or has significantly lost equity. Raquel Guillory, a spokeswoman for the governor, said the proposal is fair because it applies only to higher-end earners and puts the state on the path to reducing its budget deficit. Patricia Terrill, president of the Maryland Association of Realtors, said the proposal has alarmed realtors and is the only thing members talked about at their annual legislative meeting.

According to Raquel Guillory, “It’s about fairness, and it’s about putting the state on the right path and resolving the structural deficit.” State Comptroller Franchot said, “It disproportionately burdens working Maryland families and is a direct shot at Maryland’s homeowners at a time when they’re already struggling to get by in a difficult housing market.” He said that almost 38% of Maryland’s residents claim the mortgage interest deductions on their state tax returns and is 51% of Maryland itemized deductions. Charitable contributions make up the second highest amount at about 17%. Property taxes come third at about 14%.

The main concern is the numerous homeowners are sufferings. It is wise to increase residents’ tax burdens at t time when the housing market is still struggling. Prince George’s County, a suburb of the District of Columbia, has the highest foreclosure rate in the state. The county has more short sales than regular listings.

The tax incentives is one the major reasons any people become homeowners; especially first time homebuyers. Maryland has the highest income tax rate in the region. At a time when potential homebuyers are struggling to save downpayments and improve credit ratings, the mortgage interest and tax deduction limitations proposal may cause a drop in Maryland home sales.

Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Sale and other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.

On February 9, 2012, Prince George’ County officials announced an initiative that will spur growth in the local housing market and community development. County Executive Rushern L. Baker, III, U.S. Department of Housing and Urban Development (HUD) Assistant Secretary Mercedes Marquez, and Eric C. Brown, Prince George’s County Director of Housing and Community Development signed the Memorandum of Agreement (MOA) today, Feb. 13, 2012.

According to an official statement, the purpose of the agreement is to combine local and federal resources to provide technical assistance and capacity-building engagement that will maximize the use of federal funds to revitalize neighborhoods, help the homeless, and produce more affordable housing.

Under the agreement, the Prince George’s County and HUD will work with local corporations and non-profits to create strategies that meet and target specific needs of areas within of the county. They will work with programs such as The McKinney-Vento Homeless Assistance Program (Homeless), The Community Development Block Grant Program (CDBG), The Housing Opportunities for Persons with AIDS (HOPWA), The Neighborhood Stabilization Program (NSP), and The HOME Investments Partnership Program (HOME). The HOME program is an ownership assistance program that creates opportunities for home ownership in the county by providing incentives such as down payments and closing cost assistance to low and moderate income families and first time homebuyers.

The success of MOA will aid the county in its effort to rebound from the housing crises. Many of the county’s home values have fallen to half of their values before 2008. One third of the foreclosures in Maryland are in Prince George’s County, with the town of Fort Washington leading the state with the most foreclosures. Two thirds of the homes for sales are short sales or foreclosures. Prince George’s County leads the state in filings of notices of default. The county housing market needs a jumpstart to begin its recovery.

Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Sale and other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.

A $25 billion settlement between 49 states and Bank of America, JPMorgan Chase, Citicorp, Wells Fargo, and Ally Financial brought almost $1 billion to Maryland homeowners who were affected by the banks’ actions. Oklahoma did not participate. This is the largest settlement since the 1998 tobacco deal, but this time the victims get paid.

These five banks are accused if wrongfully foreclosing on borrowers with fraudulent bank practices. The most devastating illegal practices were robo-signing, counterfeit notarizations, and targeting minorities with sub-prime loans. The banks have three years to fulfill their terms of the agreement. One of the requirements of the deal is the five of the largest banks must reduce the loans for about 1 million households at risk of foreclosure. They will also send $2,000 checks to about 750,000 homeowners who were improperly foreclosed upon. “This program unlike some other programs has an enforcement component so there will be monitoring and oversight to make sure that money is going to the homeowners that need it,” according to Mary Hunter of the Housing Initiative Partnership.

Maryland got the sixth biggest payout in the deal in the amount of $960 million which could benefit an estimated 40,000 homeowners. For Maryland, more than $800 million will go to homeowner relief programs, $24.1 million for foreclosed homeowners, and $64 million to help refinance mortgages. "The bad news is Maryland was disproportionately affected by foreclosures," said Maryland’s Attorney General Douglas Gansler. "The good news is we received the sixth most money from the settlement. The heartless, soulless acts of banks led directly to the foreclosure crisis." “This agreement will provide direct, imminent, and significant relief at last to thousands of Maryland homeowners,” Gansler said. “It is a down payment and a first step toward lasting reform of the mortgage industry.”

$56 million is designated for Prince George’s County and Baltimore City, the two Maryland areas hit hardest by foreclosures. One out of three foreclosures in the state are in Prince George’s County. Two-thirds of the county’s homes for sale are either short sales or foreclosures. Fort Washington have had the most foreclosures in the state of Maryland. Prince George’s County leads the state in filings of notices of default.

Finally, communities that were so drastically affected by the financial institutions will get some relief. Although the federal government gave the banks hundreds of billions of dollars, they heartlessly profited even more by defrauding the American people. However, all foreclosures did not result from fraudulent banks activities. The housing crisis was caused by deceptive banking practices and people who bought homes they could not afford.

Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Sale and other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.