Gerard Scheffler, GRI ,ADPR
Real Estate Broker -Home Gallery ,Inc
Senior Mortgage Consultant-Forum Mortgage Bancorp
schefflergerard@gmail.com
www.scheffler.listingbook.com
www.forummtg.com
cell 773 909-3346
About Me
-
Gerard Scheffler- Default and Distressed Property Sales Expert (773) 909-3346
www.chicagolandhomegallery.com - Park Ridge, Illinois, United States
- Gerard Scheffler has been very actively involved in the real estate profession for over seven years. In 2005, immediately after receiving his Broker’s License, he established his first Chicago based brokerage company. The company turned out to be very successful with hundreds of satisfied customers and millions of dollars in closed real estate transactions. Over the years, Gerard has developed a network of returning customers who always refer his services to their family and friends. He is presently a managing broker at Home Gallery Realty brokerage firm specializing in default and distressed property sales. Regardless of his professional development and success, Gerard is constantly looking for ways to improve his skills as well as build his company image and reputation. He is very hardworking and aggressive when it comes to representing his customers ‘ real estate needs and doing his job right. He will work with you to ensure that your property is sold for the highest price possible in the shortest amount of time with the least amount of inconvenience to you. Area of service includes Cook, DuPage, Kane, Lake and Mchenry County in the State of Illinois.
Thursday, February 11, 2010
FIND AND BUY BANK OWNED / FORECLOSURE HOMES WITH ME !!!
Friday, February 5, 2010
Tax Breaks 101: New Deductions and Credits to Stimulate Economy
This may be the tax season where even die-hard do-it-yourselfers break down and hire a preparer or at the very least invest in some tax software. Taxes are more complicated than usual with all the new deductions and credits created last year to stimulate the economy. And in some instances, Congress went back to revise and expand the tax breaks. The popular home buyer credit, for instance, is on its third version. "You can't just sit down with last year's return and make sure you fill in the same lines and think you got everything coming to you," says Harris Abrams, a senior tax analyst with Thomson Reuter's Tax & Accounting. Fortunately, many of the new tax breaks are credits, which are better than a deduction because they reduce your bottom-line tax bill dollar-for-dollar. So before you fill out your return, here's a refresher on some of the key tax breaks this season: Donations to Haiti
If you made a charitable donation for earthquake relief in Haiti, you can deduct it on your 2009 itemized return instead of waiting until next year. This applies to cash gifts-not clothes or other property-made by check, text message or credit cards before March 1, 2010. As usual, donations must go to qualified charities, and you'll need a receipt. For donations made via text message, a phone bill with the name of the charity and details of the gift will suffice. Making work pay credit
This credit is worth up to $400 a year for singles and $800 for joint filers within certain income limits. It was designed to put money quickly into consumers' hands by having employers reduce the amount of taxes withheld in paychecks. Even though you got some or all of the money last year, you will need to fill out the new Schedule M if filing a Form 1040 or 1040A to officially claim the credit. That said, more than 15 million taxpayers are in for an ugly surprise, according to an estimate by the Treasury Inspector General for Tax Administration. Their refunds may be reduced or they might owe more in taxes because their employers wound up taking out too little for taxes. This can happen to workers with multiple jobs, two-income couples or dependents with wages, says Melissa Labant, technical manager for the American Institute of Certified Public Accountants. Something similar can happen to workers with multiple employers reducing withholdings, Labant says. And dependents don't qualify for the credit, so they may have to make up for a shortfall in tax withholdings, she says. The Making Work Pay credit is in effect for this year, too. If you didn't have enough taxes withheld last year, adjust your W-4 now so your employer increases your tax withholdings. Home buyer credit
Originally, the $8,000 credit was only for first-time home buyers. Now, long-time homeowners can get a credit of up to $6,500 if they bought a new principal residence after Nov. 6 and lived in their old homes for at least five years in a row in the past eight years. The income limits for eligibility also were raised late last year and the deadline extended. You now must have a house under contract by the end of April, and close the deal by the end of June, and you can claim the credit on your 2009 return. But you won't be able to file a return electronically when claiming the credit. Blame all the fraudulent home buyer claims last year-that cost taxpayers millions of dollars. To fight fraud, the IRS requires that you file a paper return and submit proof that you bought a house. If you're claiming the $6,500 credit, you'll need to document that you meet the five-year residency requirement. The IRS will start processing these paper returns in mid-February, and the earliest refunds will go out toward the end of March. If you don't provide full and accurate information, count on your refund taking longer. Car sales tax deduction
If you bought a new car, motorcycle or mobile home between Feb. 17 and the end of 2009, you may be able to deduct the sales tax paid on the first $49,500 of the purchase price. You don't have to itemize to get this deduction. The tax break starts phasing out once income hits $125,000 for singles and $250,000 for joint filers. Energy credits
Congress expanded these for energy-conscious homeowners. For 2009 and this year, claim a credit worth up to 30% of the cost-not to exceed $1,500 over the two years-of adding energy-efficient windows, doors, heaters, air conditioners, water heaters and heating systems. Add a solar water heater, wind turbine, geothermal heat pump, solar electric systems, and the credit is worth 30% of the cost with no dollar limit. Help for the unemployed
For 2009 only, you won't have to pay income taxes on the first $2,400 of unemployment benefits received. Also worth noting is the recent expansion of the COBRA subsidy, although this isn't a tax break. Uncle Sam has been paying 65% of the health insurance premiums for unemployed workers buying coverage under COBRA, the federal law that allows ex-employees to remain on an old employer's health plan for up to 18 months. This subsidy was recently expanded by six months so unemployed workers can receive assistance for a total of 15 months. It applies to workers who lost their jobs from Sept. 1, 2008, through the end of next month. Education credit
The $2,500 American Opportunity Tax Credit for higher education improves upon the old Hope Scholarship credit. "For most people, it's going to be the credit of choice in the education area," says Mark Luscombe, principal tax analyst with CCH, publisher of tax information. The Opportunity credit covers the first $2,000 spent on tuition, fees, books and required materials, and 25% of the next $2,000 in expenses. You can claim it in any of the first four years of college. And 40% of the credit is refundable, so if you don't owe any taxes you can get as much as $1,000 back in a refund. The credit begins to disappear once income reaches $80,000 for singles and $160,000 for joint filers. Boost your savings
For the first time, you will be able to direct the IRS to use all or part of your refund to buy U.S. Savings Bonds. You can buy up to $5,000 worth of Series I bonds designed as a hedge against inflation. The bonds, sold in multiples of $50, will be mailed to you later. To buy the bonds or have the IRS split your refund among different bank accounts, fill out Form 8888.
If you made a charitable donation for earthquake relief in Haiti, you can deduct it on your 2009 itemized return instead of waiting until next year. This applies to cash gifts-not clothes or other property-made by check, text message or credit cards before March 1, 2010. As usual, donations must go to qualified charities, and you'll need a receipt. For donations made via text message, a phone bill with the name of the charity and details of the gift will suffice. Making work pay credit
This credit is worth up to $400 a year for singles and $800 for joint filers within certain income limits. It was designed to put money quickly into consumers' hands by having employers reduce the amount of taxes withheld in paychecks. Even though you got some or all of the money last year, you will need to fill out the new Schedule M if filing a Form 1040 or 1040A to officially claim the credit. That said, more than 15 million taxpayers are in for an ugly surprise, according to an estimate by the Treasury Inspector General for Tax Administration. Their refunds may be reduced or they might owe more in taxes because their employers wound up taking out too little for taxes. This can happen to workers with multiple jobs, two-income couples or dependents with wages, says Melissa Labant, technical manager for the American Institute of Certified Public Accountants. Something similar can happen to workers with multiple employers reducing withholdings, Labant says. And dependents don't qualify for the credit, so they may have to make up for a shortfall in tax withholdings, she says. The Making Work Pay credit is in effect for this year, too. If you didn't have enough taxes withheld last year, adjust your W-4 now so your employer increases your tax withholdings. Home buyer credit
Originally, the $8,000 credit was only for first-time home buyers. Now, long-time homeowners can get a credit of up to $6,500 if they bought a new principal residence after Nov. 6 and lived in their old homes for at least five years in a row in the past eight years. The income limits for eligibility also were raised late last year and the deadline extended. You now must have a house under contract by the end of April, and close the deal by the end of June, and you can claim the credit on your 2009 return. But you won't be able to file a return electronically when claiming the credit. Blame all the fraudulent home buyer claims last year-that cost taxpayers millions of dollars. To fight fraud, the IRS requires that you file a paper return and submit proof that you bought a house. If you're claiming the $6,500 credit, you'll need to document that you meet the five-year residency requirement. The IRS will start processing these paper returns in mid-February, and the earliest refunds will go out toward the end of March. If you don't provide full and accurate information, count on your refund taking longer. Car sales tax deduction
If you bought a new car, motorcycle or mobile home between Feb. 17 and the end of 2009, you may be able to deduct the sales tax paid on the first $49,500 of the purchase price. You don't have to itemize to get this deduction. The tax break starts phasing out once income hits $125,000 for singles and $250,000 for joint filers. Energy credits
Congress expanded these for energy-conscious homeowners. For 2009 and this year, claim a credit worth up to 30% of the cost-not to exceed $1,500 over the two years-of adding energy-efficient windows, doors, heaters, air conditioners, water heaters and heating systems. Add a solar water heater, wind turbine, geothermal heat pump, solar electric systems, and the credit is worth 30% of the cost with no dollar limit. Help for the unemployed
For 2009 only, you won't have to pay income taxes on the first $2,400 of unemployment benefits received. Also worth noting is the recent expansion of the COBRA subsidy, although this isn't a tax break. Uncle Sam has been paying 65% of the health insurance premiums for unemployed workers buying coverage under COBRA, the federal law that allows ex-employees to remain on an old employer's health plan for up to 18 months. This subsidy was recently expanded by six months so unemployed workers can receive assistance for a total of 15 months. It applies to workers who lost their jobs from Sept. 1, 2008, through the end of next month. Education credit
The $2,500 American Opportunity Tax Credit for higher education improves upon the old Hope Scholarship credit. "For most people, it's going to be the credit of choice in the education area," says Mark Luscombe, principal tax analyst with CCH, publisher of tax information. The Opportunity credit covers the first $2,000 spent on tuition, fees, books and required materials, and 25% of the next $2,000 in expenses. You can claim it in any of the first four years of college. And 40% of the credit is refundable, so if you don't owe any taxes you can get as much as $1,000 back in a refund. The credit begins to disappear once income reaches $80,000 for singles and $160,000 for joint filers. Boost your savings
For the first time, you will be able to direct the IRS to use all or part of your refund to buy U.S. Savings Bonds. You can buy up to $5,000 worth of Series I bonds designed as a hedge against inflation. The bonds, sold in multiples of $50, will be mailed to you later. To buy the bonds or have the IRS split your refund among different bank accounts, fill out Form 8888.
Thursday, February 4, 2010
The Employment Report-First Friday of the month at 8:30 ET for the prior month
The Labor Department will be in the spot light again tomorrow morning when they post January's Employment data. This report will give us the U.S. unemployment rate and the number of jobs added or lost during the month among other related statistics. Analysts are expecting to see the unemployment rate remain at 10.0% and that approximately 15,000 new jobs were added to the economy. An increase in unemployment and a loss in payrolls would be great news for the bond market. It would probably create another bond market rally, leading to lower mortgage rates tomorrow morning. However, if the report reveals stronger than expected results, we can expect to see mortgage rates move higher tomorrow
Home Affordable Modification Program: Overview
The Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use. Borrower eligibility is based on meeting specific criteria including:
1) borrower is delinquent on their mortgage or faces imminent risk of default
2) property is occupied as borrower's primary residence
3) mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties. After determining a borrower's eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower's total pretax monthly income: a.. First, reduce the interest rate to as low as 2%,
b.. Next, if necessary, extend the loan term to 40 years,
c.. Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.
Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.
The Home Affordable Modification Program includes incentives for borrowers, servicers and investors.
1) borrower is delinquent on their mortgage or faces imminent risk of default
2) property is occupied as borrower's primary residence
3) mortgage was originated on or before Jan. 1, 2009 and unpaid principal balance must be no greater than $729,750 for one-unit properties. After determining a borrower's eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower's total pretax monthly income: a.. First, reduce the interest rate to as low as 2%,
b.. Next, if necessary, extend the loan term to 40 years,
c.. Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.
Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.
The Home Affordable Modification Program includes incentives for borrowers, servicers and investors.
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