Springmill Crossing

Uncle Jay explains Congress!!!!!!!!!!

Protect your home from foreclosure

Protect Your Home From Foreclosure!

What is a foreclosure? A judicial foreclosure is when a creditor, typically a bank or morgage company, files a lawsuit after you fail to pay part of the debt and a sheriff sale occurs which allows the creditor to take the title to your property.

What do you do if you receive a letter about foreclosure?

• Do NOT ignore the letter. You should call or write to your lender and explain your current financial situation. The lender may be able to offer you some help if they know your current situation.
• Stay in you home for the time being. You might be able to qualify for certain kinds of assistance if you leave the property. As long as a court has not ordered you to leave, you can stay.
• Contact a HUD-approved housing counseling agency. These organizations can give you information about programs and services. Their services are usually free. Be cooperative; these agiences are here to help you try and stay in your home. Go to http://www.hud.gov/ or call (800) 569-4287.
• Be aware of foreclosure recovery scams. Don't sign anything you don't understand without getting professional advise from an attorney, trusted real estate professional or a HUD-approved housing counselor.

Additional Resources;

• www.hud.gov/foreclosure - if you are worred about foreclosure, get help NOW!.
• http://www.877gethope.org/ - Visit the Indiana Foreclosure Prevention Network's website or call 1-877-GET-HOPE.
• http://nopawsleftbehind.org/ - If you or someone you know has a pet that has been displaced due to foreclosure, go to No Paws Left Behind.

Source: http://www.indianajustice.org/

Housing Crisis Demystified?!

This video is perhaps the best and most simple explanation of the housing and credit crisis that we are currently facing. It starts at the very beginning and takes us through all of the steps that have led to our current situation in the housing/credit/banking industry. Well worth the 10 plus minutes of watching! The only negative is that it stopped at the crisis point - wish they had gone to tell the world where to go from here - they seem to have their finger on the entire situation!

http://www.crisisofcredit.com


Jane Wells

Forget the V8 Give me the $8,000

The recent stimilus package passed by Congress give first time buyers an $8,000 credit on their home puchase. They are even allowing these buyers to use the money for their down payment. While it's not as good as the $15,000 we all wanted for all buyers, this is a step in the right direction.

This new tax credit that runs through the calendar year 2009. This credit applies to any first time buyers who purchase a home during this period. The $8,000 is a significant step in helping thouse first time buyers with their down payment. Many Americans have found it difficult to save minimum of 3.5% required by FHA.

For further details, check out the website: http://www.federalhousingtaxcredit.com/2009/faq.php

SHOW ME THE MONEY!!!!!!!!

This famous phrase from the move Jerry McGuire starring Tom Cruise and Cuba Gooding has become a common phrase in board rooms, business negotiations and now real estate. Little did we know this phrase would be even more relevant today than a few months ago.

Within the last year most Americans have watched their housing prices tumble; their 401K programs dwindle and their stock portfolio's shrink. Who would have known by the end of 2008 the market would turn upside down. Where are we to go from here?

There is one positive note towards first time home buyers. As Cuba Gooding Jr. tells Tom Cruise to "Show me the money", first time home buyers can tell the government to " GIVE Me My $7,500 CREDIT". This program is not well known and not well promoted in the media and is slipping by many Americans.

First time home owners (or anyone who has not owned a home for three years) who purchase a house after April 9, 2008 and before July 1, 2009 are eligible for this program. This is a great opportunity for these buyers to take advantage of this unique one time credit from the government. Who couldn't use an extra $7,500 credit after making an investment in a home?

The credit is calculated based upon the purchase price of the home. Buyer(s) are entitled to up to 10% of the purchase price with a maximum of $7,500, married filing jointly. Those unmarried can claim up to $3,750 on their tax return.

This opportunity is not only for existing homes, but new construction applies too. As long as the home owner has closed on the property on or before July 1, 2009. The tax credit does require repayment over a 20 year period. New home owners can delay up to two years after owning the home before paying on the loan. The amount is added to your yearly tax. How often does the government offer us a interest free loan?

Blogging!

The Wells Team is working on keeping up to date on the best avenues of communicating and marketing real estate in this trying market. With all that is available through the WWW, we have been learning some new ways of reaching out to the public, networking with other professionals and really motivating ourselves to stay a step ahead of the curve with technology. We hope that this will help to get our information out regarding our listings, new information regarding real estate, and additionally anything that we feel may be pertinent to the current real estate market. Drop us a note to let us know your thoughts.