Tighter Limits for Wealthy Families in Obama’s 2011 Budget Proposal

The Obama administration proposes to raise $291 billion over the next decade by reducing the amount by which wealthy families can cut their tax bills by claiming itemized deductions for mortgage interest payments and other write-offs.

The Obama administration tried and failed to implement a similar change in last year’s budget, after running into opposition from a range of interests ranging from mortgage lenders to charities that benefit from the taxpayers’ ability to claim such itemized deductions.

Currently, individuals with incomes above $200,000 and families with incomes above $250,000 can lower their taxes by an amount equal to as much as 39.6 percent of their itemized deductions. The Obama administration wants to lower the cap to 28 percent — the level in place at the end of the Reagan administration.

Because families in lower tax brackets don’t benefit as much from itemized deductions, the system in place now provides a disproportionate benefit to the wealthy, the administration said in its proposed budget.

“Currently, if a middle-class family donates a dollar to its favorite charity or spends a dollar on mortgage interest, it gets a 15-cent tax deduction, but a millionaire who does the same enjoys a deduction that is more than twice as generous,” the Obama administration said.

The Mortgage Bankers Association issued a statement claiming the proposed tax increase would have a negative impact on housing markets by increasing the cost of mortgages for many potential homeowners, especially in high-cost states like California and New York.

The MBA also expressed disappointment that the budget “did not offer any indications of the administration’s plans for the future of Fannie Mae and Freddie Mac.”

The MBA “strongly supports” a proposed $18 million increase in the Federal Housing Administration’s budget to implement improved risk management systems, $20 million earmarked for the Department of Housing and Urban Development to combat predatory lending and mortgage fraud.

Source: Inman News

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For A+ BBB San Bernardino Mortgage Loan Modification Services CLICK HERE

The year-end report from RealtyTrac.com shows that the United States had almost four million reported foreclosure filings in 2009! This is an increase of 21 percent from 2008, and 120 percent increase from 2007. California currently has one of the highest foreclosure rates in the country, with over one million foreclosure filings to date! San Bernardino County is just one of the major areas being affected by our current housing crisis, with the cities of Apple Valley, Chino, and Adelanto being hit the hardest. If you are one of the many people to be affected by the housing crisis, don’t hesitate to contact HomeStart to find out if you qualify for a loan modification.

A loan modification is a change in one or more of the terms in your loan. This could mean a lower interest rate, lower monthly mortgage payments, and a lower principal balance.  The purpose is to allow the borrower to meet the new terms of the loan, in hopes of avoiding foreclosure. With the current declining home prices and competitive real estate environment it’s become even more difficult to re-sell your home after foreclosure. Lenders would prefer any solution where they can receive some payment. Therefore, the cost of foreclosure is actually more expensive to the lender than the cost of new loan modification terms, making a loan modification beneficial for everyone involved.

Why choose HomeStart over a law firm?

There are a number of reasons to choose a loan modification specialist like HomeStart over a law firm.  The cost is usually much higher with a law firm. Law firms typically do not offer fixed rates for home loan modifications. They often charge hourly, which can lead to prices 2 to 3 times higher than those of loan modification specialists. Lawyers charging hourly will want to maximize their profit, which means the loan modification process will not only be more costly, but take more of your time. Law firms also do not uphold the same standard of customer service as HomeStart does. If you want to save money, time and experience better service, HomeStart is here to help.

HOMEstart is an A+ BBB rated mortgage loan modification company based out of San Diego, CA.  This A+ rating reflects that HOMEstart has established personal relationships with the largest mortgage lenders to expedite the loan modification process. BBB’s accreditation represents the BBB’s degree of confidence that the business is operating in a trustworthy manner and will make an exceptional effort to provide the contracted services, while also providing a high degree of customer service. If you are unsure if you qualify for a loan modification or simply would like more information about the loan modification process, don’t hesitate to visit our website or call HomeStart for a free consultation.

For more information please visit www.YourHomestart.com

PrimeBenefit is Dedicated to Unions

The PrimeBenefit team of PrimeLending is committed to helping union members save money every time they buy or sell a home, refinance their current home, and more.  We have partnered up with www.Unions.org to offer special pricing that is exclusive to union members.  First let me tell you a little about us and how the program works.

Headquartered in Dallas, Texas, PrimeLending is a leading residential mortgage lender that provides homebuyers mortgages without obstacles. Established in 1986 by Chief Executive Officer Roseanna McGill, PrimeLending has grown from a staff of 20 individuals producing $80 Million in annual closed loan volume to a family of over 1,500 members producing in excess of $2.45 Billion annually.

In addition to the corporate office located in North Dallas, PrimeLending has expanded to over 150 branches across the United States including Arizona, California, Colorado, Connecticut, Florida, Georgia, Kentucky, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Tennessee, Texas, and Washington and is licensed to originate and close loans in 49 states.

The goal at PrimeLending is to provide unsurpassed quality service and support throughout the entire mortgage process for every client and referral source. This proactive sales and operational philosophy simplifies and accelerates the loan process at all levels. The company’s knowledgeable mortgage professionals are dedicated to making every customer’s home loan experience a positive and successful one.

PrimeLending decided they could take it one step further and develop a complete PrimeBenefit program which would help union member save money throughout the entire buying process of a home.  This is why the PrimeBenefit program is so powerful.

I would like you to first watch the following 30 second commercial and then I will go through the savings in detail. Commercial The PrimeBenefit Program is broken down into 5 parts:

1)      Real Estate Rebate – Every time you buy or sell a home your will receive a 20% rebate check from your Realtor commissions for using one of our network realtors.  You don’t have to worry.  We only use the best and have to be proven producer and they work for large companies like Caldwell Banker and Chapman Richards for example.

2)      Lender Discounts – Just for participating in the PrimeBenefit program you get 20% off of all lender fees.  In addition to that you will receive an extra .25% off your origination fee.  PrimeLending as we have already covered is one of the nation’s leading lenders and when it come to rate and price we will make sure you get the best rate and program for your needs.  Every loan is a little different as everyone’s situation is a little different, but know this; we are not just here to earn you business today but to be your lending partner for life.

3)      Insurance Discounts – The next discounts you receive are through Liberty Mutual on your homeowners and auto insurance.  For first time home buyers, homeowners insurance is a new thing so we will make sure that you have this option for getting a good deal on insurance.

4)      Moving Discounts – We have partnered up with different moving services such as Van Lines and SAMS to offer you discount on moving when it comes time to move into your new home.

5)      Home Warranty – Finally we have partners with one of the leading home warty company companies to offer you a great price on a home warranty that will cover more for less.  This company will cover item most item that other warranties exclude like roof leaks, washers and dryers, and more.

As you can see this is a pretty inclusive package.  As a union member there is no reason you should not take advantage of it.  I know you have wondered; how much does this cost?  The answer to your question is NOTHING.  That’s right it’s free.  It’s our way of saying thanks for all the work you do for us.  To register for the program click here.  Make sure to email me if you have any questions or call (877)835-5588.

Sam Ashton

PrimeBenefit Specialist

(877)835-5588

sashton@primelending.com

For A+ BBB San Diego Mortgage Loan Modification Services CLICK HERE

The year-end report from RealtyTrac.com shows that 2009 had a substantial increase of new foreclosures from 2008 and a 120 percent increase from 2007. This means that there were almost four million reported foreclosure filings in 2009! California had the fourth highest foreclosure rate in the United States, with over 630,000 homes receiving a foreclosure filing in 2009. San Diego County is just one of the major cities affected by the current slump in the economy, with the city of San Diego reporting 2,435 new foreclosure filings in December of 2009. Spring Valley, Carlsbad, and La Mesa also had large numbers of new foreclosures last year. If you are one of the many people to be affected by the housing crisis, don’t hesitate to contact HomeStart to find out if you qualify for a loan modification.

A loan modification is a change in one or more of the terms of your loan in order to make payments more affordable and ultimately keep you in your home. Loan modifications were originally reserved for those whose mortgages became delinquent due to job loss, divorce or illness, but today this option has expanded to include anyone suffering from high adjustable rate mortgages. If you are struggling to afford your mortgage payments, but have a tremendous interest in saving your home from foreclosure, go to www.YourHomestart.com to learn more about the loan modification process.

HOMEstart is licensed by the California Department of Real Estate (DRE) to provide turnkey, loan modification services. Loan modification is a multi-step process involving Intake Processing, Underwriting, Bank Submission, Negotiations, Approvals and Contract Review. We are the only DRE Licensed, A+ BBB rated business in California because no other company can offer you A-to-Z service. Customers must be careful working with non-accredited and unlicensed loan modification companies because they are not providing legitimate services.

HOMEstart was rated an A+ mortgage loan modification company by the Better Business Bureau (BBB) and is ready to negotiate your mortgage loan modification.  The A+ rating HomeStart received reflects that the business has established personal relationships with the largest mortgage lenders to expedite the loan modification process. It also represents the BBB’s degree of confidence that the business is operating in a trustworthy manner and will make an exceptional effort to provide the contracted services, while also providing a high degree of customer service.

For more information please visit www.YourHomestart.com