Posted by
admin on Mar 26, 2009 in
Announcements Demand Full Restoration of Property Tax Deduction.
Governor Jon Corzine, to a joint session of the New Jersey Legislature, called for a one-year suspension of property tax deductions on state income taxes for all non-senior households, regardless of income. Responding to overwhelming public opposition, he recently changed direction and adjusted his budget proposal to include the restoration of the property tax deduction for senior citizens and households earning up to $150,000. The partial elimination of the property tax deduction is just a third of the triple whammy for homeowners under this budget plan. Households who make more than $75,000 are slated to lose their property tax rebates. Additionally, educational and municipal aid, which is used to offset property taxes, is either being frozen or cut. As the leading advocate for homeowners and the real estate industry in the state, the New Jersey Association of REALTORS (NJAR) is calling for the full restoration of the crucial deduction. Even a partial elimination of the property tax deduction undermines the basic foundation of homeownership.
In a state where the average homeowner pays more the $7,000 in property taxes it is unconscionable to balance the budget on the shoulders of property owners. All concerned citizens are encouraged to keep fighting for the complete restoration of the property tax deduction. Tell lawmakers that tax deductions residents receive from owning a home are powerful incentives to get people into the housing market. Encourage decision makers to look for ways to boost the real estate industry as a way to jumpstart our economy. Let Trenton know skyrocketing property taxes threaten New Jersey’s economic well-being.
Take action NOW!
Tags: corzine, deductions, homeowners, property tax deductions, property taxes
In the last two days we have received numerous flyers in our e-mail from local mortgage representatives telling us that First Time Home Buyers can receive their $8,000 credit UP FRONT and use this money as a DOWN PAYMENT. This sounded too good to be true so we checked it out and we were right, this was too good to be true.
We personally phoned the IRS this morning, February 27, 2009 and spoke with an IRS expert on the First Time Home Buyers Credit. This is what we learned:
The 2009 tax credit is for $8,000 and for properties purchased in 2009 by first time home buyers and does not have to be paid back provided the buyer lives there for 3 years.
The buyer can apply for the 2009 tax credit on their 2008 income tax return if they have not filed yet. If the buyer has already filed their 2008 return and received their refund or paid their taxes, they can file an amended return and receive the $8,000 tax credit without having to wait to file the 2009 taxes. Of course, the buyer can wait and apply for the $8,000 tax credit when they file their 2009 income taxes next year.
This provision, while a little confusing, was designed to jump start housing market. However, under NO CIRCUMSTANCES can a buyer apply for this $8,000 credit BEFORE THEY CLOSE ON THE PROPERTY AND USE THIS MONEY FOR A DOWNPAYMENT. They are not a FIRST TIME HOME BUYER until they have (bought) closed on the house and have the keys in their hands.
If you think about this logically, you would realize that if in fact this was an $8,000 gift for a down payment, it would be all over the news. We wouldn’t need some mortgage representative to tell us about it. This very loose interpretation of the First Time Home Buyers credit is just another attempt to get around the rules.
We can think of some serious ramifications of applying for a tax credit you have yet to earn. We can sum it up in two words TAX FRAUD. We do not want any mortgage representative telling our buyers to commit fraud. We can imagine some nightmare scenarios that we do not wish to be involved, the least of which the buyer does not settle, for whatever reason and has applied for and received the $8,000 credit. The worst of this is that when the ‘buyer’ is audited the following year, for applying for a tax credit that they did not earn and they tells the auditor that their real estate agent told them to file for the money.
We suggest that anyone who is interested in finding out the FACTS regarding this $8,000 tax credit for first time home buyers, that they call the IRS directly at 1-800-829-1040 and ask to speak to an agent who is familiar with the FIRST TIME HOME BUYERS CREDIT and ask the direct question, “Can a first time home buyer apply for the $8,000 credit before they close on a property and use this money for a down payment?” The answer will be NO. But check it out for yourself. If you have a buyer who has been told this by a mortgage rep and does not believe you when you tell them they cannot apply for this credit before they close on the property, give them the IRS number. Keep in mind that you are calling the Federal Government and will be on hold for 15-20 minutes. But it is worth the wait to learn the facts. Use your speaker phone, the time will fly by.
If something sounds too good to be true, it is our responsibility to wade through the muck and verify, verify, verify. The last thing we need is another mortgage catastrophe a few years out
Linda Kerr Iwaniw & Terry Iwaniw
RESALES & INVESTMENT REALTY, LLC
Haddonfield, NJ.
Tags: buying a home, first time buyers, first time home buyers, firstv time home buyer credit, homeowners, mortgages, tax credit
Posted by
admin on Oct 31, 2008 in
Announcements For Immediate Release:
WASHINGTON, October 01, 2008
The following is a statement by National Association of Realtors® President Richard F. Gaylord:
“The National Association of Realtors®, on behalf of its 1.2 million members, commends U.S. Department of Housing and Urban Development Secretary Steve Preston and the entire oversight board for quickly implementing the Hope for Homeowners Program. This program will permit families to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure. Hope for Homeowners will significantly contribute to stabilizing local home prices across the country. The program also protects the investment of the government and taxpayers by allowing them to share in the homeowner’s equity and appreciation.
Careful implementation of the program will ensure lender participation while protecting the FHA fund. We appreciate HUD for reaching out to government agencies, lenders, and other interested parties before implementing the program. Realtors® work to build communities, and by participating in this program, we can do our part to help many families to keep their piece of the American dream.”
Tags: Finances, financial, homeowners, HOPE for Homeowners, relief
Laurel Springs, New Jersey – September, 02 2008 – After speaking to numerous homeowners about their real estate experience with the so-called “experts” in short sales and pre-foreclosure home selling situations, Linda and Terry Iwaniw of RE/MAX Home Team have decided to expand their business into the pre-foreclosure market so that more home owners facing foreclosure have an opportunity to prevent their homes from being foreclosed on.
Linda and Terry Iwaniw can sympathize with those homeowners that are facing foreclosure because they have been where these homeowners currently are. Years ago, The Iwaniw’s were facing foreclosure due to a job loss and they seeked the advice of professionals for help. One of those professionals was a real estate agent. Unfortunately for the Iwaniw’s, the real estate agent was not putting their best interests ahead of his. Looking back to that time, the real estate agent that The Iwaniw’s attorney recommended did little more than trot his investor friends and broker friends through their house looking it over before the Sheriff sale to see if the house was worth their bid. In over six months the agent did not bring one legitimate buyer in to look at the house, just investors and other brokers “previewing” the property. He did nothing to help Linda & Terry. Linda and Terry have been very reluctant to service this market because of their own horrendous experience. However, after speaking with many former homeowners who lost their homes because the “experts” dropped the ball, they felt compelled to do what they can do to help others who find themselves in similar circumstances that they themselves experienced.
The fact of the matter is there are no “experts” when it comes to these pre-foreclosure situations unless you have experienced for yourself, first hand. Every circumstance is different; every bank or mortgage company has different requirements. With such a diversity of circumstances and companies it is impossible to be an “expert”. Another fact is most of these “experts” only able to close 1 in 10 short sale properties. That leaves 9 homeowners out in the cold. You can contact them at http://www.i-teamhomes.com/foreclosure.htm or call them directly at either 609-417-1084 (Linda) or 609-417-1086 (Terry).
Linda and Terry Iwaniw are REALTOR Associates with RE/MAX Home Team, and are known as The I-Team. They pride themselves on their focus on customer service and the fact that they treat their customers as real people not just a transaction; and unlike most real estate agents, they don’t treat the pre-foreclosure market as a gimmick to get more leads. When you hire Linda and Terry you deal with them, directly. They do not pass you to some underling like so many others do. You can reach them at their web site at http://www.i-teamhomes.com/.
Tags: distress, Finances, Foreclosures, home sales, homeowners, mortgages
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