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Words To Live By!

Mortgage Forgiveness Debt Relief Act Extended!

Special Report: Real estate provisions
in 'fiscal cliff' bill

WASHINGTON - Jan. 2, 2013 - Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called "fiscal cliff." Following are real estate-related provisions of the bill, which President Obama plans to sign into law today:

• Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."

• Deduction for mortgage insurance premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.

• The 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

• The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

• "Pease limitations" that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. "Pease" limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction.

First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed.

• The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000. Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.

Fast Fixes to Sell a Home!

It's not rocket science: Houses that look fresh and attractive sell faster than beat-up homes. Here are some cheap tricks from Money Magazine for boosting appeal:

• Buy a new mailbox, house numbers, doorbell and knocker: $200
• Green the grass with nitrogen-rich fertilizer: $50 to $200, depending on the lawn's size
• Edge and mulch flowerbeds: $300 to $600, depending on the number of beds
• Replace the bathroom faucet: $300
• Install beadboard over dated bathroom tile: $800 to $1,000
• New paint: $60 to $100 per room if homeowners do it themselves
• Replace switch plates and outlet covers: 50 cents each
• Install stone tile over existing Formica countertops: $500 to $1,000

Mortgage Help Site Launches!

The U.S. Treasury Department went live with its Making Home Affordable program this week, which aims to help homeowners refinance or modify their mortgages. The campaign includes a Web site at www.makinghomeaffordable.gov as well as a telephone hotline number at (888) 995-4673. The federal government is targeting 9 million homeowners whose loans are held by Fannie Mae or Freddie Mac.

More on Making Home Affordable

Making Home Affordable



Homeowners were lent a hand this week by the Obama Administration's newest effort to help families remain in their homes. The 'Making Home Affordable' program was created to help as many as 9 million homeowners who want to stay in their homes, but are struggling with their finances.



As with most legislation of this type, some of the details are still pending and subject to further clarification – but I would invite you to call me so we can begin to discuss how they might benefit you.



There are two important elements of this program:
One part of the program will be available to 4 to 5 million homeowners who have a solid payment history on an existing home loan owned by Fannie Mae or Freddie Mac. Many of these homeowners have been unable to refi and take advantage of lower interest rates because their homes have lost value. This plan allows for rate and term refis up to a 105% loan-to-value, which will help many homeowners take advantage of today's lower rates or refinance an adjustable-rate home loan into a more stable product, such as a 30-year fixed rate loan.



To qualify, the home must be your primary residence and have a loan balance not exceeding $729,750. While there are still a few unknowns in the mix, this program will help a large number of homeowners cut their monthly expenses and benefit from the lower home loan rates available today.



The second part of the program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly home loan payments. This program lets home loan servicers modify eligible loans for those who have experienced financial hardship. The plan is designed to help these at-risk borrowers decrease the payment amount on their existing loan.



Help Is Here



The housing and job markets continue to be hard hit by the contraction in the economy. But combined with earlier measures, such as the $8,000 tax credit for first time home buyers, the Making Home Affordable program may actually have some legs to help the housing market and economy overall.



Regardless of which opportunity may be right for you – the best first move is to pick up the phone and let's start talking. Contact Michael Payette at M&I Bank 813-334-8412 or via email at Michael.Payette@micorp.com and let him know you saw this here on the blog!

Making Home Affordable Program

The US Treasury today released details on the “Making Home Affordable” program. Dubbed the “Mortgage Rescue”, “Homeowner Affordability and Stability Plan", “Homeowner Bailout” and various other names in the press, the official program name is now the “Making Home Affordable” (MHA) program. Details are available at a new site, FinancialStability.gov. While the site says it is “coming soon” there is already a great deal of information available there. http://www.financialstability.gov/

Non-Vacant Vacant Homes

Some real estate pros encourage sellers of vacant properties to move house sitters in to ensure security and keep the home ready for showings. In Spokane, Wash., Diana and Kevin Uphus of Select Real Estate launched Diana's Home Sitting Services in 2000 to locate house sitters for clients. House sitters pay $400 per month to live in the home, and they also cover the utility bills. When choosing a house sitter, the Uphuses perform background checks on candidates - whom must be able to leave at a moment's notice for showings, carry $100,000 in personal liability coverage, perform simple maintenance and keep the home clean. They also ensure the sitter's furniture is in good shape and complements the home's decor.

Source:Realtor (01/09) Vol. 42, No. 1, P. 18; Tracey, Melissa Dittmann© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688