First Time Homebuyers Tax Credit Filing Requirements

Legislative changes in November 2009 expanded and extended
the first time home buyers tax credit and also added
documentation requirements for claiming the credit. Due
to increased compliance checks by the IRS, failure to submit
documentation will slow down the issuance of any applicable
refund. The current deadline to purchase a home under this...
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From Surburban Neighborhood to Trailer Park by Foreclosure

A friend of mine owns a landscaping and hauling business in Northern
California. Lately he has been doing a lot of hauling and cleanup.
He was called to a rather nice community in Northern California to
cleanup multiple homes that are in foreclosure. He noticed a long
line of campers up and down the street and asked what was going on.

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People Finally Swept Up In Mortgage Fraud Arrests
by Msfinancialsavvy.com

In reading about all of the Mortgage Fraud reports I couldn't figure out why
the gangs, mortgage brokers, mortgage lenders, mortgage investors, lawyers and
the like had not been arrested. We saw some of the largest mortgage fraud in
the history of the United States and all that happened is that a few million
innocent homeowners lost their homes and many big cities are now booming with
former homeowners as homeless.

The following is a quote taken from associated press writers
LARA JAKES JORDAN and ALAN ZIBEL, in conjunction with the FBI reports:

Law enforcement officials said their stepped-up focus on mortgage cases aims to combat problems that have grown out of the risky lending practices prevalent until the mortgage market collapse started last year. Officials have identified 10 "mortgage fraud hotspots" nationwide in California, Colorado, Texas, Minnesota, Michigan, Illinois, Ohio, New York, Georgia and Florida.

To people who have committed fraud or are contemplating doing so, FBI Director Robert Mueller said: "We will find you, you will be investigated and you will be prosecuted."

Those named in the cases include housing developers, mortgage lenders and brokers, lawyers, real estate agents and appraisers, said Sharon Ormsby, section chief in charge of financial crimes for the FBI.

In some cases, gang, drug and organized crime investigations have resulted in mortgage fraud cases because such schemes enable criminals to launder money, Ormsby said.

Mortgage foreclosure rescue scams, which promise to help struggling homeowners stave off foreclosure and keep their homes, also have become a major problem, officials said. Typically, unsuspecting owners sign over their homes and then find they are victims of fraud.

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Read Msfinancialsavvy, to avoid such scams

Ed McMahon and His New Found Wealth

Ed McMahon may not have to move out of his Los Angeles
Mansion after all. Rich friends help rich friends, and this
has proven to be true with Ed McMahon. Reportedly, Jay Leno
will be bailing Ed McMahon out of his foreclosure crises.

Now, if we could find a consortium of rich people to help some of
the poor people being put out in the streets with their kids,
this world would be a better place for poor people too.

Get Savvy With Your Money and Your Life

Update On Ed McMahon And His Multi-Million Dollar Foreclosure Home

I saw Ed McMahon and his beautiful young wife on Larry King. He was
to explain why he is $644,000 behind on the note of his $5 million
dollar home at the age of 85. It was basically, well...stuff happens.

He explained with his two divorces, his accident, and well...he forgot
to mention his third beautiful young wife who had to have a $5 million
dollar home as her first house, but that was about it.

Because of his accident he can't work at the age of 85. Wow! who works
at the age of 85 to support a multi-million dollar mortgage. Anyway,
my heart goes out to him, he has my thoughts and prayers. And, if
anything comes out of this let it be a savvy money lesson for all of
you senior gentlemen out there, that some things are not THAT important.
Save your money, live off of your retirement.

Learn More At Msfinancialsavvy's Retirement Investing

Young Women, Older Men, Financial Security and Ed McMahon

Ed McMahan has had a long and successful career as a pitchman
for Johnny Carson and then for the sweepstakes. With his career
came large payouts for his services. But, now his home is in
foreclosure. Then that begs the question; how could he be in
such horrible financial trouble at the age of 85?

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Msfinancialsavvy

Renters Are The New Casualty Of The Foreclosure Crises

We saw many programs on television during the real estate boom,
about flipping houses. Flipping is buying, remodeling, and immediately
selling homes for profit. There were signs posted all over my community,
stating "we buy houses quick". There were real estate meetings

Read More At Msfinancialsavvy.com

This is scary. Its bad enough that we can't afford gas, are losing our
jobs to china, and they are foreclosing on folks home far in
excess of normal. But, now Oprah has decided to cancel her own
show, "The Big Give". Send emails to the oprah show from her website
and protest. Nothing Oprah should be cancelled. She should keep her show.


Meanwhile,

Pick up a copy of the book, Let's Get Financial Savvy! From Debt-Free to Investing With Ease
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Government Home Foreclosure Rescue Plans Don't Go Far Enough

As most Americans know, America is experiencing its worse foreclosure
crises in history caused, in part, by adjustable rate subprime loans
and job losses. Now, the government is offering a couple of alternatives
to the constant flow of foreclosure homes onto the market. The problem is,
I don't think either plan will produce significant help for those in trouble.
I have outlined both plans below, the purpose of this article is to explain
the pitfalls in both. I call the first plan which was unveiled in September
2007 -- plan one, also known as FHA Secure, and the second plan, unveiled in
February 2008--plan two, also known as Project Lifeline. I am not sure when...

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Msfinancialsavvy.com

The U.S. Home Foreclosure Prognosis

When I search "have home foreclosures hit a bottom" I came up with 124,000
articles. Shocked by the shear number, I preceded to read the opinion on pages
of pages of search engine listings. There were folks who thought foreclosures
had hit bottom in 2005, we now know that is not true. Subsequently there are folks

Msfinancialsavvy.com
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