Watch out for phony HUD website!!!

One of my preferred Mortgage lenders sent me this just moments ago...

Please see the email below from the Oklahoma City HUD Director’s Office…

HUD staff please let your customers know that there is a deceptive website out there that is posing as HUD. This website tries to dupe people into giving out personal information (known as “phishing”) - and because they’ve made their site appear to be an “official us government website”, some people may fall prey to this scam.
The website is: http://bailout.hud-gov.us/
The IG has been notified, and is investigating.
Ryan Abrahamson Sales Manager Universal Lending Corp.
970-225-2800 office 970-222-9024 cell 866-802-0437 fax rabrahamson@ulc.com
300 E. Horsetooth Rd, Ste 200 ~ Ft. Collins, CO 80525

Thanks, C.J.!

I love learning new things, new ideas or new concepts...I just do!!!!

I was out looking at a house with a client, we'll call her C.J., because that's her name(!) and we were talking about real estate stuff in general and I made the comment that there were a lot of +'S and -'s to buying a house and one of the +'s is that the mortgage interest deduction is still, even if Obama's thing about reducing the deduction for those who make over 250k is reduced (which is really not "true" because by the time a lot of folks who make way over 250k take advantage of legal tax deductions their taxable income is less than 250k...), is still the largest tax deduction most of us get!
That's the good news.
The bad news is that the new home owner doesn't "feel" that benefit until they file their taxes the following year.
We had gotten on to this subject because we were talking about "payment comfort level" and how buying can frequently be cheaper than renting one the tax consequences take ahold...
The concept here being that one can make a payment higher equal to or higher that one's rental payment and still it is "cheaper" because one's tax liability is significantly reduced.
"Significantly?", you ask.
"Yes.", replies your accountant as he then goes into accounting nuances that are unique and specific to each individual so I don't/won't go there.

So, anywho, she said, "Well, that's why I'll sock away $3,000 until that 'more money in my pocket' shows up next year and out of the $8,000 I'll still have enough money to pay off an irritating credit card bill and have the tuition for schooling for Medical Transcribing."

I took a 'lil poetic license there, but that's what she meant...I believe.

That sounds to me like what this Home Buying Stimulus Incentive is all about, huh!

Thanks, C.J.!

8k Home Buying Stimulus Confusion

Penny Kast, my S.H.O.P. lender partner from First National Bank had a S.H.O.P. (Sensible Housing Opportunity Program) Workshop on Saturday and attendance was limited, but that's just part of the age old marketing dilemma of how do you get folks to attend????
The demise of the Rocky Mountain News speaks volumes for the ineffectiveness of print advertising.
$8,000.00 is a goodly amount of cash and there are a some myths that need to go away!
Myth #1...You do not have to be a First Time Home Buyer, per se.
A First Time Home Buyer is anyone who has not owned a home in the last 3 years!!!!!!! You could have owned 12 homes in the past but not owned one for the last three years and you're considered a 1st Time Buyer!
Myth #2...The money does not have to be applied to the purchase of the home!!!!
I'm working with a lady right now who wants to muse it for tuition!!!!
Myth #3...That it's a Tax Credit and not cash.
It is...but it's not. It's funded along with you're IRS Refund. If you have a refund coming of $400.00, your refund check will be for $8,400. If you owe $400.00 you will get a check for $7,600.
In any event, you need to check with your accountant.
Lemme know if you have any thoughts or questions...
Gotta run....