Monthly Archives: March 2010
Ilyce Glink on WSB Radio – Mar. 28, 2010
Today on the Ilyce Glink Show we took lots of questions from callers and Ilyce shared the latest in real estate, personal finance and consumer advice. Yesterday Ilyce hosted How To Invest Your Money in 2010, bringing together the best personal finance and investment experts. If you couldn’t join us for the seminar, check out the special eBook package and podcast available in the ThinkGlink store.
Trial Loan Modification Seems Like It’s Taking Forever
If you are in the HAMP (Home Affordable Modification Program), hang in there. If you’ve applied and received a trial loan modification, the trial period is supposed to last three months. But for many, the trial period seems to be taking forever with no answers or timetables given by lenders. But if you are successful in going through the trial loan modification period and get a permanent loan modification, you leave loan modification hell and end up with something that should help you for the next five years and longer.
Inheritance Tax On Real Estate Comes Up With A Jointly Owned Property
While many people still use a quit claim deed to add a child to a parents property to make it easier to transfer title from one generation to the other. Owning jointly owned property is sometimes the worst thing you can do. Proper estate planning may require the parent to keep the property in his or her name and set up a trust to convey the property to a child upon death. One disadvantage of jointly owned property involves problems with inheritance, estate and property taxes.
Mortgage Interest Rate Switch And Fraud Recently Discovered By Borrower
As borrowers keep their loans longer and can’t refinance their mortgage loans, they also find out that the loan they thought they obtained somehow is different years later. For some this fraud is discovered when their interest rate changes and they find out that the promised interest rate is different than the one quoted by the current lender. Make sure you keep copies of your loan documents from the closing or settlement. While it’s too late now, you should make sure the documents you sign at the closing or settlement match the business terms, including the interest rate, and limits on changes, that were promised to you.
Capital Gains And Depreciation On Investment Property Sale And A 1031 Exchange
Capital Gains And Depreciation On Investment Property Sale
If you have owned investment property for some time, you might be surprised to find out that even if the property’s value has not appreciated, you might have to pay taxes on its sale. While most people are familiar with capital gains taxes, others forget that they have received a benefit from depreciating the property while they have owned the real estate. Once they sell the property, they have to pay back that depreciation. One way to defer all taxes on the sale of an investment property is by using a 1031 tax deferred exchange.
Forensic Mortgage Loan Audit Review May Be Latest Scam
There are all types of scam artists out there. Sometimes it’s hard to tell the difference between legitimate companies and scam artists.
There are people out there claiming to be forensic mortgage loan auditors. These people have expertise in the rules and regulations governing mortgage loans and if a lender has failed to comply with federal or state laws governing mortgage loans, you might benefit from their services. But not everybody benefits. Particularly if the forensic auditor requires a hefty upfront payment for services. As with any service out there, make sure you check the company out and never pay anybody anything until they are able to successfully obtain what they have promised you. The more you know and learn, the better off you will be.
New Fannie Mae, Freddie Mac and FHA Mortgage Loan Requirements for Condominiums
If you thought that the real estate market had troubles, have you tried getting a loan on a condominium lately. New rules and regulations from Fannie Mae, Freddie Mac and FHA, have sent condominium associations scrambling to make sure that owners and prospective buyers can get financing for units in those developments. When you shop around for a new home, you might want to talk to your mortgage lender or mortgage broker before buying a condominium to see what issues you might face in your area. With that knowledge, you might avoid certain condominiums with known problems and target buildings where mortgage loan financing is easier.
8000 First Time Home Buyer Tax Credit Lost By One Day
$8000 First Time Home Buyer Tax Credit Lost By One Day
As the days of the $8,000 first time home buyer tax credit come to an end, buyers should make sure they know the restrictions on time and income to obtain the credit. You must have a contract signed on or before April 30, 2010 and must close on the purchase on or before June 30, 2010. One day late, and you won’t get the tax credit. Also, if your adjusted gross income is over $125,000, if you are single, or $225,000, if you are married, you will get a reduced credit or none at all. You may want to talk to your accountant to see where your income stacks up to make sure you get the home buyer tax credit.
Herman Cain Show Notes – March 22, 2010 – Health Care Reform Passes
Herman Cain Show Notes – March 22, 2010 – Health Care Reform Passes. Although Ilyce Glink is filling in for Herman Cain, Herman is going to call in from Las Vegas at the start of the show to talk about Health Care Reform. Do you agree with health care reform? Do you think we need our health care system reformed? Check out the Washington Post’s interactive link that allows you to see how you’ll be affected by health care reform.
How To Invest Your Money In 2010
The worst economy in decades has been followed by an incredible 60 percent bounce in the stock market. Some economists are predicting we’ll have a double-dip recession while others think the worst is behind us. Most investors are scratching their heads, wondering “What’s next?” Together, we’ll explore this new world of investing. We’ll look at short-term and long-term investments, retirement savings and your child’s college education fund. We’ll look at stocks, bonds, ETFs, real estate investing and the biggest mistakes investors make.
