Helping you buy FL property

To catch my real estate videos (not flying photos!)

Steven Angelil (London Realty Corp.) — Wed, 30 Sep 2009 09:08:56 -0500

Please visit me at www.youtube.com/stevenangelilrealtor

I hate to re-post but this agent is so right about REOs-terms, terms, terms!

Steven Angelil (London Realty Corp.) — Wed, 02 Sep 2009 12:38:27 -0500

This Washington DC area Realtor has his stuff together! I would like ALL potential buyers of REO properties in South Florida to read and understand what Frank writes about in this particular blog post:

http://blog.franklyrealty.com/2009/04/terms-vs-price.html

How to "win" a bid on a bank owned property Part II

Steven Angelil (London Realty Corp.) — Tue, 01 Sep 2009 13:40:20 -0500

Another way to make your offer appealing to the seller is to let them pick the title company of their choice. Typically, buyers pay for title insurance and thus get to choose the title company. However, most banks are willing to pay for the buyer's title insurance if they (seller) get to pick the title company, aka closing agent. In a perfect world I like for the buyers to use a title agent that I am personally aware of, but in dealing w/ bank REOs, the seller is in charge of most everything excpet for the price. The price is set by the buyers in what amounts to a silent auction.

Here are many other finer points that can improve your chances:

As a buyer have your financing pre approved, not merely prequalified. Pre approved means that the loan officer has a full application on file, has pulled credit and has verified all information. All that is left is a sales contract, good appraisal showing a minimum of contract price, and good title to the property.
Use computer to generate all offer forms and addenda. Gone are the days of chicken scratch faxed offers. Today everything is printed in and sent via email in pdf format. It's also green!

If you would like more information about the preapproval process or offer structure options, please call today!

How to "win" a bid on a bank owned property

Steven Angelil (London Realty Corp.) — Mon, 31 Aug 2009 11:04:42 -0500

The easiest way to win in a multiple offer scenario is to be able to pay cash, close in 7 days and offer a minimum of full price. If you do all 3, in my opinion you would win at least 85% of the time. But what if you can't pay cash? Can you still win? The answer is yes you can, but you have to put your offer in the best possible light. For example:

It's not ALL about offer price. Most buyers want to deposit the minimum amount for an escrow deposit. If you want to win, I suggest offering your full down payment as the escrow deposit amount. If you are planning on putting 10% down, offer 5% upon acceptance and 5% after your inspection period. Sellers, especially banks, want to know you really want the property as they have multiple offers. They do not want to waste time selling to someone who is unsure if they really want to close on the property.
Typically, inspection periods in South Florida are anywhere from 7-10 days. To sweeten your offer how about making it 3-5 business days? A licensed inspector can usually be found the next business day to conduct an inspection. Then that gives you an out if you have reservations. All we have to do is submit the written inspection report to the seller, either as a negotiating strategy or to inform them that you do not want to move forward on the purchase.

There are many other parts of the offer that can also be addressed in order to get YOU the house! For more information, stay tuned to my next posting or call/email anytime!

How to be a saavy first time home buyer, part 1

Steven Angelil (London Realty Corp.) — Fri, 28 Aug 2009 09:59:40 -0500

In this bipolar residential real estate market in Broward county, it is a very tough proposition for someone looking to jump into the real estate market for the first time. The very most important idea to take away from this post is the following:

1. CURRENTLY THERE ARE TOO MANY BUYERS BIDDING ON TOO FEW PROPERTIES!

The statement above affects everything else for the buyer looking to obtain their first home (of course this applies to ANY current buyer as well). If a buyer can understand the ramifications of this statement then he/she can be successful in this market.

What this means is that if a home is priced right for the area/condition, there is a very good chance that there will be multiple offers on the property. In this case, the listing price has to be used as a starting point rather than a firm asking price. Most of the current inventory is bank owned properties (aka REOs) and short sales. These owners/lenders have already lost a tremendous amount of money by the time a property has come to this point. The sellers main objective is to have the listing agent price the property to attract multiple offers from which they can choose the highest and best from.

So the bottom line is this, if a property I show you has multiple offers, there is only going to be one "winner" and all other offers will be "losers". If my suggestions are taken, I will do everything possible to put your offer in the best light to the seller. This will increase your chances of winning that property! Bidding on a property receiving multiple offers is like the game of

Next time I will discuss some specifics on how I can assist you with submitting a winning offer.

Credit Scores and Mortgages

Steven Angelil (London Realty Corp.) — Wed, 26 Aug 2009 12:11:54 -0500

Things a Home Buyer Should Know About Credit Scores

by Brandon Cornett

Go online and start researching the topic of credit scores, and you will quickly be overwhelmed with information and analysis. But in truth, there are only a few important concepts that you, as a first-time home buyer, should know about credit scores.

Here are five of the most important things to keep in mind when you start shopping for a mortgage loan - an even long before that.

1. Mortgage lenders will check your score.

When you apply for a home loan, you can be certain that the mortgage lender will review your credit score - among other financial factors. It's not the only thing that will determine their decision, but it is one of the top factors of the mortgage-approval process.

If your score is low, you won't even get your foot in the door. You will be rejected right from the start, or you'll have a much harder time finding a willing lender. If your score is high, you will have more options and better interest rates available to you.

2. Your score partly determines the interest rate.

The interest rate is one of the components that will make up your monthly mortgage payment. Obviously, the principal amount you borrow is the largest factor that determines your monthly payment. But the interest rate plays a major role as well.

If you have a high credit score, you are more likely to get a low rate on your home loan. This in turn will reduce the amount you have to pay each month toward the mortgage. On the contrary, a bad score generally means a higher interest rate - and therefore a higher monthly payment as well. How much higher, you ask? That's our next point.

3. A good score can save you thousands of dollars.

The difference between a good and bad credit score can greatly affect the interest rate you receive from the lender. It could be the difference, for example, between a rate of 5.5% and 7.2%. These may seem like small numbers on the surface, but when you apply them to something as large as a mortgage loan, we are talking about thousands of dollars over the life of the loan.

4. Your score comes from your own actions.

Credit scores are not arbitrarily assigned to consumers. Your score comes from the information contained within your credit reports. You have three of these reports by the way - one for each of the consumer credit-reporting bureaus.

So where does the information within your credit reports come from? It comes from your own personal actions, your financial history, and your previous use of credit. In other words, it's a snapshot of how well (or how poorly) you have managed your credit in the past. Good behavior creates a good score, and bad behavior has the reverse effect. It doesn't come out of thin air - it comes from your own actions.

5. There are no mysteries to improving a credit score.

There are a lot of companies out there who would like you to think that it takes some kind of special knowledge to improve a credit score. These companies make money from people who don't realize they can handle it for themselves. So let's set the record straight right here and now. You are the only person who can improve your credit score, and you can do it without paying any other company for assistance.

Pay all of your bills on time, maintain low balances on your credit card accounts, and use credit sparingly. These three things alone can help you earn and sustain a good score for years to come. And there's no certainly mystery in that!

About the Author: Brandon Cornett is a consumer advocate and publisher of the Home Buying Institute. You may visit the author's website at www.HomeBuyingInstitute.com to learn more about this topic.

I invite you to post your real estate question!

Steven Angelil (London Realty Corp.) — Tue, 25 Aug 2009 16:31:23 -0500

If you have any questions relating to this "wacky" south Florida real estate market, fire away!

Want to trade in your property??

Steven Angelil (London Realty Corp.) — Mon, 24 Aug 2009 09:42:04 -0500

Just like cash for clunkers, do the same with your overpriced property if you bought between 2004-2007! Call me for all the details. Believe it or not there really is no catch! Simply apply for the short sale of your property, get it under contract at today's prices and we will find you an upgraded house! Call today.

Do you want or need to sell your home?

Steven Angelil (London Realty Corp.) — Mon, 17 Aug 2009 11:57:30 -0500

Call me to inquire about how you can sell your home for free if you are in a situation where your home is worth less than your mortgages! There is no catch! Free short sale assistance is available if you are living in the home as your primary residence and you are upside down. Call today!

Free Short Sale Assistance!

Steven Angelil (London Realty Corp.) — Tue, 28 Jul 2009 15:34:21 -0500

If you bought your South Florida home between the years 2004-2007 you may unfortunately find yourself in the position of owing more on your house than you could currently sell it for. If you are in this situation and want your Short Sale options, please call me today!

Make 18% return!! Positive cash flow!

Steven Angelil (London Realty Corp.) — Thu, 14 May 2009 13:48:36 -0500

Renovated condo rented at $1050/mo Sec. 8 (guaranteed rent) in Lauderhill 2 bed 1.5 bath condo. Asking price $50,000. Monthly maintenance $295. Property needs nothing. New Kitchen, Tile floors, New Paint, Blinds, and Carpet. POSITIVE CASH FLOW IS BACK!! Call today!

Lack of new inventory due to Foreclosure moratorium?

Steven Angelil (London Realty Corp.) — Mon, 04 May 2009 09:39:45 -0500

For many of my clients, new properties that match their search criteria have slown to a mere dribble. I think it might be due to the foreclosure moratorium that went into effect late in 2008. There are many buyers eagerly awaiting new properties on which to pounce! I would say in 30-60 days the inventory spickett will be on full blast again. If you are looking to buy a home in the Broward, Miami-Dade county area please give me a call!

An Attorney General Consumer Alert has been issued

Steven Angelil (London Realty Corp.) — Fri, 24 Apr 2009 10:23:06 -0500

McCollum: Con Artists Taking Advantage of Chinese Drywall Concerns
TALLAHASSEE, FL - Attorney General Bill McCollum today issued a consumer advisory to Florida homeowners affected by Chinese drywall, encouraging them to avoid scams related to the situation. At least two types of fraudulent activity involving the defective drywall have been reported to the Attorney General's Office by individuals in the building industry: bogus tests to determine the presence of the product and quick cure remedies which falsely claim to remove the corrosive properties of the product. The Attorney General cautioned homeowners not to fall victim to these scams and others which may develop.

According to authorities' reports, when defective Chinese drywall is present in a house, a chemical process causes black corrosion to appear on copper air conditioner coils and non-insulated copper wiring. If the air conditioner coils are corroded black, there is a strong likelihood that defective imported drywall is present in the home. Most homes that contain defective imported drywall were built between 2004 and 2008. If a home was not built during that time period it is unlikely that the product is present.

The Attorney General noted that a homeowner can determine if defective drywall is present in his or her home by asking the homebuilder or a qualified air conditioner technician to conduct a professional visual inspection. The presence of defective imported drywall cannot be determined by "testing" the air in the home. Additionally, if the substance is found during a visual inspection, it cannot be remedied with a spray or an ozone generator. These products may make the problem worse.

Homeowners should be aware of and attempt to avoid the following scams which builders have reported to the Attorney General's Office:

-    Sale of bogus test kits. These can be expensive, often costing thousands of dollars, and are generally ineffective. The presence of defective imported drywall can only be determined through visual inspection.

-    Solicited home inspections costing thousands of dollars by "experts" with no apparent qualification. Homeowners should beware of cold calls and door-to-door solicitors.

-    Sale of sprays and applications which allegedly claim to miraculously cure the corrosion problem. Not only are these products ineffective, the addition of moisture may accelerate the corrosion problem.

-    Sale of ozone generators. Ozone will actually increase the chemical reaction between the drywall and copper and the corrosion will be accelerated.

Consumers who wish to file a complaint about these scams may do so by calling the Attorney General's fraud hotline at 1-866-9-NO-SCAM (1-866-966-7226) or by filing a complaint online at http://myfloridalegal.com.

To unsubscribe or change your profile you may click on the link below.
http://myfloridalegal.com/NewsBrie.nsf/Subscriber

Thank you.

Great Davie Land Rush Part II!! Vacant Lot #16 listed at $267,900

Steven Angelil (London Realty Corp.) — Wed, 15 Apr 2009 11:19:53 -0500

Bring ALL reasonable offers! No time restrictions on when to build. Buy and hold for appreciation to buy to build your dream home amongst the million dollar mansions in this 32 lot gated community of new homes in Davie, FL. Call today for more info!

Another Davie Grand Oaks lot for sale, Builder's Acre @ $267,900!

Steven Angelil (London Realty Corp.) — Mon, 13 Apr 2009 11:45:47 -0500

Bulk REO deals back in the spotlight

Steven Angelil (London Realty Corp.) — Wed, 25 Mar 2009 11:26:28 -0500

If you are a fund manager (or know one) that might be interested in buying everything from builder closeout townhomes, SFHs, notes, etc. the bulk deals are out there with motivated sellers. Just email or call with your requirements and I will hunt down a deal that works for you and your firm. Call today!

Luxury Home Market, Better Times just around the corner?

Steven Angelil (London Realty Corp.) — Wed, 18 Mar 2009 10:44:02 -0500

The luxury home market, especially in South Florida is a very interesting one. While the market has gone South with the rest of the market, better times may be just ahead. The reason? The FTHB market (first time home buyer) is scorching hot! This in turn allows the "move-up" buyers to purchase, and so on until you get to the end of the food chain, the luxury market. If you or anyone you know is thinking about buying a luxury home please send them my way so they can be informed, protected buyers.

Treat REOs like Short Sales

Steven Angelil (London Realty Corp.) — Mon, 16 Mar 2009 12:14:44 -0500

We have had to change our strategy when working with buyers. At one point submitting an offer for a buyer on a bank owned property was easy. Put the offer in and wait 2-3 days for the response. Now it has turned into the Spanish Inquisition! Copies of cashier's checks needed, must use ABC Lender to get preapproved, etc. So now I submit multiple offers on REO properties and wait and see who responds first! That is the same strategy we use when working with buyers looking to purchase a short sale. As they say, "the situation is fluid."

Feeding Frenzy..is it 2004 again???

Steven Angelil (London Realty Corp.) — Thu, 12 Mar 2009 10:55:00 -0500

Agents and clients are lining up to see homes again, at least in Pembroke Pines and Miramar Florida. Not enough parking in front of the houses! Multiple offers and having to bid well over the ask price to have a chance at getting your buyer the deal. I swear we have gone back in time to 2004.

The market is changing (for the better!)

Steven Angelil (London Realty Corp.) — Mon, 09 Mar 2009 10:13:51 -0500

Just in the last week we have been noticing that any decent bank owned properties priced aggressively are encountering multiple offers above the asking price. I've spoken with other agents and all see the buyers returning within the last 1-2 weeks. This isn't opinion, it is what is happening right now in the local South Florida marketplace. Is this finally a sea change or a blip on the radar? Only time will tell. If you are thinking about buying please call me so we can setup your search!

***BANK JUST REDUCED SAID SELL TODAY, LOT IN DAVIE GRAND OAKS $180K!!

Steven Angelil (London Realty Corp.) — Thu, 26 Feb 2009 11:50:57 -0600

Be a contrarian investor! Buy when everyone else is selling. Great value as these lots sold for $355k previously! No time restrictions on building! Min 4k square foot house w/ architectural review board approval necessary; SELLER TO PAY FIRST YEAR HOA FEES DIRECTLY TO MGNT. COMPANY AT CLOSING- $3900 VALUE. Agents please submit POFs or proof of financing and funds to close with offer. Seller looking for quick close. Lowest priced home in community is $1.59M!! Previous lot resales as high as $650k!

***CALL TODAY FOR MORE INFO***

Parkland FL new homes from mid 300's

Steven Angelil (London Realty Corp.) — Tue, 24 Feb 2009 10:01:42 -0600

This community features a winning combination of location, design and value. These 3, 4 and 5 bedroom homes for sale have been designed for the way that your family lives - today. The list of included features in these new homes is as exciting as the home designs themselves...all in one of Broward County's most sought-after locations, Parkland.

The City of Parkland features highly-rated schools, convenient shopping and recreational opportunities for the entire family. The incredible centralized South Florida location permits easy access to many of the South Florida's finest attractions and events.

CALL TODAY FOR MORE INFO. ON THIS BRAND NEW COMMUNITY!

a winning combination of location, design and value. These 3, 4 and 5 bedroom homes for sale have been designed for the way that your family lives - today. The list of included features in these new homes is as exciting as the home designs themselves...all in one of Broward County's most sought-after locations, Parkland.

The City of Parkland features highly-rated schools, convenient shopping and recreational opportunities for the entire family. The incredible centralized South Florida location permits easy access to many of the South Florida's finest attractions and events.

$8,000 tax credit details below from a builder

Steven Angelil (London Realty Corp.) — Mon, 23 Feb 2009 15:08:06 -0600

FIRST TIME BUYER TAX CREDIT -

JANUARY 1, 2009 THROUGH NOVEMBER 30, 2009

1. Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2. What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

4. Are there any income limits for claiming the tax credit?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is "modified adjusted gross income"?
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?
Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.

9. How do I claim the tax credit? Do I need to complete a form or application?
Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests.

10. What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

11. I read that the tax credit is "refundable." What does that mean?
The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
No. You can claim only one.

16. I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

17. Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer's tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Do I qualify for this credit?
No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit.

19. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

20. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

21. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Keep Your Home. Know your Loan.

Steven Angelil (London Realty Corp.) — Fri, 13 Feb 2009 10:41:28 -0600

If you are...

· Concerned you may lose your job,

· Having trouble balancing your family budget,

· Worried about your mortgage interest rate resetting,

· or need someone to talk to regarding your mortgage

Contact one of the HUD-approved Housing Counseling Agencies. Call (877) HUD-1515 (1-877-483-1515)

Are you in a position where your home is worth less than the mortgage amt?

Steven Angelil (London Realty Corp.) — Mon, 09 Feb 2009 12:09:42 -0600

If so, please email or call for information. I will assist you, the homeowner that is at least 3 months behind on your mortgage and your home is not worth what your current mortgage amt. is. I have an attorney that will work with your lender to get your short sale approved. Only a nominal upfront fee is required.