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Bauer Ridge, New Baltimore - The single story at 53260 WASHINGTON ST has been sold. Property information
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Live next to a Golf Course in Sterling Heights - Announcing a price reduction on 37441 Clubhouse, a 1,337 sq. ft., 2 bath, 2 bdrm 2 story. Now  MLS® $123,900 - . Property information
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Gallups Addition, Mount Clemens - The 2 story at 36 GALLUP has been sold. Listed for $14,900, it sold for $15,000. Known repairs needed are repairs to basement walls and the boiler system. Property information
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Lake Pointe Gardens, St. Clair Shores - The single story at 22237 Gordon Rd has been sold. Property information
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Chesterfield Township, Macomb County - The 2 story at 25987 Briar Towne Blvd has been sold. Property information
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Harrison Park, Harrison Township - The single story at 39180 WILLMARTH ST has been sold. Property information
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Brooklands Park, Rochester Hills - Announcing a price reduction on 2747 Eastern, a 1,911 sq. ft., 3 bath, 3 bdrm 2 story. Now MLS® $215,000 - Approved for a short sale. Property information
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This article was so informative, I just had to blog about it...it is taken from Inman News, a real estate online publication. Today's Top Real Estate News
Provided by Inman News Features
April 18, 2009 06:17 AM
Beware of loan mod fees
Uncle Sam helping owners 5% underwater at no cost April 18, 2009 06:17 AM By Ilyce Glink
Inman News Q: The interest rate on my loan just adjusted to 9.25 percent last month. We are upside down on our house by 5 percent, so we aren't sure we can refinance. I'm trying to do a loan modification, but am being told that I have to be late on my mortgage or the lender won't work with me. I am now current and don't want to miss a payment just so someone will help me. The loan modification company I'm working with wants to charge me a fee of $1,700. Will this save my house? Should I spend this money? A: I have good news for you. The good news is that President Obama's new mortgage refinance program should help you if your mortgage is only 105 percent of the value of your property. For example, if your house is worth $100,000, and your primary loan is $105,000, you can refinance your home as long as you have the income to pay the new loan. The home must also be your primary residence. Lenders will work with you on this program to lower your interest rate so that it is no more than 31 percent to 38 percent of your gross monthly income. The nice part about Obama's $75 billion loan program is that lenders and borrowers have an added financial incentive to keep paying these loans current. Mortgage lenders will receive a "pay for success" fee of $1,000 for each eligible loan modification, plus additional fees of up to $1,000 per year (paid monthly) as long as the borrower pays on time. Homeowners will receive up to $5,000 (up to $1,000 per year for five years) to reduce the balance owed if they pay on time through these years. The details of this plan were announced early last month. Please contact your lender as soon as possible. If your lender refuses to help, please call the Hope Now Hotline (toll-free 1-888-995-HOPE) and speak to a federally certified housing counselor. There are many credit and loan companies out there claiming that they can help borrowers for a fee. Be careful in dealing with these companies. If you pay them almost $2,000, you may not necessarily be getting the best deal. You should first work with your lender, then call the Hope Now Hotline and talk to a housing counselor. You need to become informed about your options. You may find that your current lender is now willing to talk to you. When you call your lender, ask to speak with their loan mitigation department, particularly if that wasn't the department you were talking to. That department is the one that should be able to work with you on your issue. And, keep that $1,700 in your pocket for now.
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• 1,911 sq. ft., 3 bdrm colonial - MLS® $1,600 USD Monthly Brooklands Park, Utica Property information
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 Michigan Homeowners Seeking Green Alternatives over AsbestosUsed in many construction applications for the greater part of the 20th century, asbestos is a fibrous mineral that possesses many intrinsic traits. In most situations, asbestos appears in roof shingles, dry wall, attic insulation, popcorn ceilings, joint compounds and electrical wires. It’s flame resistant and durable qualities made it an ideal choice for many industries. Potential Michigan home buyers or those seeking to remodel an older home should be aware that homes built before 1980 may still contain asbestos materials. This is not to make you frightened because asbestos exposure is easily preventable by taking simple precautions. There are now many eco-sustainable options that replace the need for asbestos. Although asbestos exposure does not always lead a related illness, long term inhalation of its fibers can cause a rare but severe ailment known as pleural mesothelioma . Approximately 2,000 to 3,000 new mesothelioma cases are reported every year in the United States alone. Manufacturers were aware of asbestos’s toxic qualities, but repressed this evidence for financial gain. The amount of asbestos-related incidents and fatalities has lead to mesothelioma lawyers fighting for victim rights. Thousands of workers, citizens and military personnel were wrongfully exposed as a result of the asbestos scandal. According to the experts, the general rule of thumb is if the asbestos is in good shape, it's posing no apparent risk. If it's in bad shape, it could be a problem. In many situations, the best action in dealing with asbestos is no action at all. However, if an inspector deems removal necessary, it must be performed by a licensed abatement contractor who is trained in handling asbestos materials. They must wear protective equipment such as masks and gloves to avoid any potential exposure. Recently, congress passed an economic stimulus package that promotes energy efficiency for home and business owners. The American Recover and Reinvestment Tax Act of 2009 includes incentives for upgrading to more eco-friendly/sustainable methods of energy and insulation. The move to a greener lifestyle will build on the change to healthier methods of building products, home remodeling and renovation. Recycled building materials that are viable options to asbestos include: cellulose, cotton fiber and lcynene foam. These environmentally sustainable products can also reduce annual energy costs by 25 to 35 percent. Michigan has taken actions to ensure safety and health is a top priority in this great state. Non-profit organizations such as Michigan GREEN, consists of energy consultants and companies who have joined forces with schools, government agencies and conscious individuals to promote the cause of renewable and green efficiency throughout the U.S.
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I recently read this article on CNNMoney.com, and it is wonderful, but confusing news. It talks all about how the recent stimulus bill will affect your tax credit and paycheck. Read on... Here Comes Your Stimulus Bonusby Jeanne Sahadi Tuesday, March 31, 2009provided by 
Employers should be ready for the Making Work Pay credit by Wednesday. That means some extra take-home pay. Here's what you need to know.You're likely to see some more green in the next couple of weeks. Not only on the trees. Very possibly in your wallet, too. President Obama has asked that all employers adjust their payroll systems by Wednesday so eligible workers can start receiving the new Making Work Pay tax credit through their paychecks. The credit, available for 2009 and 2010, was a part of the economic recovery package lawmakers passed in February. Just how much extra cash you will see depends on your marital status, your salary and how many allowances -- or exemptions -- you normally take. As a rough guide, singles eligible for the credit might get between $10 to $15 per paycheck if paid weekly; for those married filing jointly, they're likely to see an extra $15 to $20. Who Is Eligible? The credit is available to those with earned income. It's worth up to $400 a year for single filers and $800 for joint filers. The full credit will be paid to people with modified adjusted gross incomes of $75,000 or less ($150,000 per couple). A partial credit would be paid to those making above those amounts but no more than $95,000 ($190,000 for couples). What is modified adjusted gross income? It's your adjusted gross income but with some exclusions added back in. In the case of this credit, the only exclusion that would need to be added back is any income earned in a foreign country, in Puerto Rico or in American Somoa. "For most people, their modified adjusted gross income will be the same as their adjusted gross income, which is on the bottom of the front page of their return," said enrolled agent David Mellem of Ashwaubenon Tax Professionals, who is certified to represent taxpayers before the IRS. The credit is also refundable, which means that even very low-income families who don't make enough to owe income tax would be able to claim it. Who Is Not Eligible? Even if someone works, he won't qualify for the Making Work Pay credit if he is claimed as a dependent on someone else's tax return. Also, adults who are eligible for Social Security, Railroad Retirement, veteran's compensation or pension benefits will not receive the credit. But if they were eligible for those benefits sometime between November 2008 and January 2009, they will receive a one-time, $250 emergency payment no later than mid-June. That emergency payment is not subject to income tax, Mellem said. How Does It Work? Using new withholding tables from the IRS, employers are supposed to pay out the Making Work Pay credit by reducing how much tax is withheld from eligible workers' paychecks. "Changing withholding tables is a routine task. It's not difficult," said Scott Mezistrano, senior manager of government relations at the American Payroll Association. In fact, many employers likely have already done so, said Pete Isberg, the head of the National Payroll Reporting Consortium. That means their employees should already have started to see more cash in their paychecks. For example, Ron Moser, a human resources director for a school district in western New York, said his district included the credit in paychecks starting in early March. Lower-income workers may not make enough money to have taxes withheld once their exemptions are taken into account. So they won't see any extra cash in their paychecks. But they may claim their full credit when they file their 2009 tax returns next year. Is There Anything I Need to Watch Out For? Possibly. Some people could end up getting a larger credit than they're entitled to. That means they'd have to pay back the excess amount when they file their 2009 taxes -- or, if they're getting a refund, their refund would be reduced by the amount they were overpaid. If that situation is unappealing, a tax filer could act now to reduce the number of withholding allowances he takes on his W4 at work. The fewer allowances he takes, the more tax that is withheld. The IRS has a calculator online that you can use to figure out how many allowances you should take if you're eligible to receive the credit and don't want to be overpaid -- or to put it another way, don't want to have too little tax withheld. Those most likely to be overpaid are: Anyone who holds more than one job. You will get paid the Making Work Pay Credit twice, up to $400 ($800 for a joint filer) from your first employer and up to $400 ($800 for a joint filer) from your second employer. Joint filers whose spouses work. Each spouse will end up being paid the credit for married couples by each of their employers. There's a twist, too. Because of the way the withholding tables were set up, each working spouse may be paid up to $600 this year -- instead of up to the $800, Mezistrano said. In other words, the husband would receive $600 at his job and the wife $600 at her job, for a total of $1,200. Since they're only entitled to $800 total as a couple, that means they would have to pay $400 back to the IRS -- or see their refund reduced by that amount. Anyone who receives income from a rental property or investment, such as interest and dividends. Your employer only knows about the income you earn at the company. If you receive other income that increases your modified adjusted gross income -- or even pushes you past the income limits for the credit -- you may end up owing the IRS some or all of the credit you received in your paycheck. Anyone who started receiving their credit at the end of Febuary or anytime in March. The withholding tables are structured so that payments starting in April will add up to $400 for single filers and $800 for joint filers by year end. If payments start sooner than that a tax filer may actually receive a bit more than he's due by Dec. 31. Conversely, if your employer doesn't start your payments until the end of April or in May -- there's no penalty if an employer doesn't meet the April 1 deadline -- you may end up getting a little less of a credit than you're entitled to, in which case you can claim the rest when you file your 2009 tax return. Copyrighted, CNNMoney. All Rights Reserved. |
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New $8,000 Tax Credit for First-time Home Buyers Great news for first-time home buyers in 2009! The stimulus plan that President Obama signed into law contains a new $8,000 tax credit for qualified first-time home buyers. And, unlike the $7,500 tax credit from last year, this credit does NOT have to be repaid to the government, as long as you stay in the home for at least 36 months after the purchase date.
Remember, a tax credit is much more valuable than a tax deduction. A tax credit reduces dollar for dollar the amount of tax you owe. A deduction merely reduces the amount of your income that is taxable. This means the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.
Who?
First-time buyers or anyone who hasn't owned a home in the 3 years prior to a purchase of a primary residence may qualify for a tax credit of up to 10% of the purchase price or $8,000, whichever is less. To qualify for the full credit, the buyer's modified adjusted gross income must be less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. Partial credit is proportionally reduced for incomes under $95,000 (single) or $170,000 (married). For married taxpayers, the homeownership history of both the home buyer and his/her spouse are taken into account. This means if you or your spouse has owned a principal residence in the last 3 years, neither you nor your spouse qualifies for the credit.
What?
According to the IRS, a primary residence is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence. If you constructed your main home, you are treated as having purchased it on the date you first occupied it.
When?
The $8,000 tax credit is available for qualifying home purchases made from Jan. 1, 2009, until Dec. 1, 2009. This is not a typo. To receive the credit you must purchase a qualified home before December 1st, 2009 – not the end of the year.
How?
Unfortunately, you can NOT use the credit as a down payment. To receive the credit, you must purchase a qualified home first and then claim it on either your 2008 or 2009 taxes. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return. To claim the credit, use form 5405.
Why?
The current combination of lower home prices and lower interest rates makes for an amazing opportunity to buy real estate. Add to that this $8,000 gift from the government, and renting a home just doesn't make much sense.
If you or someone you know is ready to stop paying the landlord's mortgage and start building equity in your own home, give us a call. We'll run the numbers and see what makes sense for your individual financial needs.
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Utica, Macomb County - The single story at 46186 VINEYARD has been sold. Listed at $59,000, the property closed at $50,000 Property information
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Almost new construction!
• 1,911 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $225,000 - Possible short sale terms Rochester Hills - This is a perfect home for you if you like neutral decor, spacious floor plans, and lots of light. The kitchen and dining nook measure 28 feet long and features plenty of maple cabinetry, a large corner walk-in pantry, and peninsula that would be great for bar stools. Wood flooring spans the entryway and kitchen. The den could serve as a formal dining room. The main floor also has a laundry room and half bath. Upstairs is a beautiful master bedroom with vaulted ceiling, private master bath, and walk-in closet, two other bedrooms and a second full bathroom. Extra deep basement boasts a 90% efficient furnace, egress window, and preps for a full bathroom. It is within minutes to freeway access but far enough away that you don't hear the noise. The subdivision is country-like and peaceful. Rochester Schools. Also offered for lease, or rent to own.
Rochester Hills is the jewel of Oakland County and is unique in Southeast Michigan. In fact, just last year Rochester Hills was selected by Money magazine as the 39th best place to live in the entire United States!! Money magazine spent months looking at criteria like quality of schools, safety, the environment, housing affordability, taxes, weather and the job market to make their much-publicized decision.
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