Ilyce

For some the consequences of a foreclosure are financial: the destruction of a good credit history and high credit score. But more fundamentally, the loss of a home to foreclosure affects at a personal level. For some, a foreclosure destroys a life and self esteem of a homeowner. While in the current housing crisis and recession some people are deciding to abandon their homes to their lenders and the term strategic default is becoming known, for many others the loss of a home is akin to the loss of a loved one.

Some get the $6500 repeat home buyer credit while others do not. It may not be fair, but the Congress have limited the scope of the move up home buyer tax credit. Even some first time home buyers can't qualify for the credit. The rules are strict for the $6500 and $8000 tax credit. Make sure you qualify for the tax credit before you take any action on the belief that you will get the money.

If you are faced with going up against your homeowners association, should you hire an attorney? What if there is no litigation involved but the issue is being handled in mediation? If your issue is a fence issue or dispute with the association, you should research the issues involved; determine the costs at stake and then decide whether you need professional help from a real estate attorney.

Carol Flammer has a new book out called Social Media For Home Builders. Social networking is an important skill for home builders and other real estate professionals. More and more real estate brokers are using social networking and social media to find clients and close purchases and sales. You can learn an effective social networking strategy with her real estate advice.

Some borrowers wonder why there are so many foreclosures. A reader writes in to tell us that foreclosure is more profitable for banks than loan modifications.
So when a home goes into foreclosure, the bank may have a greater incentive to move the foreclosure forward than working with the homeowner.

Children have greater concern for their parents affairs they older they get. At a certain time, children should make sure that their parents have undertaken some form of estate planning. The natural impulse of children in to transfer assets from the parent to the child. But that transfer may not always be the right solution. 2010 is a difficult year for estate planning, but nonetheless, children should make sure that their parents have taken care of their affairs. In some cases, bank accounts can be held jointly with children, while in other cases, living trusts can be used to facilitate the transfer of a home upon the death of the parents. In each case proper estate planning for elderly parents is essential.

Millions of homeowners have applied for a loan modification under the Obama Home Affordable Modification Program. However, of those that have applied, a large number of them have not even reached a stage to be considered for a loan modification. Once the paperwork is in with the lender, the lender can decide whether to grant a trial modification which could lead to a permanent loan modification. However, some borrowers that get to the point of a trial modification, seem stuck there for months. Of those borrowers that pass the trial modification stage, only a small fraction of applicants into the loan modification program come through with permanent loan modifications. Some lenders are better than others. While some lenders have been terrible at granting permanent loan modifications.

As if going through a divorce isn't bad enough, if your former spouse kept the home but your name was still on the mortgage for the home, you run the risk that if the home goes into foreclosure, your credit history will be ruined, your credit score will tank and the lender may come after you for any amount owed on the debt. When you get divorced, you should make sure that any ties to your prior home are broken. You should make sure if you transfer ownership of your former home to your former spouse that you also have your former spouse obtain a new mortgage on the home. The former spouse should refinance the home and at that time, you can quit claim the ownership of the home to your former spouse. A clean break with a former spouse will avoid lingering issues after the divorce.

$8000 First Time Home Buyer Tax Credit Not Available If You Owned A Home Within Last Three Years
When it comes to the IRS and the home buyer tax credit, the rules are rather strict. To qualify for the $8000 first time home buyer tax credit, you must not have owned a home as your residence for the last thirty six months. You can still qualify for the tax credit if you owned other types of real estate, but you can not have owned residential real estate if you used that home as your residence. And, if you want to qualify for the $6500 home buyer tax credit, you must have owned a home for the last 5 out of 8 years. If you married in the last several years, you need to know that you and your spouse must qualify in the same manner to get either tax credit. If one of you does not qualify for one of the tax credits, the other spouse fails to qualify also.

Ilyce Glink Show Notes - February 28, 2010: Investing, Home Buyer Tax Credit, Tax Questions. Housing numbers were rather bleak this week, with demand for new and existing homes down sharply in January. Today on the show we covered unemployment, COBRA continuation extension, unemployment insurance continuation vote In the House and Senate. How to Invest Your Money in 2010 DISCOUNT CODE: clint. FREE BOOKS and EBOOKS. IRS.gov Saver's Credit