Jun
30
New Foreclosure Tax Laws
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Latest Tax Changes
As you prepare your taxes, you may discover several new tax law changes that may help maximize your refund. Jackson Hewitt Tax Service reports that more than 100 new tax law changes have been passed this year to help individual consumers. Here are some Tax changes that can help you save toward your debt settlement. For further details about your specific situation, contact a tax professional.
Recovery Rebate Credit
Taxpayers that did not qualify for the entire Economic Stimulus Payment in 2008 may be able to receive the remainder of the funds through this tax credit. Individuals that had a child in 2008 after filing a tax return may also be eligible. Taxpayers that do qualify for the Recovery Rebate Credit will not receive separate checks, but the amount will be included in their refunds.
Mortgage Debt Relief Act
According to the IRS, homeowners that foreclosed on their primary home can exclude the cancelled debt amount from their taxable income. The mortgage had to be the taxpayer’s primary residence and not exceed $2,000,000. The home loan also had to be used to buy, build, or improve the home.
First-Time Homebuyers Credit
Taxpayers who purchased a new home for the first time after April 8, 2008, may qualify for a refundable credit up to $7,500. This credit is part of the American Housing Rescue and Foreclosure Prevention Act. It acts like a refundable tax credit and works like an interest-free loan. The credit must be paid back in equal parts over a period of 15 years beginning in 2010. In addition to first-time home buyers, the IRS web site indicates that individuals who have not owned a main home in the past three years may also qualify for this credit.
Unemployment Deductions
If you lost your job in 2008, ask your tax professional about itemized tax deductions for job search expenses. According to Jackson Hewitt Tax Service, you may be eligible to deduct costs associated with travel, printing resumes, or job placement fees. If you were required to relocate for a new job, you may be able to deduct moving expenses.
Assistance Available For Those Unable To Pay Taxes
If you discover that you will not be able to pay your 2008 taxes, you may have options available. The IRS has compiled a list of questions and answers on their web site that deal with certain scenarios and financial situations. Due to the present state of the economy, some taxpayers may qualify for leniency if they owe back taxes. According to the IRS web site, financially distressed taxpayers may be eligible for suspended collection activity if they have a hardship case. For those unable to make a scheduled payment in an existing installment plan, the IRS may allow the individual to skip a payment.
Disclaimer
This article is intended to give a basic overview of tax changes that may be available to you. It is not intended to replace the advice of a qualified tax professional. We recommend that you consult an experienced tax expert that may be able to help you with your individual situation.
Tax Resources
About the Author
Bill Loughborough is Founder and President of Credit Answers, one of the best debt settlement companies in America. Credit Answers specializes in debt management, credit card debt settlement, debt negotiation and avoiding bankruptcy. Credit Answers team of experts work to enable a new and fresh financial start for individuals with debt problems. We realize the importance of money in people’s lives and also the accompanied strain that debt can cause. Our team has helped thousands of clients across the nation.
Bill started Credit Answers in 2006 and has built it into one of the leading debt settlement / debt relief companies in the U.S. At Credit Answers we encourage our customers to Live Better Debt Free.
For More information please visit: www.creditanswers.com
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Jun
30
John Alexanders Foreclosure Fortunes Reviews
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Does John Alexander’s Program Work?
If you are familiar with late night infomercials, then you have probably seen John Alexander, purveyor of several real estate programs selling for $39.95.
In this John Alexander review article, I will talk about his latest product titled “Foreclosure Fortunes in 14 days.” As the name implies, it is a course about how to make money from the flood of foreclosures the nation is facing. The infomercial is done in an interview style, and plenty of testimonials are provided of students making tens or even hundreds of thousands of dollars.
Given that you are here reading this article, you are probably trying to find out if the course really works You could say that as in anything, your results will be in proportion to your efforts, but the number of disgruntled customers seem to point to the fact that the course does not come close to delivering on its promises. Overexaggerating the benefits of any given program is not new, especially for infomercials, and most people probably don’t take the claims seriously anyway.
But what makes John Alexander’s program somewhat questionable is the fact that the FTC recently (in mid 2009) filed a complaint against his company, accusing it of making deceptive claims. {So now John Alexander joins a long list of infomercial gurus who have been charged similarly|So John Alexander now can be added to a questionable group of informercial gurus who have been similarly charged by the FTC.
Are the charges fair? Who knows, but the fact that they were brought forward would seem to indicate that hundreds of customers complained. In all likelihood, the complaints have more to do with the expensive coaching products being sold on the back end. As you might suspect, the front end info product you get when you order is just the beginning. Once you order, you can expect calls from pushy sales people trying to get you to sign up for advanced mentoring or some similar kind of back end package, typically for thousands of dollars. I suspect the bulk of complaints are from people who spent thousands of dollars on advanced coaching, and didn’t get what they were expecting. As a matter of fact, the FTC explicitly names a company called Mentoring of America, which is behind the expensive coaching products.
The bottom line is, if you are interested in John Alexander’s Foreclosure Fortune program, be very wary of the expensive back end products you will be pressured into buying.
About the Author
After doing a lot of research on my own I found a site that lists and rates business opportunities. It might be worth checking them out.
Jun
30
Foreclosure Prevention Loans Lenders In California
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Jun
30
Deed In Lieu Of Foreclosure Advantages
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Are there risks to buying a condo that has been repossessed by the bank through a deed in lieu of foreclosure?
I am interested in purchasing a condominium in a building of 12 units that has been or is in the process of being repossessed by the bank which lent funding to the developer who recently remodeled the property.
I’m unsure as to whether or not a deed-in-lieu affects the title of the property in a similar fashion as a foreclosure would.
Furthermore, I am somewhat curious as to whether or not this scenario is unusual and if I should be immediately concerned about other matters regarding the property if the developer no longer is involved. The units are finished and reasonably (though not expensively) furnished with hardwood floors and tile throughout.
Is this just a case of the developer not being able to capitalize on their investment quickly enough to manage payment on their loan? Should I be concerned or should I just take advantage of the bank’s relative urgency in selling the remaining units?
A deed in lieu of foreclosure simply means that the owner wanted to avoid the stigma of a foreclosure and turned the property back to the lender voluntarily. You will get title insurance to guarantee that you are buying a clean title (unless you are ultra stupid.)
If the previous owner was a developer who was doing a remodel on a building and wasn’t able to move the property fast enough or suffered from a crash in the market, there may be some workmanship problems. You should insist on an inspection of the unit to satisfy yourself that there are not any defects that you will be stuck with or at least can’t live with.