Merry Christmas!

Merry Christmas to all, from me and some of my photogenic pals!

Home Buyer Tax Credit Has Been Extended And Expanded

BREAKING NEWS!
The Home buyer tax credit just got better! Read all the details in the links below. You may be surprised to find out that the credit has expanded beyond first time home buyers and may now include you!

Changes to the Homebuyer Tax Credit Law

Frequently Asked Questions About the New Bill

Listen to NAR President Charles McMillan's Podcast About the Bill Passing

See How the House Voted

In Depth: 2009 First-Time Homebuyer Tax Credit

IRS Consumer Alert

IRS Consumer Alert
The IRS warns taxpayers to be on the alert for e-mails and phone calls they may receive which claim to come from the IRS or other federal agency and which mention their tax refund or economic stimulus payment. These are almost certainly a scam whose purpose is to obtain personal and financial information — such as name, Social Security number, bank account and credit card or even PIN numbers — from taxpayers which can be used by the scammers to commit identity theft. The e-mails and calls usually state that the IRS needs the information to process a refund or stimulus payment or deposit it into the taxpayer's bank account. The e-mails often contain links or attachments to what appears to be the IRS Web site or an IRS "refund application form." However genuine in appearance, these phonies are designed to elicit the information the scammers are looking for.
The IRS does not send taxpayers e-mails about their tax accounts. Additionally, the way to get a tax refund or stimulus payment, or to arrange for a direct deposit, is to file a tax return.
For more information on consumer scams, see Suspicious e-Mails and Identity Theft.

Sunset Over Madras, Oregon

We love the late Summer and Fall sunsets here! I took this photo from the hills of Madras,
Oregon looking straight into Mt. Jefferson. The combination of the turbulent storm clouds covering the Cascade Mountain range and the sun's reflection off the smokey skies, created by the nearby wildfires, makes for a dramatic and entertaining evening of sky watching!

HUD Updates

REFINING REFI’S

HUD Secretary Shaun Donovan has announced that, by August 15th, FHA insured borrowers will be able to seek a Making Homes Affordable loan modification and “significantly reduce their monthly mortgage payments.” In guidelines released on July 30th under authority of the Helping Families Save Their Homes Act of 2009, lenders and servicers are expected to use partial claims to defer the payment of some amount of outstanding mortgage principal through an interest-fee, subordinate mortgage that does not come due until the first mortgage is paid off. FHA also will pay an incentive to loan servicers for every FHA loan modified under the program. Bringing this “important tool to the table,” says the Secretary, will enable FHA borrowers “to modify their mortgages in the same manner as so many others who are taking advantage” of the program.

For more, read FHA Mortgagee Letter 09-ML-23:

Hungry All Year Long Food Drive Results

Hungry All Year Long Food Drive is Huge Success!
The Hungry All Year Long program began June 1st and ended shortly after the 4th of July holiday weekend with great success. The food drive, which began in 2007, had over 100 donation locations and collected 13,350 pounds of food. This year exceeded the group’s expectations with over 350 donation spots from Madras to La Pine, from Sisters to Prineville and everything in between.
The program’s creator and founder Laura George along with the help of her 2 co-chairs, Pat Leahy and Danielle Snow want to acknowledge the exceptional work and dedication of the 12 Team Captains and over 30 Volunteer Coordinators throughout Central Oregon who made the program such a great success.
The goal for 2009 was to collect 20,000 pounds of food – instead 47,102 lbs of food was collected, which was more than double the goal! NeighborImpact and the team at Hungry All Year Long would like to acknowledge the following people for the special role they played in making this food drive such a success – O’Keeffe’s Company for supplying the boxes and Wells Fargo for making a $5000.00 donation. Their support is a testimony to the Central Oregon community and the fight against hunger.
Just because the food drive is over does not mean that the need no longer exists. Please continue to give to your local food pantry or log onto http://www.neighborimpact.org/ to make a monetary donation. The face of hunger has changed in Central Oregon and we can each be part of the solution by continuing to donate. Thank you all!

Real Estate Broker - Accredited Buyer’s Representative - At Your Service - No Cost To You!

BUYERS – No joke – I’m finding the screaming hot deals!! If you are serious about getting in on the greatest buyer’s market in 20 years contact me now!
My representation is FREE to all buyers. How? I am paid by the seller.
There are excellent financing options to be had.
No Rooky, Realtor 101 here. I am trained to negotiate, educated and experienced.

My Real Estate Certifications are:
ABR - Accredited Buyers Representative
CRS - Residential Specialist. (PHD of real estate education)
e-PRO - Technology Certified
GRI - Graduate, Realtor Institute
See more back ground and credentials on my website… http://www.alternativesinrealestate.com/

I know what you want and I know how to get it fast.
I am specifically tuned into Bend, Redmond, Culver and Madras.
In other Central Oregon areas I can and will refer you to the best qualified Realtor to match your search criteria.
We’ve hit rock bottom in the housing market. It’s time to act now. As foreclosures are being snapped up the prices are starting to rise, and there are only 5 months left for the first time home buyer’s $8,000 tax credit.
Let’s get started, contact me at… Robin@AlternativesInRealEstate.com
or, Robin at 541-350-0953.
Present by:
Robin Williams, licensed Real Estate Broker, in the state of Oregon. Alternatives In Real Estate, Real Estate Sales & Property Management. A.I.R.E.

IRS Update First Time Homebuyers

IRS Updates

First Time Homebuyer Credit: Reminders & News From HUD
The Recovery Act extends the credit for purchases closing before December 1, 2009. For purchases in 2009 the credit amount increases to $8,000 and the credit does not have to be repaid provided the taxpayer resides in the home for three years. Full article here: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Also see First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009. The following question has come up frequently:

Q. I am in the process of buying a home. I expect to close the deal before December 1, 2009. Can I claim the first-time homebuyer credit now? That would allow me to use the refund for a down payment.

A. No. You may not claim the credit in anticipation of a purchase that has yet to happen. Until you have finalized the purchase of your home, which for most purchasers occurs at the time of the closing, you do not qualify for the credit. IRS news release 2009-27, First-Time Homebuyers Have Several Options to Maximize New Tax Credit, contains details for filing options if the home is purchased after April 15, 2009.

NOTE: HUD recently announced details on new FHA rules allowing state Housing Finance Agencies and certain non-profits to 'monetize’ up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
See the HUD news release here: http://portal.hud.gov/portal/page?_pageid=153,8026931&_dad=portal&_schema=PORTAL
To read the FHA's new mortgagee letter, visit HUD's website.

First Time Homebuyer Credit Update

HUD Secretary announces that the $8,000 tax credit may be used as a down payment!
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Developed told REALTORS® gathered in Washington, DC last week for the NAR Midyear meetings that the Federal Housing Administration will permit its lenders to allow homeowners to use the $8,000 as a down payment.
Secretary Donovan said that important changes, which NAR has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
For indepth information on the First Time Homebuyer credit click here.

Foreclosure Rescue Scams

Bank Regulators Warn Consumers about Foreclosure Rescue Scams
The Office of the Comptroller of the Currency (OCC, the federal regulator of national banks) and the Office of Thrift Supervision (OTS, the federal regulator of savings associations) have both issued flyers warning consumers about foreclosure rescue scams. Both flyers provide concrete, practical advice on avoiding the kinds of high pressure tactics and abusive practices engaged in by the scammers. Families with equity in their homes are particularly at risk, but anyone paying for these services is likely to be sorry. Free counseling is available from HUD-approved counseling agencies.

OCC: Consumer Tips for Avoiding Mortgage Modification Scams and Mortgage Rescue Scams >

OTS: Foreclosure Rescue Scams/How to Avoid Becoming a Victim >HUD-Approved Counseling Agencies >

Help For Homeowners, Are You Eligible??

Find out if you qualify for help with your mortgage. This is the official website, and it is very easy to navigate. Get the answers that you need now...

http://www.makinghomeaffordable.gov/

Straight To The Source

If you want to skip the hype, opinions, and debates about what is going on in the Obama Administration you can go straight to the source on the white house website. There is a variety of information, including the daily blog, found in the "Briefing Room." As you will see, this is HUGE, and extremly informative. http://www.whitehouse.gov/openforquestions/

Free Annual Credit Report

The government offers a FREE annual credit report. But don't be fooled by any other site or service that makes this offer. They can be teasers or scams. There is only one address that makes this legitimate offer on their secured website. Type the address directly into your browser to ensure that you have gone to the right site... https://www.annualcreditreport.com/

New Home Buyers Tax Credit Revised

February 5, 2009

Last evening the United States Senate unanimously passed a bipartisan
amendment, offered by REALTORR Champions, Senators Johnny Isakson (R-GA) and
Joe Lieberman (ID-CT) to the Economic Stimulus Bill creating a $15,000 tax
credit to individuals who purchase a home in the next year.

Specifically, the Isakson-Lieberman amendment to the pending economic
stimulus bill would provide a direct tax credit to any homebuyer who
purchases any home. The amount of the tax credit would be $15,000 or 10
percent of the purchase price, whichever is less. Purchases must be made
within one year
of the legislation's enactment, and the tax credit would not have to be
repaid.

The amendment would allow taxpayers to claim the credit on their 2008 income
tax return. It also seeks to prevent misuse by only allowing purchases of a
principle residence and by recapturing the credit if the home is sold within
two years of purchase. The amendment would sunset the current $7,500
housing tax credit on the date of enactment.

While the final details of the Stimulus Bill are still being debated, this
amendment represents a tremendous step forward in NAR's efforts to stabilize
housing markets around the nation. Because of the efforts of REALTORSR, we
expect the final Economic Stimulus Bill will contain several major
housing provisions. We will continue to update you as the bill progresses
through the legislative process.

2009

2009

HAPPY NEW YEAR!!

PEACE, NEW HOPE, AND GREAT CHANGES

FOR ONE AND ALL