Once a homeowner gets a notice of default, the clock is ticking, and depending on state foreclosure laws, a foreclosure lawsuit can be next. The lender sends a foreclosure complaint to the borrower, who needs to be ready with a response and an action plan.

Is a Foreclosure Complaint Coming Your Way for a Second Time?

There’s more than one way to look at the foreclosure stats, and one explanation for increased filings is that lenders are starting to get derailed “robo-signing” foreclosures and other dismissed cases back on track.

Florida continues to lead the nation in foreclosures, and its courts forced a response to robo-signing. Lenders must swear to the truth and accuracy of information in a foreclosure under revised affidavit requirements. Lisa Wilcox, a St. Petersburg, Florida real estate attorney, shared her experiences in helping clients cope with a foreclosure. Wilcox commented, “Many foreclosure cases have been dismissed, either based on lack of documentation or the lender filing the foreclosure lawsuit lacked standing.”

Dismissed Cases, Lender Limbo and Alternative Solutions

Wilcox has seen an increase in refiled foreclosure cases, after a first try fails. One defense a homeowner has is to demand that the lender produce the note for the loan, and it’s nowhere to be found. “I see this a lot,” says Wilcox, “When the note can’t be produced, judges are lenient at first, usually giving lenders 45 days to act, but they can’t fix the situation.” The result? The case is dismissed. “It’s an ongoing limbo,” observes Wilcox, adding she has seen foreclosures drag on for 1 or 2 years, with owners staying in the home in the meantime.

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It’s not the last an owner in foreclosure will hear from the lender. “Lenders will have to come back and file a new case, eventually,” explains Wilcox. A case might not end with a foreclosure sale, though. Wilcox says, “Banks know when they don’t have documentation, and they’re a lot more willing to work with you rather than go through the foreclosure process again.” Wilcox also adds that a case might be resolved through mediation, finding an option more agreeable to both sides than foreclosure. More cases are ending with deeds in lieu of foreclosure and short sales.

Foreclosure Defenses: Finding Options and Getting Help

One common denominator in foreclosures, regardless of state laws, is that a homeowner won’t have much time to respond. When faced with a Florida foreclosure complaint, an owner only has 20 days to file a response with the court.

Any homeowner could find the situation hopeless and ask whether there are any real options. Foreclosure defense options are out there, which may surprise many borrowers. Do distressed homeowners know a legal defense against foreclosure is possible? What’s the typical reaction when the foreclosure complaint arrives? Wilcox answers, “A lot of owners are in shock or embarrassed, and wait beyond the allowed 20 days to do something, and judges can be a little lenient.”

Getting to a lawyer makes a tremendous difference in how any given foreclosure case will end. Wilcox says cases vary locally, sometimes a lot, from county to county. If a lender refiles a foreclosure, it looks to see whether or not the owner has a lawyer, and that can impact whether or not a foreclosure alternative, ranging from loan modification to a deed in lieu of foreclosure is used.

How about owners who go it alone without legal help? Wilcox says, “When homeowners try to make arguments or defenses, the court may not take it as seriously, or see the legal argument the owner is trying to make.”

It’s best to seek out a lawyer’s help sooner rather than later, but later doesn’t mean there aren’t answers. Wilcox says, “Say a sale date is pending, there are things you can do, such as file for bankruptcy. Owners are shocked there may be a chance to keep their home, or at least stay longer.”

Watching for New Foreclosure Solutions

Foreclosures aren’t going away anytime soon. Wilcox notes some new foreclosures filings result from failed loan modifications, or a homeowner can’t recover from a financial crisis. A new job may not be enough to get a needed refinancing, or to come up with a lump sum to reinstate an existing mortgage.

Wilcox describes a possible solution by state lawmakers, “We may see state lawmakers step in with a solution borrowed from landlord-tenant law. When there’s a dispute, rent is paid into the court until the problem is resolved. The same idea could apply to foreclosure. When a borrower is serious and pays the mortgage into the clerk of the court, it protects both the banks and the borrower, and promotes finding a solution.”

Stay tuned when it comes to foreclosure; in some respects, it’s a new world out there, from the “for sale” signs on your street, to your mortgage documents and in the courts.

Heather McGowan co-authors the Lawyers.com blog.

Article SourceAllstar Realty Inc – 8751 W Broward Blvd Suite 304 – Plantation, FL. 33324
Serving South East Florida, Palm Beach, Broward and Miami Dade County.
Fort Lauderdale, Hollywood, Boca Raton, Miami, Hialeah, Miramar, Pembroke Pines,
Davie, Coral Gables, Weston, Southwest Ranches, Cooper City, Lauderdale by the Sea,
Pompano Beach, Coral Springs, Parkland, Miami Lakes, Kendall.

Tax reform measures are enacted frequently by Congress, which makes it hard for U.S. taxpayers to know which deductions are currently available to help lower their tax liability. In fact, the head of the IRS once said that millions of taxpayers overpay their taxes every year because they overlook one of the many key tax deductions that are available to them.

1. One of the most overlooked deductions is state and local sales taxes.
2. Taxpayers may be able to take deductions for student-loan interest, out-of-pocket charitable contributions, moving expenses to take a first job, the child care tax credit, new points on home refinancing, health insurance premiums, home mortgage interest, tax-preparation services, and contributions to a traditional IRA.

Of course, some tax deductions disappear as adjusted gross income increases. And some deductions are subject to sunset provisions, which your tax professional can help you navigate.

Another key deduction is unreimbursed medical and dental expenses. For medical and dental bills paid during the past year that weren’t covered by insurance, a household may be able to deduct the amount that is greater than 7.5% of its adjusted gross income when calculating income taxes.

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Remember that you may only deduct medical and dental expenses to the extent that they exceed 7.5% of your adjusted gross income and were not reimbursed by your insurance company or employer.

In addition to medical and dental expenses, certain miscellaneous expenses — primarily unreimbursed employee business expenses — can be written off if they exceed 2% of adjusted gross income. Some of the expenses that qualify for this deduction are union dues, small tools, uniforms, employment agency fees, home-office expenses, tax preparation fees, safe-deposit box fees, and investment expenses. Your tax advisor will be able to tell you exactly what’s deductible for you.
The end of the year is the time to take one last good look to determine whether you qualify for a tax credit or deduction or whether you’re close to the cutoff point.
If you’re not close, you may opt to postpone incurring some medical or other expenses until the following year, when you may be able to deduct them.
On the other hand, if you’re only a little short of the threshold amount, you may want to incur additional expenses in the current tax year.

With a little preparation and some help from a qualified tax professional, you may be able to lower your income taxes this year. You just have to plan ahead.

To ensure compliance with requirements imposed by the IRS, we inform you that, unless specifically indicated otherwise, any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any tax-related matter addressed herein.

Article SourceAllstar Realty Inc – 8751 W Broward Blvd Suite 304 – Plantation, FL. 33324
Serving South East Florida, Palm Beach, Broward and Miami Dade County.
Fort Lauderdale, Hollywood, Boca Raton, Miami, Hialeah, Miramar, Pembroke Pines,
Davie, Coral Gables, Weston, Southwest Ranches, Cooper City, Lauderdale by the Sea,
Pompano Beach, Coral Springs, Parkland, Miami Lakes, Kendall.

Canadian-controlled private corporations (CCPCs) can increase their spending for study and improvement along with other appropriate attempts by acquiring Canadian tax credits. The government, in its effort to fast track industrial development, presents investment tax credits (ITC) for Scientific Research and Experimental Development (SR&ED) completed from the country. The reduction will be as up to 35 percent for that preliminary $3 million of accredited costs. Corporations, proprietorships, partnerships, and trusts owned by Canadian entities can apply for about 20 percent ITCs for appropriate expenses.

Launched in the 1980s, the country’s SR&ED tax credit program attempts to inspire businesses of all sizes, in particular Startups and SMEs to conduct applied R&D for new, improved, or technologically advanced products, processes, principles, methodologies, or materials. This incentive program targets high-tech companies along with other ventures with SR&ED programs too. It offers in excess of $4 billion in ITCs to an approximated 18,000 businesses on a yearly basis, most which are small businesses.

The plan stipulates that any kind of SR&ED expense may earn ITCs or cash refunds or both. A qualified Canadian tax credits claim may include those for wages, materials, machine, personnel training expenses, property taxes, overhead outlay, and other contracts from the following activities:

1. applied research to enhance scientific knowledge for a specific practical application;

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2. basic research to improve scientific knowledge for a specific practical application;
3. experimental development to attain a technological advancement to create or improve materials, products, processes;
4. assist projects in engineering, design, operations research, mathematical analysis, computer programming, data collection, testing, or psychological research for endeavours commensurate with and directly support the efforts mentioned previously.

The actions which are detailed below aren’t covered by the tax credit score:

1. social science and humanities research;
2. commercial production of a new or improved material, product, or process;
3. market research or sales promotion;
4. QC or QA testing of materials, devices, products, or processes;
5. data collection;
6. prospecting, exploring, or drilling for or producing minerals, petroleum, or natural gas; and
7. developments that are based solely on design or routine engineering practices.

The quantity of ITC depends upon the corporation’s legal position and quantity of qualified expenses for SR&ED completed in the country. For a successful claim, be sure that just about all support activities required to conduct or verify the direct SR&ED activities. Include also all labour-related expenses, and the cost of contractors and consumed materials.

CCPCs that prefer to acquire the plan must ask for relevant information in a Canada Revenue Agency branch close to your location. When applying, make sure that all application forms are completely and correctly filled out. For hassle-free processing, attach the vital paperwork such as the T1 or T2 tax returns. The application procedure may well take as long as 120 calendar days for refundable claims, 365 for non-refundable ones, and 240 calendar days for claimant-requested adjustments to non-refundable claims.

In case your claim may well not be approved, you can find other investment fundings readily available in a few territories, which supply supplementary tax incentives. As an example, the Northwest Territories and Nunavut supply a 15 % tax credit under the Risk Capital Investment Tax Credits Act. Alberta presents funding by means of a comparable science and research investments grant program whilst Prince Edward Island gives non-repayable grants under diverse funds. Other private entities supply R&D support initiatives such as the Industrial Research Assistance Program of the National Research Council of Canada.

Review your alternatives for obtaining R&D tax credit since the country has many federally and privately funded programs aimed especially for the techno-industrial sector. Go online and learn ways to initiate your design plans sooner.
Gerald Husk is an R&D consultant for tech companies that gives advice on when to acquire Canadian tax credits. He recently assisted a pharmaceutical laboratory apply under the SR&ED tax credit program.
Article SourceAllstar Realty Inc – 8751 W Broward Blvd Suite 304 – Plantation, FL. 33324
Serving South East Florida, Palm Beach, Broward and Miami Dade County.
Fort Lauderdale, Hollywood, Boca Raton, Miami, Hialeah, Miramar, Pembroke Pines,
Davie, Coral Gables, Weston, Southwest Ranches, Cooper City, Lauderdale by the Sea,
Pompano Beach, Coral Springs, Parkland, Miami Lakes, Kendall.

What Is A Loan Modification Program? How can it help me?

Every day in the “new economy” thousands of homeowners are exploring their options when it comes to saving their homes.

One of those options is a loan modification program.

There are different types of loan modification programs available. If you’re considering a modification make sure you choose the program that will be the most beneficial to you.

What Is A Loan Modification?

When a homeowner over time can no longer make their monthly mortgage payments…he or she may contact their lender to request a “modification” of their current loan.  This modification may or may not result in lower payments for the homeowner depending on the type of modification one chooses.

There are different loan modification programs to fit different situations

Let’s take a look at each one.  

Term Extension Loan Modification Program

With this kind of loan modification, you are asking for “more time” to repay your loan.  With a longer term to pay…you would also have a lower monthly payment.  The length of the extension cannot be any longer than your current payment term.  So if you had 15 years to pay off your mortgage..you would be allowed no more than an additional 15 years.

Reduced Interest Rate Modification

With this kind of loan modification program, the lender will reduce the interest rate for the remainder of your loan.  This will automatically result in a lower monthly payment.  Remember this will only reduce the interest not the principle on your loan.  

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Step Rate Loan Modification Programs

Unlike the reduced interest program which extends the life of your loan…the step rate loan begins with a reduced interest rate and gradually returns to your current rate over a short period of time.  So if you are certain that you will be able to get back on your feet financially within a few years…this may be the right program for you.  But it’s important to really take a hard look at your finances before taking this route.  

The rate reduction is only good for a few years.  After that…you will be back to making the same monthly payments you had before the step rate loan modification.

Straight Capitalization Loan Modification

This program is probably the least beneficial to most homeowners seeking to keep their homes out of foreclosure.  Why? Because with this program you will have a higher monthly payment.  

All overdue interest is added to your current principal balance.  You now have a “modified balance” that will be ” amortized.”
An amortized loan means you will have to make both  principal and interest payments.  As opposed to an “interest only payment” loan for example.  Again this is where having a clear picture of your finances is crucial.

Loan Modification Program-Combination

Since every homeowner’s situation can and is very different…there is always the possibility that none of the above loan modification programs will be exactly what you need.

It is a common practice among lenders to “combine” modifications in order to come up with something that will work for the homeowner’s situation.

For example, a lender may combine the reduced rate and term extension modification programs. This gives the home owner lower monthly payments and more time to pay off the loan.

Take Your Time And Consider Each Option

Any loan modification program has a two fold goal.  

First, to help the homeowner by giving them options that will allow them to still make monthly payments, but at an amount they can comfortably afford.

Second, the lender whenever possible would rather modify a loan and work with the homeowner.  The expense and time it takes to go through the foreclosure process makes modifying the loan more advantageous and profitable in the long term.

So before you choose a loan modification program, look over your current finances with a fine tooth comb.  If one loan modification doesn’t quite offer what you need…negotiate the terms with your lender.  Try to get your lender to combine the programs.  

Remember, in every modification we’ve discussed you must make your payments on time. Failure to do so could leave you in danger of foreclosure.

Finally, if you decide to apply for any loan modification program…don’t wait too long. If you’re in  financial trouble, the sooner you contact your lender…the better.
To learn how to qualify for a loan modification, just visit Mortgage Loan Modification. 
Article SourceAllstar Realty Inc – 8751 W Broward Blvd Suite 304 – Plantation, FL. 33324
Serving South East Florida, Palm Beach, Broward and Miami Dade County.
Fort Lauderdale, Hollywood, Boca Raton, Miami, Hialeah, Miramar, Pembroke Pines,
Davie, Coral Gables, Weston, Southwest Ranches, Cooper City, Lauderdale by the Sea,
Pompano Beach, Coral Springs, Parkland, Miami Lakes, Kendall.

If you’re a seasoned tax filer, you don’t ever overlook tax deductions like mortgage interest, student loan interest, real estate property taxes, and state taxes. Still, plenty of little-known tax deductions hide deep in the tax code, tricking you into leaving tax refund money on the table.

This list of commonly overlooked personal tax deductions will help beginners and experts alike discover major savings this tax year.

Major Purchases, Family and Home

1. Dependent parents. If you’re providing more than 50 percent of your parents’ financial support, and their expenses exceed 7.5 percent of your adjusted gross income, you may qualify for a big deduction.

2. Sales tax on a new vehicle. This deduction comes with a lot of restrictions and stipulations — If you purchased a new car recently, you may be able to deduct the sales tax on the purchase, even if you don’t itemize your deductions. Depending on your filing status and income, your deduction might be a little lower. ( is not applicable  if you make more than $135,000)

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3.  Origination Fees and Mortgage loan discount. If you have purchased a house recently, you got to check your Good Faith Statement and deduct any mortgage origination fees or discount points that you paid. The IRS considers all of these expenses prepaid mortgage interest, and they are always deductible for primary residences.

4. Energy efficiency improvements on your home. Improvements like installing doors, windows, a water heater, furnace, or air conditioner, you may be able to deduct up to $1,500 off your  tax bill.

Volunteering

5. Childcare expenses when volunteering. If you paid a babysitter to watch the kids while you volunteered for your church or other non-profit organization, you can deduct that expense on your taxes.

6. Mileage for volunteer work. If you travel a long way to volunteer for a charity, you can deduct the IRS-determined mileage allowance for your commute back and forth.

Work and School

7. Business meals and entertainment. If you’re a small-business owner who takes prospective or current clients out often, you’re incurring a great deal of expenses for meals and entertainment. Keep these expenses separate, because you can deduct 100% of the cost of entertainment and 50% of what you spend on meals.

8. Continuing education deductions. If you itemize your deductions, don’t miss out on these miscellaneous itemized tax deductions: Subscriptions to professional publications, dues paid to professional associations, investment advisory fees, costs of a safety deposit box, and tax-preparation fees.

If you liked this article, you can read more at www.thefinancialtalk.com

Working on some interesting web projects and businesses. And having fun doing it
Article SourceAllstar Realty Inc – 8751 W Broward Blvd Suite 304 – Plantation, FL. 33324
Serving South East Florida, Palm Beach, Broward and Miami Dade County.
Fort Lauderdale, Hollywood, Boca Raton, Miami, Hialeah, Miramar, Pembroke Pines,
Davie, Coral Gables, Weston, Southwest Ranches, Cooper City, Lauderdale by the Sea,
Pompano Beach, Coral Springs, Parkland, Miami Lakes, Kendall.