Easter Sunday

What a wonderful spring day today!  I’m sure the sun must have been shining just as brightlyand the birds singing just as beautifully as they did the day Jesus rose from the grave!  Oh grave where’s thy victory?  Death where’s thy sting? 

Today is not about Easter bunnies and colored eggs….today is the day to celebrate the resurrection of our Lord & Savior….Jesus Christ!

Term of the day….Default

Default – Failure to make mortgage payments as agreed to in a commitment based on the terms and at the designated time set forth in the mortgage or deed of trust. It is the mortgagor’s responsibility to remember the due date and send the payment prior to the due date, not after. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In the event of default, the mortgage may give the lender the right to accelerate payments, take possession and receive rents, and start foreclosure. Defaults may also come about by the failure to observe other conditions in the mortgage or deed of trust.

Term of the Day…..Foreclosure

Foreclosure – A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.

Avoid Foreclosure – Tip #1

If you are having difficulty paying your mortgage on time, it’s important to act now before things get so bad that you are facing foreclosure. Your first step is to call your lender.  Believe it or not….your lender is your biggest ally if you encounter difficulty paying your mortgage on time!  Call them as soon as you know you are having problems. Do NOT wait!

Your lender or servicer has a number of options to help you stay in or sell your home. These options include forbearance, repayment plans and loan modification – as well as relief under the new Federal housing plan. You can typically find their contact information on your mortgage statement or coupon book.

Snow for Spring Break?

Spring break is here and you’re not sure whether to pack a bikini or snow shoes!  With teenagers…they really don’t care..as long as they don’t have to get up early this week!  We’ve got one at the beach and one at home praying for snow.  The good thing is….they’re catching up on their beauty sleep.

I want to shout out a big congratulations to Jessica and her high school tennis team for winning 1st Place in the county tournament!  You guys did an awesome job this year!  I’m so proud of you.

And, congratulations to Jeni for making the 2009 -2010 cheerleading squad (again).  Way to go Jeni!  Hoo-rah!

NOW is the right time to buy a home!

For first-time home buyers, now is the time to buy!  Not only are home prices lower than they have been in the last five years, mortgage interest rates are near historical lows.  Your parents and your grandparents couldn’t have secured a mortgage at a lower rate than you could’ve in the last month. 

Go to www.bankrate.com to view the latest mortgage interest rates.  Of course, yours could vary depending on your debt-income ratios, credit scores, etc. 

Our government, as part of the economic stimulous plan, is offering first-time buyers (or anyone who hasn’t owned a home in the last three years) a temporary tax credit of up to $8,000 that doesn’t have to be paid back. In addition, if you purchase a home in 2009 and you’ve already filed your taxes, you can amend your 2008 tax return to recapture the credit this year!  This means you don’t have to wait until next year to file in order to get your money. 

Now, ask yourself this question “Is now the right time to buy a home?”  I sure think so!

Contact me now to find out how you might be able to benefit from the best home buying environment in years.

Home Buyer Tax Credit

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.  The basic eligibility requirements are:

1)  the home must have been purchased on or after Jan. 1 and before Dec. 1, 2009

2)  the buyer may not have owned a home in the three years prior to the purchase

3)  the buyer must have a modified adjusted gross income less than $95,000 for single tax payers or $170,000 for married filers.  Two factors affect the amount of credit qualified buyers can claim: it can only be equal to 10% of the purchase price of the home, up to a maximum of $8,000 (can be reduced for buyers with an income between $75,000 for single taxpayers ($150,000 for married filers) and the upper income limit.

To claim the credit, buyers must complete IRS Form 5405 when completing their income tax return.  Consult your tax professional for details.

Qualified buyers have several options for when to claim the tax credit, but they can claim it only after the purchase of the home is complete, which in most cases happens when the title of the property transfers.  Buyers who complete their home purchase prior to April 15, 2009, can claim the $8,000 home buyer tax credit on their 2008 income tax return. If the qualifying home purchase will be completed shortly after April 15, buyers can file an extension for tax year 2008 and claim the credit when they do file their 2008 return, which must be done by Oct. 15. Or home buyers can claim a qualified purchase on their 2009 income tax return, which they will file in 2010. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

Some things qualified buyers should take into consideration when deciding whether to claim the credit on their 2008 or 2009 returns include how quickly they need the refund and their expected income for 2009. There are no restrictions on how home buyers use the money, but they may want it quickly to pay for expenses related to the home purchase such as moving costs, furniture or remodeling. If they expect their income to change next year, due to factors such as retirement or a salary bonus, they should calculate how the income limits will affect their credit amount.

** Disclaimer: This information is provided to familiarize consumers with the first-time home buyer tax credit, and is not intended to serve as tax advice or as a legal opinion on tax status or consequences.  Individual tax considerations will vary, and it is recommended that a tax professional be consulted to determine how this information applies to particular circumstances.

(The majority of the content of this article was derived from the National Association of Home Builders)

Finding Strength in the Lord

The world does not offer much hope for those in despair, but God does.  After hitting rock bottom, David “strengthened himself in the Lord” (1 Sam. 30:6).  If you surrender to God in moments of despair, He will provide what you need just as He did for David.  Find your strength in the Lord by trying the five steps below:
1.  Repent – Repentance is a change of mind that results in change of conduct.
2. Recall God’s past faithfulness in hard times.
3.  Reflect on heavenly power!
4.  Remember God’s promises.
5.  Resolve to trust God.

Read Palms 31 today.  Have a blessed and prosperous day!