Trademark Investments, Inc.

Brian Edwards on WWAY TV3 Talking about Craigslist

admin — Mon, 11 May 2009 20:08:24 +0000

5 Hopkins in Castle Hayne, NC Virtual Tour

admin — Wed, 01 Apr 2009 15:18:17 +0000

Proposed Law entitled Homeowner and Homebuyer Protection Act

admin — Wed, 01 Apr 2009 15:13:01 +0000

GENERAL ASSEMBLY OF NORTH CAROLINA

Short Title: Homeowner and Homebuyer Protection Act. (Public)

Sponsors: Senator Stein.

A BILL TO BE ENTITLED AN ACT TO ENACT THE HOMEOWNER AND HOMEBUYER PROTECTION ACT TO PROHIBIT HOME FORECLOSURE RESCUE SCAMS AND OFFER PROTECTIONS IN LAND INSTALLMENT SALES.

SESSION 2009

SENATE DRS55288-MD-58 (2/12)

SECTION 1.

This act shall be known and may be cited as the “Homeowner and Homebuyer Protection Act.”

SECTION 2.

Chapter 75 of the General Statutes is amended by adding a new Article to read: “Article 6. Home Foreclosure Rescue Scams.”

§ 75-120. Definitions.

The following definitions shall apply in this Article:

(1) Exempt transaction. – A foreclosure rescue transaction in which the transferee is any of the following:

a. A member of the transferor’s family.

b. A bona fide nonprofit organization that regularly provides financial, housing, or social services to individuals.

c. A state, federal, or local government agency or organization.

(2) Foreclosure rescue transaction. – A transfer of residential real property, including a manufactured home, which includes all of the following features:

a. The real property is the principal residence of the transferor.

b. The transferor is in default, or at imminent risk of being in default, on a mortgage loan obligation which is secured by the transferor’s principal residence.

c. The transferor follows representations by the transferee, an agent of the transferee, or others acting in concert with the transferee, that the transfer of the residential property will enable the transferor to prevent, postpone, or reverse the effect of foreclosure and to remain in the residence.

d. By written or oral agreement, the transferor retains an interest in the property conveyed, including a tenancy interest, an interest under a lease-purchase agreement, an option to reacquire the property, or any other legal, equitable, or possessory interest in the property conveyed.

It is unlawful for a person other than the transferor to engage in, promise to engage in, arrange, offer, promote, solicit, participate in, assist with, or carry out a foreclosure rescue transaction for financial gain or with the expectation of financial gain. This section does not apply to exempt transactions. A violation of this section is an unfair trade practice under G.S. 75-1.1.”

The General Statutes are amended by adding a new Chapter to read

Chapter 47G

Land Installment Contracts

§ 47G-1. Definitions.

The following definitions apply in this Chapter, unless the context requires otherwise: (1) Cure the default. – To perform the obligations under the contract which are described in the notice of intent to forfeit required by G.S. 47G-6 and which are necessary to reinstate the contract. This term is synonymous with the term ‘cure.’

(2) Down payment. – A payment made by the purchaser to the vendor which constitutes part of the purchase price of property that is the subject of a land installment contract and which is made at or before the time of the execution of that contract.

(3) Forfeiture. – The termination of all of a purchaser’s rights, title, and interest, and those of persons claiming by or through a purchaser, in property that is the subject of a land installment contract, to the extent permitted by this Chapter, because of a breach of one or more of the purchaser’s obligations under the contract. This term is synonymous with the term ‘forfeiture.’

(4) Land installment contract. – An agreement in which the vendor agrees to sell an interest in property to the purchaser and the purchaser agrees to pay the purchase price in five or more payments exclusive of the down payment, if any, and the vendor retains title to the property as security for the purchaser’s obligation under the agreement. Land installment contracts do not include (i) option contracts for the purchase of real property unless the option to purchase includes, or is combined with, or is executed concurrently with a residential lease agreement, or (ii) purchase and sale agreements entered into with the good faith expectation of a separate transaction in which a third party or the vendor agrees to finance the purchase price.

(5) Property. – Either (i) real estate located in this State, upon which there is located or there is to be located a structure or structures designed principally for occupancy of from one to four families which is or will be occupied by the purchaser as the purchaser’s principal dwelling, or (ii) a manufactured home, as that term is defined in G.S. 143-149.9, which is or will be occupied by a purchaser as the purchaser’s principal dwelling.

(6) Purchaser. – An individual who purchases an interest in property under a land installment contract, or any legal successor in interest to that individual.

(7) Vendor. – A person who makes a sale of property by means of a land installment contract, or the person’s successor in interest.

(a) Writing Required. – Every land installment contract shall be evidenced by a contract signed by all parties to it and containing all the terms to which they have agreed.

(b) Contents. – A land installment sales contract shall contain at least all of the 49 following:

(1) The full names and addresses of all the parties to the contract.

(2) The date the contract is signed by each party.

(3) A legal description of the property conveyed.

(4) The sales price of the property conveyed.

(5) Any charges or fees for services included in the contract separate from the 4 sale price.

(6) The amount of the purchaser’s down payment.

(7) The principal balance owed by the purchaser.

(8) The amount and due date of each installment payment and the total number of installment payments.

(9) The interest rate on the unpaid balance, if any, and the method of determining the interest rate.

(10) A conspicuous statement of any pending order of any public agency or other matters of public record affecting the property.

(11) A statement of the rights of the buyer to cure a default.

(13) A statement setting forth the obligation of each party who is responsible for making repairs to the property, the payment of taxes, hazard insurance assessments, and other charges against the property from the date of the contract.

(14) A provision that the purchaser has the right to accelerate or prepay any installment payments without penalty.

(15) A description of conditions of the property that includes whether the property has water, sewer, septic, and electricity service, whether the property is in a floodplain, whether anyone else has a legal interest in the property, and whether restrictive covenants prevent building or installing a dwelling.

(16) A statement indicating whether any real estate taxes are owed on the real estate that is the subject of the contract.

(17) A statement of the purchaser’s right to cancel pursuant to G.S. 47G-8.

(c) At the time the purchaser signs the contract, the vendor shall deliver to him an exact copy of the contract. If the vendor fails to provide a copy of the contract, or the contract does not contain the minimum provisions, the contract signed by the purchaser is voidable at the option of the purchaser, and the vendor, on demand, shall immediately refund to the purchaser all payments and deposits that have been made. However, the contract shall not be voidable simply as a result of clerical errors, momentary delays in the provision of an exact copy of the contract to the purchaser, or other immaterial errors.

(a) Any down payment that a purchaser provides pursuant to a land installment contract shall be immediately deposited in a trust or escrow account in an insured bank, savings and loan association, or credit union in this State and shall remain in the account until either the vendor transfers ownership of the property or until the agreement is cancelled. Funds held in the trust or escrow account shall be deemed to belong to the purchaser and not to the vendor.

(b) If a vendor fails to comply with subsection (a) of this section, and the contract is cancelled or rescinded and the down payment not returned to the vendor within 10 business days of notification to the vendor, the vendor shall be liable to the purchaser in an amount equal to three times the amount of the down payment.

An option to purchase real property that includes or is combined or executed concurrently with a residential lease agreement, together with the lease, is considered a land installment contract for purposes of this Chapter. The provisions of Chapter 42 of the General Statutes apply to the portion of the contract that is a residential lease agreement. After a tenant exercises an option to purchase leased property under a residential lease, Chapter 42 no longer applies to the lease.

General Assembly of North Carolina Session 2009

(a) A purchaser’s rights under a land installment contract shall not be forfeited except as provided in this Chapter. A land installment contract cannot be forfeited unless a breach has occurred in one or more of the purchaser’s obligations under the contract and the contract provides that as a result of such breach the vendor is entitled to forfeit the contract. Furthermore, the purchaser’s rights shall not be forfeited until the purchaser has been notified of the intent to forfeit in accordance with G.S. 47G-6 and been given a right to cure the default and has failed to do so within the time period allowed. A timely tender of cure shall reinstate the contract.

(b) In addition to any other remedies at law, a vendor’s violation of this section entitles the purchaser to either a claim for damages or the right to rescind the contract and seek the return of all payments, deposits, and down payments that have been made under the contract. If the purchaser elects to rescind the contract, the vendor is entitled to an offset of an amount equal to the fair market value of the use of the property during the duration of the purchaser’s possession of the property.

(a) The notice of intent to forfeit shall contain all of the following:

(1) The name, address, and telephone number of the vendor and the vendor’s agent or attorney giving the notice, if any.

(2) A description of the contract, including the names of the original parties to the contract.

(3) A legal description of the property.

(4) A description of each default under the contract on which the notice is based.

(5) A statement that the contract will be forfeited if all defaults are not cured by a date stated in the notice which is not less than 90 days after the notice of intent to forfeit is sent or any longer period specified in the contract or other agreement with the vendor.

(6) An itemized statement of, or to the extent not known at the time the notice of intent to forfeit is given or recorded, a reasonable estimate of, all payments of money in default and, for defaults not involving the failure to pay money, a statement of the action required to cure the default.

(7) Any additional information required by the contract or other agreement with the vendor.

(b) Any notice of intent to forfeit must be served on the purchaser in accordance with the provisions for service of process set forth in G.S. 1A-1, Rule 4. Any notice of intent to forfeit must also be served on the occupant of the dwelling that is the subject of the land installment contract, if different from the purchaser.

(c) In addition to any other remedies at law, a vendor’s violation of this section entitles the purchaser to either a claim for damages or the right to rescind the contract and seek the return of all payments, deposits, and down payments that have been made under the contract. If the purchaser elects to rescind the contract, the vendor is entitled to an offset of an amount equal to the fair market value of the use of the property during the duration of the purchaser’s possession of the property.

The vendor shall provide the purchaser with a statement of account at least once every 12- month period for the term of a land installment contract. The statement must include at least the following information:

(1) The amount paid under the contract.

(2) The remaining amount owed under the contract.

(3) The number of payments remaining under the contract

(4) The amounts paid to taxing authorities on the purchaser’s behalf, if collected by the vendor.

(5) The amounts paid to insure the property on the purchaser’s behalf, if collected by the vendor.

(6) If the property has been damaged and the vendor has received insurance proceeds, an accounting of the proceeds applied to the property.

(a) In addition to any other rights or remedies provided by law, the purchaser may cancel and rescind an installment land contract for any reason by sending by certified or registered mail, return receipt requested, or by delivering in person a signed, written notice of cancellation to the vendor not later than the fourteenth day after the date of the signing of the contract.

(b) If the purchaser cancels the contract pursuant to subsection (a) of this section, the vendor shall, not later than the tenth day after the date the vendor receives the purchaser’s notice of cancellation, return to the purchaser the executed contract and any property exchanged or payments made by the purchaser under the contract.

(a) A potential vendor may not execute a land installment contract with a potential purchaser if the vendor does not own the property free from any liens, mortgages, or other encumbrances.

(b) Except as provided in this subsection, a vendor, or the successors in interest of the vendor, must maintain fee simple title free from any liens or other encumbrances to property covered by a land installment contract for the entire duration of the contract. This subsection does not apply to a lien or encumbrance placed on the property that is:

(1) Placed on the property because of the conduct of the purchaser.

(2) Agreed to by the purchaser as a condition of a loan obtained to place improvements on the property, including utility and fire protection improvements.

(3) Placed on the property by the vendor prior to the execution of the land installment contract in exchange for a loan used only to purchase the property if all of the requirements below are met:

a. The vendor, not later than the third day before the date the contract is executed, notifies the purchaser in a separate written disclosure:

1. Of the name, address, and telephone number of the lienholder or, if applicable, the servicer of the loan.

2. Of the loan number and outstanding balance of the loan.

3. Of the monthly payments due on the loan and the due date of those payments.

4. In 14-point type, of the fact that if the vendor fails to make timely payments to the lienholder, the lienholder may attempt to collect the debt by foreclosing on the lien and selling the property at a foreclosure sale.

b. The lien:

1. Is attached only to the property sold to the purchaser under the contract.

2. Secures indebtedness that at no time is or will be greater in amount than the amount of the total outstanding balance owed by the purchaser under the installment land contract.

c. The lienholder:

1. Does not prohibit the property from being encumbered by a land installment contract; and

General Assembly of North Carolina Session 2009

No vendor may charge a late payment charge under a land installment contract in excess of four percent (4%) of the amount of the payment past due. A late payment charge that violates this section is hereby declared usurious.

A vendor shall be liable for the purchaser’s attorneys’ fees and costs if the purchaser prevails in a lawsuit to enforce the provisions of this Chapter.”

SECTION 4. This act becomes effective October 1, 2009.§ 47G-11. Attorneys’ fees.§ 47G-10. Late fees.

2. Consents to verify the status of the loan on request of the purchaser and to accept payments directly from the purchaser if the vendor defaults on the loan.

(c) A violation of this section is a violation of G.S. 75-1.1 and in addition to other rights or remedies provided by law, entitles the purchaser to cancel and rescind the contract and receive from the vendor:

(1) The return of all payments of any kind made to the vendor under the contract; and

(2) Reimbursement for any payments the purchaser made to a taxing authority for the property, and the value of any improvements made to the property by the purchaser.

(d) A vendor is not liable under this section if:

(1) A lien is placed on the property by a person other than the vendor; and

(2) Not later than the thirtieth day after the date the vendor receives notice of the lien, the vendor takes all steps necessary to remove the lien and has the lien removed from the property.

§ 47G-9. Requirement that vendor hold unencumbered legal title.§ 47G-8. Purchaser’s right to cancel contract.§ 47G-7. Periodic statements of account.§ 47G-6. Notice of intent to forfeit.§ 47G-5. Conditions of forfeiture; right to cure.

§ 47G-4. Protection of tenants’ rights.§ 47G-3. Escrow of down payment.§ 47G-2. Minimum contents of land installment sales contracts.SECTION 3. § 75-121. Foreclosure rescue transactions prohibited; exceptions; violation.

617 S. 14th St. Virtual Tour

admin — Tue, 31 Mar 2009 17:54:39 +0000

Anyone who has ever bought a home will enjoy this true story

admin — Thu, 26 Mar 2009 18:14:53 +0000

A New Orleans lawyer sought an FHA loan for a client who lost his house in

Hurricane Katrina and wanted to rebuild. He was told the loan could be

granted if he could prove satisfactory title to the parcel of property being

offered as collateral. The title to the property dated back to 1803, which

took the Lawyer three months to track down. After sending the information to

the FHA, he received the following reply:

(Actual letter):

“Upon review of your letter adjoining your client’s loan application,

we note that the request is supported by an Abstract of Title. While

we compliment the able manner in which you have prepared and

presented the application, we must point out that you have only cleared

title to the proposed collateral property back to 1803. Before final

approval can be accorded, it will be necessary to clear the title back to

its origin.”

Annoyed, the lawyer responded as follows:

(Actual Letter):

“Your letter regarding title in Case No. 189156 has been received. I

note that you wish to have title extended further than the 194 years covered by

the present application. I was unaware that any educated person in
this country,

particularly those working in the property area, would not know that Louisiana

was purchased, by the U.S. , from France in 1803, the year of origin identified

in our application. For the edification of uninformed FHA bureaucrats, the

title to the land prior to U.S. Ownership was obtained from France , which had

acquired it by Right of Conquest from Spain . The land came into the

possession of Spain by Right of Discovery made in the year 1492 by a sea

captain named Christopher Columbus,who had been granted the privilege of

seeking a new route to India by the Spanish monarch, Isabella ..

The good queen, Isabella, being a pious woman and almost as careful about

titles as the FHA, took the precaution of securing the blessing of the Pope

before she sold her jewels to finance Columbus ‘ expedition. Now the Pope,

as I’m sure you may know, is the emissary of Jesus Christ, the Son of God;

and God, it is commonly accepted, created this world.

Therefore, I believe it is safe to presume that God also made that part of

the world called Louisiana . God, therefore, would be the owner of origin and

His origins date back to before the beginning of time, the world as we know

it AND the FHA.

I hope you find God’s original claim to be satisfactory.

Now, may we have our loan?”

(The loan was approved!)

Wilmington NC Landscaping and Concrete Design

admin — Tue, 24 Mar 2009 20:03:30 +0000

Wilmington NC premier landscaping company

Economis Stimulus Act of 2008

admin — Thu, 12 Mar 2009 13:55:33 +0000

TITLE I–RECOVERY REBATES AND INCENTIVES FOR BUSINESS INVESTMENT

SEC. 101. 2008 RECOVERY REBATES FOR INDIVIDUALS.

(a) In General- Section 6428 of the Internal Revenue Code of 1986 is amended to read as follows:

SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.

(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of–

(1) net income tax liability, or

(2) $600 ($1,200 in the case of a joint return).

(b) Special Rules-

(1) IN GENERAL- In the case of a taxpayer described in paragraph (2)–

(A) the amount determined under subsection (a) shall not be less than $300 ($600 in the case of a joint return), and

(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $300 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.

(2) TAXPAYER DESCRIBED- A taxpayer is described in this paragraph if the taxpayer–

(A) has qualifying income of at least $3,000, or

(B) has–

(i) net income tax liability which is greater than zero, and

(ii) gross income which is greater than the sum of the basic standard deduction plus the exemption amount (twice the exemption amount in the case of a joint return).

(c) Treatment of Credit- The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.

(d) Limitation Based on Adjusted Gross Income- The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

(e) Definitions- For purposes of this section–

(1) QUALIFYING INCOME- The term `qualifying income’ means–

(A) earned income,

(B) social security benefits (within the meaning of section 86(d)), and

(2) NET INCOME TAX LIABILITY- The term `net income tax liability’ means the excess of–

(A) the sum of the taxpayer’s regular tax liability (within the meaning of section 26(b)) and the tax imposed by section 55 for the taxable year, over

(B) the credits allowed by part IV (other than section 24 and subpart C thereof) of subchapter A of chapter 1.

(3) ELIGIBLE INDIVIDUAL- The term `eligible individual’ means any individual other than–

(A) any nonresident alien individual,

(B) any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins, and

(4) EARNED INCOME- The term `earned income’ has the meaning set forth in section 32(c)(2) except that–

(A) subclause (II) of subparagraph (B)(vi) thereof shall be applied by substituting `January 1, 2009′ for `January 1, 2008′, and

(B) such term shall not include net earnings from self-employment which are not taken into account in computing taxable income.

(5) BASIC STANDARD DEDUCTION; EXEMPTION AMOUNT- The terms `basic standard deduction’ and `exemption amount’ shall have the same respective meanings as when used in section 6012(a).

(f) Coordination With Advance Refunds of Credit-

(1) IN GENERAL- The amount of credit which would (but for this paragraph) be allowable under this section shall be reduced (but not below zero) by the aggregate refunds and credits made or allowed to the taxpayer under subsection (g). Any failure to so reduce the credit shall be treated as arising out of a mathematical or clerical error and assessed according to section 6213(b)(1).

(2) JOINT RETURNS- In the case of a refund or credit made or allowed under subsection (g) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.

(g) Advance Refunds and Credits-

(1) IN GENERAL- Each individual who was an eligible individual for such individual’s first taxable year beginning in 2007 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount equal to the advance refund amount for such taxable year.

(2) ADVANCE REFUND AMOUNT- For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such first taxable year if this section (other than subsection (f) and this subsection) had applied to such taxable year.

(3) TIMING OF PAYMENTS- The Secretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this section as rapidly as possible. No refund or credit shall be made or allowed under this subsection after December 31, 2008.

(4) NO INTEREST- No interest shall be allowed on any overpayment attributable to this section.

(h) Identification Number Requirement-

(1) IN GENERAL- No credit shall be allowed under subsection (a) to an eligible individual who does not include on the return of tax for the taxable year–

(A) such individual’s valid identification number,

(B) in the case of a joint return, the valid identification number of such individual’s spouse, and

(C) in the case of any qualifying child taken into account under subsection (b)(1)(B), the valid identification number of such qualifying child.

(2) VALID IDENTIFICATION NUMBER- For purposes of paragraph (1), the term `valid identification number’ means a social security number issued to an individual by the Social Security Administration. Such term shall not include a TIN issued by the Internal Revenue Service.’.

(b) Administrative Amendments-

(1) DEFINITION OF DEFICIENCY- Section 6211(b)(4)(A) of the Internal Revenue Code of 1986 is amended by striking `and 53(e)’ and inserting `53(e), and 6428′.

(2) MATHEMATICAL OR CLERICAL ERROR AUTHORITY- Section 6213(g)(2)(L) of such Code is amended by striking `or 32′ and inserting `32, or 6428′.

(1) PAYMENTS TO POSSESSIONS-

(A) MIRROR CODE POSSESSION- The Secretary of the Treasury shall make a payment to each possession of the United States with a mirror code tax system in an amount equal to the loss to that possession by reason of the amendments made by this section. Such amount shall be determined by the Secretary of the Treasury based on information provided by the government of the respective possession.

(B) OTHER POSSESSIONS- The Secretary of the Treasury shall make a payment to each possession of the United States which does not have a mirror code tax system in an amount estimated by the Secretary of the Treasury as being equal to the aggregate benefits that would have been provided to residents of such possession by reason of the amendments made by this section if a mirror code tax system had been in effect in such possession. The preceding sentence shall not apply with respect to any possession of the United States unless such possession has a plan, which has been approved by the Secretary of the Treasury, under which such possession will promptly distribute such payment to the residents of such possession.

(2) COORDINATION WITH CREDIT ALLOWED AGAINST UNITED STATES INCOME TAXES- No credit shall be allowed against United States income taxes under section 6428 of the Internal Revenue Code of 1986 (as amended by this section) to any person–

(A) to whom a credit is allowed against taxes imposed by the possession by reason of the amendments made by this section, or

(B) who is eligible for a payment under a plan described in paragraph (1)(B).

(3) DEFINITIONS AND SPECIAL RULES-

(A) POSSESSION OF THE UNITED STATES- For purposes of this subsection, the term `possession of the United States’ includes the Commonwealth of Puerto Rico and the Commonwealth of the Northern Mariana Islands.

(B) MIRROR CODE TAX SYSTEM- For purposes of this subsection, the term `mirror code tax system’ means, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States.

(C) TREATMENT OF PAYMENTS- For purposes of section 1324(b)(2) of title 31, United States Code, the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under section 6428 of the Internal Revenue Code of 1986 (as amended by this section).

(d) Refunds Disregarded in the Administration of Federal Programs and Federally Assisted Programs- Any credit or refund allowed or made to any individual by reason of section 6428 of the Internal Revenue Code of 1986 (as amended by this section) or by reason of subsection (c) of this section shall not be taken into account as income and shall not be taken into account as resources for the month of receipt and the following 2 months, for purposes of determining the eligibility of such individual or any other individual for benefits or assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds.

(e) Appropriations To Carry Out Rebates-

(1) IN GENERAL- Immediately upon the enactment of this Act, the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2008:

(A) DEPARTMENT OF THE TREASURY-

(i) For an additional amount for `Department of the Treasury–Financial Management Service–Salaries and Expenses’, $64,175,000, to remain available until September 30, 2009.

(ii) For an additional amount for `Department of the Treasury–Internal Revenue Service–Taxpayer Services’, $50,720,000, to remain available until September 30, 2009.

(iii) For an additional amount for `Department of the Treasury–Internal Revenue Service–Operations Support’, $151,415,000, to remain available until September 30, 2009.

(B) SOCIAL SECURITY ADMINISTRATION- For an additional amount for `Social Security Administration–Limitation on Administrative Expenses’, $31,000,000, to remain available until September 30, 2008.

(2) REPORTS- No later than 15 days after enactment of this Act, the Secretary of the Treasury shall submit a plan to the Committees on Appropriations of the House of Representatives and the Senate detailing the expected use of the funds provided by paragraph (1)(A). Beginning 90 days after enactment of this Act, the Secretary of the Treasury shall submit a quarterly report to the Committees on Appropriations of the House of Representatives and the Senate detailing the actual expenditure of funds provided by paragraph (1)(A) and the expected expenditure of such funds in the subsequent quarter.

(f) Conforming Amendments-

(1) Paragraph (2) of section 1324(b) of title 31, United States Code, is amended by inserting `or 6428′ after `section 35′.

(2) Paragraph (1) of section 1(i) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D).

(3) The item relating to section 6428 in the table of sections for subchapter B of chapter 65 of such Code is amended to read as follows:

Sec. 6428. 2008 recovery rebates for individuals.’.

SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF CERTAIN DEPRECIABLE BUSINESS ASSETS.

(a) In General- Subsection (b) of section 179 of the Internal Revenue Code of 1986 (relating to limitations) is amended by adding at the end the following new paragraph:

(7) INCREASE IN LIMITATIONS FOR 2008- In the case of any taxable year beginning in 2008–

(A) the dollar limitation under paragraph (1) shall be $250,000,

(B) the dollar limitation under paragraph (2) shall be $800,000, and

(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED DURING 2008.

(a) In General- Subsection (k) of section 168 of the Internal Revenue Code of 1986 (relating to special allowance for certain property acquired after September 10, 2001, and before January 1, 2005) is amended–

(1) by striking `September 10, 2001′ each place it appears and inserting `December 31, 2007′,

(2) by striking `September 11, 2001′ each place it appears and inserting `January 1, 2008′,

(3) by striking `January 1, 2005′ each place it appears and inserting `January 1, 2009′, and

(4) by striking `January 1, 2006′ each place it appears and inserting `January 1, 2010′.

(b) 50 Percent Allowance- Subparagraph (A) of section 168(k)(1) of such Code is amended by striking `30 percent’ and inserting `50 percent’.

(1) Subclause (I) of section 168(k)(2)(B)(i) of such Code is amended by striking `and (iii)’ and inserting `(iii), and (iv)’.

(2) Subclause (IV) of section 168(k)(2)(B)(i) of such Code is amended by striking `clauses (ii) and (iii)’ and inserting `clause (iii)’.

(3) Clause (i) of section 168(k)(2)(C) of such Code is amended by striking `and (iii)’ and inserting `, (iii), and (iv)’.

(4) Clause (i) of section 168(k)(2)(F) of such Code is amended by striking `$4,600′ and inserting `$8,000′.

(5)(A) Subsection (k) of section 168 of such Code is amended by striking paragraph (4).

(B) Clause (iii) of section 168(k)(2)(D) of such Code is amended by striking the last sentence.

(6) Paragraph (4) of section 168(l) of such Code is amended by redesignating subparagraphs (A), (B), and (C) as subparagraphs (B), (C), and (D) and inserting before subparagraph (B) (as so redesignated) the following new subparagraph:

(A) BONUS DEPRECIATION PROPERTY UNDER SUBSECTION (k)- Such term shall not include any property to which section 168(k) applies.’.

(7) Paragraph (5) of section 168(l) of such Code is amended–

(A) by striking `September 10, 2001′ in subparagraph (A) and inserting `December 31, 2007′, and

(B) by striking `January 1, 2005′ in subparagraph (B) and inserting `January 1, 2009′.

(8) Subparagraph (D) of section 1400L(b)(2) of such Code is amended by striking `January 1, 2005′ and inserting `January 1, 2010′.

(9) Paragraph (3) of section 1400N(d) of such Code is amended–

(A) by striking `September 10, 2001′ in subparagraph (A) and inserting `December 31, 2007′, and

(B) by striking `January 1, 2005′ in subparagraph (B) and inserting `January 1, 2009′.

(10) Paragraph (6) of section 1400N(d) of such Code is amended by adding at the end the following new subparagraph:

(E) EXCEPTION FOR BONUS DEPRECIATION PROPERTY UNDER SECTION 168(k)- The term `specified Gulf Opportunity Zone extension property’ shall not include any property to which section 168(k) applies.’.

(11) The heading for subsection (k) of section 168 of such Code is amended–

(A) by striking `September 10, 2001′ and inserting `December 31, 2007′, and

(B) by striking `January 1, 2005′ and inserting `January 1, 2009′.

(12) The heading for clause (ii) of section 168(k)(2)(B) of such Code is amended by striking `PRE-JANUARY 1, 2005′ and inserting `PRE-JANUARY 1, 2009′.

(d) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2007, in taxable years ending after such date.

TITLE II–HOUSING GSE AND FHA LOAN LIMITS

SEC. 201. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR FANNIE MAE AND FREDDIE MAC.

(a) Increase of High Cost Areas Limits for Housing GSEs- For mortgages originated during the period beginning on July 1, 2007, and ending at the end of December 31, 2008:

(1) FANNIE MAE- With respect to the Federal National Mortgage Association, notwithstanding section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)), the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Association shall be the higher of–

(A) the limitation for 2008 determined under such section 302(b)(2) for a residence of the applicable size; or

(B) 125 percent of the area median price for a residence of the applicable size, but in no case to exceed 175 percent of the limitation for 2008 determined under such section 302(b)(2) for a residence of the applicable size.

(2) FREDDIE MAC- With respect to the Federal Home Loan Mortgage Corporation, notwithstanding section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)), the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Corporation shall be the higher of–

(A) the limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size; or

(B) 125 percent of the area median price for a residence of the applicable size, but in no case to exceed 175 percent of the limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size.

(b) Determination of Limits- The areas and area median prices used for purposes of the determinations under subsection (a) shall be the areas and area median prices used by the Secretary of Housing and Urban Development in determining the applicable limits under section 202 of this title.

(c) Rule of Construction- A mortgage originated during the period referred to in subsection (a) that is eligible for purchase by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation pursuant to this section shall be eligible for such purchase for the duration of the term of the mortgage, notwithstanding that such purchase occurs after the expiration of such period.

(d) Effect on Housing Goals- Notwithstanding any other provision of law, mortgages purchased in accordance with the increased maximum original principal obligation limitations determined pursuant to this section shall not be considered in determining performance with respect to any of the housing goals established under section 1332, 1333, or 1334 of the Housing and Community Development Act of 1992 (12 U.S.C. 4562-4), and shall not be considered in determining compliance with such goals pursuant to section 1336 of such Act (12 U.S.C. 4566) and regulations, orders, or guidelines issued thereunder.

(e) Sense of Congress- It is the sense of the Congress that the securitization of mortgages by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation plays an important role in providing liquidity to the United States housing markets. Therefore, the Congress encourages the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to securitize mortgages acquired under the increased conforming loan limits established in this section, to the extent that such securitizations can be effected in a timely and efficient manner that does not impose additional costs for mortgages originated, purchased, or securitized under the existing limits or interfere with the goal of adding liquidity to the market.

SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA.

(a) Increase of High-Cost Area Limit- For mortgages for which the mortgagee has issued credit approval for the borrower on or before December 31, 2008, subparagraph (A) of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to require that a mortgage shall involve a principal obligation in an amount that does not exceed the lesser of–

(1) in the case of a 1-family residence, 125 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined for 2008 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation determined for 2008 under such section for a 1-family residence; or

(2) 175 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size (without regard to any authority to increase such limitation with respect to properties located in Alaska, Guam, Hawaii, or the Virgin Islands);

except that the dollar amount limitation in effect under this subsection for any size residence for any area shall not be less than the greater of: (A) the dollar amount limitation in effect under such section 203(b)(2) for the area on October 21, 1998; or (B) 65 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size. Any reference in this subsection to dollar amount limitations in effect under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act means such limitations as in effect without regard to any increase in such limitation pursuant to section 201 of this title.

(b) Discretionary Authority- If the Secretary of Housing and Urban Development determines that market conditions warrant such an increase, the Secretary may, for the period that begins upon the date of the enactment of this Act and ends at the end of the date specified in subsection (a), increase the maximum dollar amount limitation determined pursuant to subsection (a) with respect to any particular size or sizes of residences, or with respect to residences located in any particular area or areas, to an amount that does not exceed the maximum dollar amount then otherwise in effect pursuant to subsection (a) for such size residence, or for such area (if applicable), by not more than $100,000.

(c) Publication of Area Median Prices and Loan Limits- The Secretary of Housing and Urban Development shall publish the median house prices and mortgage principal obligation limits, as revised pursuant to this section, for all areas as soon as practicable, but in no case more than 30 days after the date of the enactment of this Act. With respect to existing areas for which the Secretary has not established area median prices before such date of enactment, the Secretary may rely on existing commercial data in determining area median prices and calculating such revised principal obligation limits.

TITLE III–EMERGENCY DESIGNATION

SEC. 301. EMERGENCY DESIGNATION.

For purposes of Senate enforcement, all provisions of this Act are designated as emergency requirements and necessary to meet emergency needs pursuant to section 204 of S. Con. Res. 21 (110th Congress), the concurrent resolution on the budget for fiscal year 2008.

Speaker of the House of Representatives.

Vice President of the United States and

President of the Senate.

Brian Edwards on WWAY TV3 News

admin — Thu, 12 Mar 2009 03:15:10 +0000

Obama unveils $75 Billion Mortgage Relief Plan

admin — Thu, 19 Feb 2009 03:36:56 +0000

Seeking to tackle “a crisis unlike any we’ve ever known,” President Barack Obama unveiled an ambitious $75 billion plan Wednesday to keep as many as 9 million Americans from losing their homes to foreclosure.

Announcing the plan in Arizona — a state especially hard hit by the housing crunch — Obama said that turning around the battered economy requires stemming the continuing tide of foreclosures. The housing crisis that began last year set many other factors in motion and helped lead to the current, widening recession.

“In the end, all of us are paying a price for this home mortgage crisis,” Obama said at a high school outside Phoenix. “And all of us will pay an even steeper price if we allow this crisis to deepen.”

But while talking in broad strokes about the importance of the issue to the economy as a whole, the president took care not to miss the pain that the housing problems are causing in individual families

“The American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy but also the stability of families and neighborhoods,” he said. “While this crisis is vast, it begins just one house and one family at a time.”

More expensive than expected, Obama’s plan aims to keep between 7 million and 9 million people from foreclosure. Of the nearly 52 million U.S. homeowners with a mortgage, about 13.8 million, or nearly 27 percent, owe more on their mortgage than their house is now worth, according to Moody’s Economy.com.

Headlining Obama’s plan is a $75 billion Homeowner Stability Initiative, which would provide a set of incentives to mortgage lenders in an effort to convince them to help up to 4 million borrowers on the verge of foreclosure. The goal: cut monthly mortgage payments to sustainable levels, defined as no more than 31 percent of a homeowners income. Funding would come from the $700 billion financial industry bailout passed by Congress last fall.

Another key component would specifically help those said to be “under water” — with dwellings whose market value have sunk below the principal still owed on the mortgages. Such mortgages have traditionally been almost impossible to refinance. But the White House said its program will help 4 million to 5 million families do just that — if their mortgages are owned or guaranteed by Fannie Mae or Freddie Mac.

Housing Secretary Shaun Donovan stressed that homeowners don’t need to be delinquent in order to get help.

“This is necessary policy. It’s smart economics. And it’s just and fair,” Treasury Secretary Timothy Geithner told reporters.

Asked why the cost had jumped to $75 billion from initial talk of a $50 billion effort, Geithner said, “We think that’s necessary to make a program like this work.”

And he said relief would be almost instantaneous, basically as soon as rules are published March 4. “You’ll start to see the effects quite quickly”, Geithner said.

Sheila Bair, chairman of the Federal Deposit Insurance Corporation, said previous efforts had largely flopped. “We’ve not attacked the problem at the core,” she told reporters. “We are woefully behind the curve.”

The biggest players in the mortgage industry already had halted foreclosures pending Obama’s announcement.

“The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly,” Obama said. “It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.”

He issued a warning as well: “All of us must learn to live within our means again.”

He said the plan will not help those who took risky bets by buying homes to sell them, not live in them, or dishonest lenders who distorted facts for naive buyers, or buyers who signed on for loans they knew they could not afford.

“This plan will not save every home,” Obama said.

In tandem with the foreclosure plan, the Treasury Department announced it would double the size of its lifeline to Fannie Mae and Freddie Mac, seeking to bolster confidence in the mortgage giants effectively taken over by the government last fall. The government said it would absorb up to $200 billion in losses at each company, by using money Congress set aside last year, and will continue purchasing mortgage-backed securities from them.

The Treasury said the increased support for Fannie Mae and Freddie Mac didn’t reflect projected losses at the two companies. The two companies are currently projected to need a combined government subsidy of about $66 billion, well short of the new promise of up to $400 billion.

Asked about the doubling of the guarantees for Fannie and Freddie, Geithner said: “This is not a judgment about the expected losses ahead. It underscores commitment, and that is very important to help keep mortgage rates low.” Geithner said most not all of the money would come the financial bailout fund.

The president’s announcement came a day after he signed into law a $787 billion economic stimulus plan he hopes will spark an economic turnaround and create or save 3.5 million jobs.

Article taken from the associated press.

Bank Foreclosure Negotation Programs

admin — Fri, 13 Feb 2009 01:31:26 +0000

Bank Negotiation Programs

In order to consider these options you must first determine if you are able to afford your house. If you cannot live up to the obligation you might need to consider selling or giving up your house.

Forbearance Agreement:

Your lender may be able to offer a re-payment plan based on your financial situation and may even provide for a temporary reduction or suspension of your monthly payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. Your lender may have a package that you will need to complete for such a program. You must furnish the information they need to meet the requirements of the new re-payment plan. Other alternatives include a short term payment plan to cover the deficit or adding the unpaid balance to your principal. This agreement can sometimes take 30-60 days to work out so don’t wait until the last minute.

Modification Agreement:

You may be able to refinance the debt and/or extend the term of your original mortgage loan. This might make your new monthly payment affordable and allow you to catch up your back payments. A longer term will reduce your monthly payments. Use caution, it has been my experience that most lenders do not offer modification agreements.

Partial-Claim Option:

If your loan is a VA or FHA insured loan, your lender may be able to work with you to obtain a one-time payment from the VA or FHA to bring your loan back to a current status. There are several qualifications you will have to meet. You should contact the VA or FHA immediately to investigate this option. They will tell you if you qualify and help provide assistance with your current situation. They may also have additional solutions to help save your home, or provide funds. With a Partial Claim, your lender will receive the amount necessary to bring your mortgage current and a lien is placed on your property until that amount is paid back in full. This loan is usually interest free and can be paid once the property is sold.

Pre-Foreclosure Sale Option:

This option allows you to avoid foreclosure by selling your property before the foreclosure process is complete. In some cases, you Will be allowed to sell the home for less than the amount owed on the mortgage (short sale). you or the purchasing party will need to contact your bank to request a short sell package. To qualify, your loan must be at least two months in default and you must be able to sell your house within less than 5 months. Other qualifications may apply.

Deed-in-lieu Option:

As a last resort, your lender may allow you to voluntarily “give back” your property to the lender. This will not save your house but is less damaging to your credit and will help you in the long run. this will also prevent you from being subject to a deficiency judgment.

Short Sale:

In a short sale the borrower makes an agreement with an investor to sell the home for less than is actually owed, subject to approval of the lien holders. This always results in no cash to the homeowner but will be better for his credit than a completed foreclosure.