The $8,000 tax credit for first-time home buyers has been extended and expanded to include other groups of people other than new homeowners, as an added boost to the slowly recovering housing market.

Although previously set to expire by the end of this month, the passage of the legislation effectively extends the $8,000 tax break for first-time home buyers program to April 2010. More significantly, the newly-passed bill grants a $6,500 tax refund for homeowners who want to own a new home, provided they have lived in their current residence for five consecutive years within the past eight years.

The $10 billion program however, is limited to homes with purchase prices below $800,000. Additionally, individuals who earn more than $125,000 per year, and couples who make at least $225,000 annually, are not qualified to participate in this tax credit.

The National Association of Realtors estimated the $8,000 tax credit for first time home buyers or for those who haven't owned a home in three years, prompted 350,000 sales this year that wouldn't otherwise have happened.  

Realtors state that  interest rates are great, prices are low, inventory is good and the stimulus package is just a fourth bonus.

Congress is considering extending the first-time homebuyer tax credit through next June, provided buyers sign a purchase agreement by the end of April. Also, lawmakers want to offer a credit of $6,500 to repeat buyers who've owned their current home for at least five years.

Traditionally for realtors, the winter is a slower time for the real estate market. And there's no urgency for buyers to take advantage of anything. This would be great news for realtors who have had a few bad years before the tax credit package.

"Trust mills" can prey on the elderly and often convince seniors to purchase inappropriate estate planning documents and financial products. They typically contact senior citizens by mail or by telephone and offer "free" information about trusts, wills and taxes.

Seminars or programs are held at senior centers, assisted living centers or churches, where a "trust adviser" or "senior estate planner" will inform hose senior citizens in attendance of the incredible expenses and awful frustrations their heirs will encounter during the probate process.

The seniors are told about how they can take preventative measures to avoid the probate process with the establishment of a living trust. The individuals masquerading as financial advisers, estate planners or experts in estate planning are actually insurance agents looking to sell insurance and financial products.

A senior will pay a substantial amount of money to have their living trust prepared, as part of a trust mill scheme. A short time after the sale, the representative typically sets up a second visit, where they will go over all of the assets to be placed in the trust.

After learning about an individual's CD's, mutual funds, or other investments, the sales agent will often try to convince an scare the senior into believing their investments are unsafe and will recommend they purchase an annuity.

The sales agent will however fail to disclose the significant surrender penalties and adverse tax penalties they will confront by the transfer of their assets into an annuity. Annuities are a worthwhile investment but they are also very complex financial products. Before placing money in an annuity, consumers should take the time to research the product being offered because annuities are not always appropriate for everyone.

Here is some advice for seniors who are approached concerning estate planning products:

• Do not allow yourself to be forced into purchasing. Slow down and take time to think about what the company or individual is selling.

• Call the Better Business Bureau and your state's Attorney General's Consumer Protection Division to determine if any complaints have been filed against the company or individual.

• Ask the sales representative's identification and a description of his or her qualifications, education and knowledge in estate planning.

• Contact your state's Department of Insurance or the Department of Commerce to see if the individual is a licensed insurance agent or securities broker.

• Contact the local bar association to confirm if the individual has been admitted to practice law in your state.

• And the best advice is to consult a lawyer or financial adviser who is knowledgeable in estate planning and work with them on establishing a living trust, if it is appropriate. Establishing a living trust does not have to be outrageously expensive, especially if you are part of a monthly legal services plan.

There is a whole industry in which lawyers, accountants and participants with no ethics, sometimes with the help of probate courts seek to separate us from our property when certain and not always unusual situations arise. These circumstances can be set up by angry family members or questionable heirs who think they should share a piece of the pie.

This is called Involuntary Redistribution of Assets (IRA). This occurs through misuse or abuse of wills, trusts, guardianships or probate related scenarios. IRA is a calculated diverting of assets from the intended heirs and or beneficiaries.

The "end justifies the means" attitude has people engaging in unethical activities to add to their financial position and they do this without hardly blinking an eye. “Earning one’s keep” and “paying your own way” are rapidly becoming obsolete.

The potential of being targeted for IRA increases as people age and cannot take care of themselves as well. A "trusted" family member,friend or even a stranger cozies up to him or her and gains their confidence. The results of this can be life-altering for the person them self and their loved ones.

In years past it would have taken physical force to remove property from its rightful owner, but not so today. "White collar crime" is on the increase as technology and legitimized corruption have joined together with social isolation and a pervading lack of morals in today's society.

The more it happens the more it seems as a "normal" way of life. Although white collar crimes are supposedly "victimless" and without violence, they are illegal. There has been Enron; the woman who fraudulently adopted 11 children and lived off $1 million of taxpayers funds meant to take care of the children; Bernie Madoff; top government officials who don't pay their income taxes.

Involuntary Redistribution of Assets (IRA) has a new face as lawyers and other parties without morals use the legal system in their favor.  Ethics violations and breaches of trust, although technically not breaking the law still leave the victims feeling like they have been physically beaten up and robbed.

Stealing $250,000 from a bank results in a different type of law enforcement than stealing from an estate.  Occasionally estate disputes are treated as criminal offenses, but not that often and they usually end up in civil court.  Many people who get thrown into IRA battles are simply not prepared for the fight.  Unless your life has included divorce, child custody, DWI/DUI your only personal contact with a courtroom has been jury duty. A lot of good money can be lost in the court system with legal fees and court costs, just for a simple case.

Resources which are targeted for an IRA are often from a lifetime of hard work and ethical behavior and trying to avoid the legal system, perhaps not leaving a will and an estate plan. We live in a troubled economy, a society with decreased morals. Redistribution of wealth is looming its ugly head with the current mindset of a sense of entitlement.

Trusted lawyers and legal guidance is essential. Better to be prepared. Our financial health can be up for grabs without protection and knowledge. 

Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death or being incapcitated. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.

Here are a few benefits: 1) The ability to transfer wealth the way you want after your death. 2) A tax effective method of transfer so the government does not eat up 40% upon your demise. 3) Avoid unnecessary family disputes.

There are few types of estate planning: a will, trusts/power of attorney /insurance/partition/gifts/transfer of property etc. but the most commonly used type is the `will`.

`Making a will` and `estate planning` are not the same thing. A will is one of the types of estate planning, but there are other ways in which estate planning can be done- trusts/ gift /insurance/power of attorney /partition etc.

Estate planning is not only for rich people. It is meant for people who have some assets or money to bequeath on their death.  If you do have a financial planner they are certainly well aware of all your asset/liabilities and mindset/requirements but they able to design it better with the help of a legal consultant.

There are various forms of estate planning.  Which type you choose depends entirely on your situation  One type may not suit all alike. You may also need to use multiple types of planning to have an effective estate plan. Having a plan in place is of course better sooner than later. In other words don't put it off. Then it may be too late.

Not only this but...Probate costs too much! 

In most states, probate fees are set by law as a percent of the "gross" estate. Say, you left an estate consisting of your home, an automobile, stocks and bonds, savings and a few other personal possessions worth $200,000. The executor's commission and attorney's fees to probate this estate in California would amount to $10,300.  Average fees in other states range from 3.8% in Utah to 11% in Alaska. 

Probate takes too long! 

On the average, it takes two to five years to settle an estate. For all practical purposes, the estate is frozen during probate while the judges, court officials and attorneys have a field day picking it apart. The beneficiaries, in the meantime, wait, wait ...and wait. This is why many lawyers would rather write Wills, and then make a bundle when the Will is probated. 

Probate creates unwanted publicity. 

Everything in probate court is a matter of public record and, unfortunately, there are individuals who go from probate court to probate court compiling lists which are then sold to unscrupulous people who prey on widows and try to separate them from their inheritance.

Don't set you family up with headaches after you are gone...set them up for the happiness that you want them to have and it doesn't have to cost an arm and a leg!

I know you agree that everybody should have a Will.

If you've been putting it off, here's a SOLUTION...used by an ever-increasing number of people to reduce unnecessary costs and court battles...and you'll save big money? 

Did you know that if you don't have a Will, your possessions could go to someone you don't even know? It's a fact.  

If you die without a Legal Will, the State (in the form of lawyers, judges and an impersonal court system) steps in and decides who gets your assets. The division of your assets is done, not according to your wishes, but strictly according to a mathematical formula. 

The State also decides who'll administer your estate, how much he will be paid, and how he will be bonded. If you've any minor children, the court may be required to appoint a guardian. All these costs - in-eluding court costs and lawyers' fees - come out of your estate.

You can save all this expense, make sure your possessions go to the persons of your choice, and have a Will that's 100% legal and affordable. How? 

When there were a lot of home buyers and not so many affordable homes, sellers could recoup most if not all of the money they had spent for major interior renovations, such as a new kitchen or bath. They expected a fast turnaround once they their put their houses up for sale. That’s not true in today's market, housing experts say.

Curb appeal is what counts in today's crowded buyer's market. What you do inside the house doesn't matter as much as what it looks like from the outside. Upgraded siding, wood replacement windows or a new wood deck can bring would-be buyers to your door to take a look inside.

One local Realtor, Dean Ouellette specializes in the Tempe Condo market and according to Dean, the Tempe Luxury condo market and Phoenix luxurycondo market over the last few years have been hit especially hard.Both condo markets have been slower to recover than the single familyresidential market.

Dean notes that most owners of condos that have bought them recently now owe more than their condo is worth and thus are required to short sell the property when it comes time to close. Whether you are buying or selling a short sale property, it is important to work with anagent who specializes in short sale and foreclosure transactions.

Dean Ouellette spends a tremendous amount of time studying andworking in the Tempe and Phoenix condo markets. He has the knowledge tohelp you buy or sell your condo in this challenging market. If you arelooking to sell your Tempe condo and need someone who has successfullydealt with condo short sales or you are looking to purchase a condoforeclosure Dean can help.

1. Dumpster diving: They rummage through trash looking for bills or other paper with your personal information on it.
2. Skimming: They steal credit/debit card numbers by using a special storage device when processing your card.
3. Phishing: They pretend to be financial institutions or companies and send spam or pop-up messages to get you to reveal your personal information.
4. Changing your address: They divert billing statements to another location by completing a change of address form.
5. Old-Fashioned stealing. They steal wallets and purses; mail, including bank and credit card statements, pre-approved credit offers, new checks or tax information. They steal personnel records or bribe employees who have access.
6. Pretexting. They use false pretenses to obtain your personal information from financial institutions, telephone companies and other resources.

Spend 90% of the money you'll have available with your kitchen remodeling ideas. Save 10% for mid-project surprises.

How extensive your remodel will be may be as simple as repainting wood cabinet doors and walls. You may want new countertops and faucets. Or it might be a matter of gutting the entire kitchen and starting from scratch.

The more extensive means more expensive. This is the stage to get some rough pricing for different aspects of your kitchen remodeling ideas. Weigh the costs against your budget.

Some people will argue that it's ok to borrow for a kitchen remodel, since it is making your home more valuable. If you do borrow, consider repaying the loan while you still live in your home because you'll still end up repaying the loan when you sell and that means less money in your pocket.

Dear Huntington National Bank -

The addendum you are requiring potential home buyers to sign before you will even look at their offer is, in my opinion, ludicrous and borders on criminal.

I’ve seen a lot of banks put a lot of asinine things in theiraddendums that makes me question whether you people have a lick ofsense, but you guys win the grand prize.

You all should be ashamed of yourselves and you should fire whoever wrote this load of bullshit you’re requiring people to sign.

Good luck with your attempts to fleece home buyers...

While this may seem a little bit odd - the truth is that many banksare wanting home buyers to sign all kinds of stuff or even worse -- getpre qualified with one of their lenders.

If you are having these kinds of problems, make sure that you knowthat they are not "normal" and be sure to work with your Realtor aboutwhat you can and cannot do.

And if your Realtor isn't exactly clear on what they can and cannotdo, then you may want to ask a local RE attorney, they will be moreclear.

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The Energy Star® Windows Program is an excellent place for homeowners to review their options for the best energy efficient windows.

Originally, the Energy Star® Program was founded in 1992 as a labeling program headed by the Enivronmental Protection Agency (EPA). At first, the labels were put only on computers and computer monitors, but soon thereafter, the Energy Star® Program teamed up with the US Department of Energy, and by 1996, many more product categories began to gain the label including most if not all appliances and home improvement goods, such as replacement windows, doors, and skylights.

Now, the Energy Star® Program is affiliated with over 15,000 private and public sector organizations that all help consumers find the energy efficient products they need, including the best energy efficient windows, doors, and skylights.

Amazingly, it was estimated that, through the Energy Star® Program, $18 billion dollars was saved in 2008 alone. Every replacement window bearing the Energy Star® label purchased and installed has helped, and will continue to help, this amount of savings rise year by year.

This trend is also due to the fact that more consumers than ever are aware of the Energy Star® Program and its applicability to over 60 product categories including the best energy efficient windows, doors, and skylights.

How long does a foreclosure stay on your credit report? 

A home foreclosure by law can stay on your credit report for up to seven years. You will find it under the "Public Information" section of your report, which lists any legal judgments that have been made against you (to include a court-approved foreclosure).

The next logical question that most people have is, "How will a foreclosure impact my credit score?" So I'll go ahead and address that one too. Having your home foreclosed upon by a lender will do serious damage to your credit score. As far as your credit history goes, it's one of the worst things that can happen. So if at all possible, you should try to avoid foreclosure altogether. 

Now, a foreclosure won't destroy your credit forever. It may be seven years but it’s possible during that period to improve your score (after the initial damage has been done). As time goes on the foreclosure will have less of an impact on your overall score 

How long does a foreclosure stay on your credit report?

Another question is, "How many points will my credit score drop after the foreclosure process?" It's impossible to make an exact prediction, but your score will certainly take a hit -- and a big one at that. 

Here are a few solutions that the unemployed could look into: 

The most important thing for a lender is proving you have a steady source of income. For example, you may be a freelancer without a W-2. A "no-documentation" loan is designed for the self-employed or business owners who don't have a steady income. 

This loan requires a credit history and assets instead of proof of employment and salary. These loans can be  more expensive, a percentage point above the market average. They may not work for someone seeking to refinance at a lower rate. 

Having good credit should help get a loan refinanced, but the rate will be higher than the market average. A high amount of equity in the range of 30% to 40% will be needed to refinance. 

Lender standards have really tightened and more documentation will be needed on  how they'll be repaid. There will be no more lying on loan applications about your job.

How do I negotiate a mortgage refinance if I have lost my job?  

Another point is that unemployment benefits are steady income, they're only steady for 26 weeks or so, so that money can't be counted on to make house payments. Not much help for the unemployed is given by the the Obama administration's Making Home Affordable program as it deals with mortgage modification. The government is considering extending unemployment benefits once again, for just this reason.

Another way to refinance is having a co-signer for the mortgage. It can be a close friend, spouse or relative. A relationship can quickly go bad if you can’t make payments and they had to take on the entire loan amount.

A co-signer might however be a short-term solution if you're in the middle of buying a home and suddenly lose your job. Once you get a job you can refinance and take their name off the mortgage.

The best idea once you lose your job and want to refinance your home is to ask the lenders how to refinance. Banks don't want you to foreclose and may be able to modify a loan for the unemployed for a certain amount of time. Lowering  your monthly payment and extending the length of the loan, although not  ideal, can keep you in your house and your payments current. 

by Guest Author Jeanelle Deppner

The perfect bathroom can be a wonderful retreat, but unfortunately remodeling a bathroom can be very expensive. A contractor can easily consume your budget because it takes a lot of time and work to remove tiles and fixtures, and install new ones. It can easily run tens of thousands of dollars. If you want to update your bathroom but cannot afford to spend that much try some of these tips.

Do Only What You Have to

Do not replace things that you do not have to. If your flooring, bathtub, and other fixtures are in good shape, then do not get rid of them. Instead update them by adding a fresh coat of paint to the walls and floor. Add a new shower curtain, towels, and accessories. These objects will make the room look like new again. Work with the room rather than against it. If your bathroom has vintage tile, for example, then bring in other pieces that look vintage. Change out the faucet with one an antique looking one. Bring in colors and accents from that time period, like lime with black and white for a 1950's style bathroom.

You may be surprised how much of a difference painting and adding new hardware will make to your cabinets. Showers can look dated, especially if they are not porcelain white, so disguise it with a classy shower curtain that will completely hide it.

Pick a Theme for Your Bathroom

Decorating you bathroom with a theme will make a strong statement, and with so many themed items available in stores, it is easy. You can find everything from undersea creatures to monkey shower curtains to more sophisticated floral designs. Most stores sell complete themes, so you can find everything from a shower curtain to towels to a toothbrush holder all in the same line.

Pick a theme that goes with what the tiles and fixtures that you already have. For example, pick colorful sea creatures or a nautical theme if you have blue or green tiles. Pink, blue, and purple go great with a garden theme. If you have a basic black and white background, then use graphic bright colors or stick with a white shower curtain and black and white accents. A few well-placed accents can transform your bathroom into a rainforest or an undersea haven.

Easy Remodeling

• Dark wood paneling dates a bathroom and makes it appear small and dark. It is relatively simple to sand the walls, prime them, and then apply a fresh coat of paint.
• Installing new lighting features is a relatively inexpensive way to modernize your bathroom. It also gives you the chance to get better lighting.
• Vinyl and ceramic tiles are easy to install and are a great choice if your floor is worn or outdated.

Jeanelle Deppner writes for WallDecorandHomeAccents.com, a site featuring: wooden art sculptures and unique wall art decor.

Article Source: http://EzineArticles.com/?expert=Jeanelle_Deppner
 

Good credit score ratings, money down and a good realtor will get you a home.  But what are the mystery ingredients of your credit scores?

And there are 3 credit score ratings to take into account…Experian, TransUnion and Equifax which create a special scoring model developed by Fair Isaac Corporation, the “FICO” score.

1. Your debt-to-income ratio, which is the comparison between your take home pay every month and the amount you owe on your bills (car payment, credit card bills, loans,  utilities, insurance etc.)

2. History of payment on credit cards and car loans makes up a major part of your credit score ratings, 35% that is. A History of timely payment of bills will help your score, but a history of missed payments on a regular basis will not.

3. Your total amount of debt. If you have a lot of debt, maybe more than you can afford pay off then this will be shown in your credit score ratings.

Moral to the story: if you need to improve your score, pay your bills on time and minimize your debt.