By: Salina Greene, Outreach Coordinator, NHS of Baltimore
As the economic recession continues, more people are looking into better options to reduce their expenses, and repair their credit. Unknowingly, consumers are becoming victims of several scams plaguing our city. Two of the most popular include: Credit repair and Bankruptcy advice programs. The number of illegal companies promising help with these issues is on the rise. Their main advertisement tools are signs posted on utility poles, lawns, and vacant houses; perhaps to target people in deteriorating neighborhoods.
An attorney for The Community Law Center (CLC) pulled an ad from a pole showing how prevalent these scams are around the city. An intern at his office researched the phone number and company listed on the ad. It was traced to a real-estate agent with major credit problems. When phone inquiries were made, all they ever got was a voicemail message. Apparently, the resident agent listed was the head agent’s sister; with legal problems of her own. He swore she had nothing to do with the company. Ironically, when questioned about his staff, he stated he had two partners and a silent partner. He only volunteered to identify the two partners by last name.
It is illegal nationwide for any non-lawyer to give legal advice and/or handle money client under the guise of legal council; up-front fees for credit repair is also illegal. Although they can charge fees for preparing petitions, this fee can only amount to the equivalent of the cost of a typist. The real-estate agent talked about above claims he provides his services as a way to serve the community. He agreed to meet a representative from CLC, but subsequently changed his mind and offered a follow-up call instead.
When looking for any credit repair or debt management program, please make sure you research the company thoroughly before you decide to commit to services. Scammers are on the rise. Don't be a victim.
Wednesday, November 25, 2009
Monday, November 23, 2009
Make Saving a Priority During the Holidays
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
These days most people are feeling the pinch of the ongoing economic crisis. Debt from buying a home, going to school, or major credit card purchases are quite commonplace in America. In fact, our “debt economy” actually encourages people to borrow money and live in debt.
But all this debt can be even more intimidating when savings accounts dwindle, which is what is happening among the majority of Americans. A recent study documented on National Public Radio(NPR) found a large percentage of Americans are unable to come up with extra funds in case of emergencies, even if they were to ask relatives for help. In the challenging economic climate that we are living in today, saving money can be one of the most difficult but also one of the most important things we can do.
It is frustrating to think about putting away money into a savings account when many of us are just struggling to get by. Yet, problems such as car troubles or an unexpected sickness can cause serious financial issues, especially with no extra money to fall back on. Start out small and try to save a few dollars each week. Maybe sacrifice eating out or buying a coffee. Try walking to the store or work instead of driving.
The Baltimore Sun’s Consuming Interests blog is a good resource that gives the lowdown financial deals. A recent post noted hidden ways (http://weblogs.baltimoresun.com/business/consuminginterests/blog/2009/11/top_10_hidden_deals_10spot.html) to save money in Baltimore. For more information on ways to save here are 100 tips to saving. Check out The Simple Dollar for even more tips on how to stretch your budget and save money.
While saving money strategies can really be beneficial, don’t buy something just because it is on sale. Get the deals you need but don’t make purchaces that you really don’t need simply because you can get a deal. And be careful on Black Friday! Make a budget, include money for savings, and stick to it.
These days most people are feeling the pinch of the ongoing economic crisis. Debt from buying a home, going to school, or major credit card purchases are quite commonplace in America. In fact, our “debt economy” actually encourages people to borrow money and live in debt.
But all this debt can be even more intimidating when savings accounts dwindle, which is what is happening among the majority of Americans. A recent study documented on National Public Radio(NPR) found a large percentage of Americans are unable to come up with extra funds in case of emergencies, even if they were to ask relatives for help. In the challenging economic climate that we are living in today, saving money can be one of the most difficult but also one of the most important things we can do.
It is frustrating to think about putting away money into a savings account when many of us are just struggling to get by. Yet, problems such as car troubles or an unexpected sickness can cause serious financial issues, especially with no extra money to fall back on. Start out small and try to save a few dollars each week. Maybe sacrifice eating out or buying a coffee. Try walking to the store or work instead of driving.
The Baltimore Sun’s Consuming Interests blog is a good resource that gives the lowdown financial deals. A recent post noted hidden ways (http://weblogs.baltimoresun.com/business/consuminginterests/blog/2009/11/top_10_hidden_deals_10spot.html) to save money in Baltimore. For more information on ways to save here are 100 tips to saving. Check out The Simple Dollar for even more tips on how to stretch your budget and save money.
While saving money strategies can really be beneficial, don’t buy something just because it is on sale. Get the deals you need but don’t make purchaces that you really don’t need simply because you can get a deal. And be careful on Black Friday! Make a budget, include money for savings, and stick to it.
Thursday, November 19, 2009
New Federal Incentives for Home Rehabs
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
The sheer number of available renovation-ready rowhomes is skyrocketing in Baltimore. This is in response to the growing number of foreclosures, bank-owned and distressed properties. The government offers a loan program, with an excellent interest rate, for people interested in investing in a large home renovation project. It is called the Federal Housing Administration’s (FHA) Section 203(k) program. Homebuyers are only required to contribute a 3.5% down payment.
The added incentive is a single mortgage is combined with renovation costs. This simplification process is attractive to first-time homebuyers, as well as investors. In the wake of the recession, it is easier to purchase a rehab home at a cheaper rate, then to purchase a brand new and/or custom-built home. Many could not afford to purchase a home if it was not for this program, and the $8,000 tax credit.
Realtors are providing their clients with all the information they can about the program. They are trying to get them pre-qualified as there is a rise in short-sell properties. A number of short-sells require moderate to major repairs. Most of the time, the sellers are unwilling to invest money in the repairs. With the deteriorating condition of vacant homes on the rise in Baltimore, the 203(k) program is getting a lot more attention.
Another similar program is the 203(k) streamlined program. This allows the borrower to add up to $35,000 in renovation costs to their current mortgages. The standard program does not have a loan amount limit. The general requirement for both programs is the overseeing of all the renovation work by a HUD-approved consultant. They are responsible for giving you an estimated cost of repairs needed. Health and safety issues are also their highest priority. Make sure you pick a reputable home contractor for your repairs, to maximize your expenditures.
The sheer number of available renovation-ready rowhomes is skyrocketing in Baltimore. This is in response to the growing number of foreclosures, bank-owned and distressed properties. The government offers a loan program, with an excellent interest rate, for people interested in investing in a large home renovation project. It is called the Federal Housing Administration’s (FHA) Section 203(k) program. Homebuyers are only required to contribute a 3.5% down payment.
The added incentive is a single mortgage is combined with renovation costs. This simplification process is attractive to first-time homebuyers, as well as investors. In the wake of the recession, it is easier to purchase a rehab home at a cheaper rate, then to purchase a brand new and/or custom-built home. Many could not afford to purchase a home if it was not for this program, and the $8,000 tax credit.
Realtors are providing their clients with all the information they can about the program. They are trying to get them pre-qualified as there is a rise in short-sell properties. A number of short-sells require moderate to major repairs. Most of the time, the sellers are unwilling to invest money in the repairs. With the deteriorating condition of vacant homes on the rise in Baltimore, the 203(k) program is getting a lot more attention.
Another similar program is the 203(k) streamlined program. This allows the borrower to add up to $35,000 in renovation costs to their current mortgages. The standard program does not have a loan amount limit. The general requirement for both programs is the overseeing of all the renovation work by a HUD-approved consultant. They are responsible for giving you an estimated cost of repairs needed. Health and safety issues are also their highest priority. Make sure you pick a reputable home contractor for your repairs, to maximize your expenditures.
Wednesday, November 18, 2009
As Anne Frank Once Put it, "No One Has Ever Become Poor By Giving"
By: Jessica Schmidt-Bonifant, Philanthropy Manager, NHS of Baltimore
“Think of giving not as a duty but as a privilege." That's how John Rockefeller viewed giving, and it certainty rings true in these challenging times. Many of us have felt the effects of the economy first hand whether our paychecks have been reduced, our investments depleted, or our home values decreased. We all have less and less disposable income to take care of the many needs piling up on our plates- especially this time of year when we have gifts to buy, food to make and traveling to do, on top of the appeal letters that arrive at our doorsteps. It is easy just to add the letter to the stack of recycling in the corner and think “Not this year, there is just too much”.
It is easy just to shove off the request and move on with our day, but as Mr. Rockefeller said giving is a privilege. Not everyone has the ability or capacity to make a donation, but if you do think about how lucky you are. You have the unique opportunity to make a difference; you have the chance to change someone’s life by making a contribution no matter how big or small. Obviously we aren’t all the Rockefellers, we can’t make million dollar pledges for organizations to build new offices or start new clinics, but our gifts still matter and that is important to remember.
Nonprofits cannot run on the desire to help people alone. We have all the right pieces, we have the dedicated staff, and we have the desire to work to change lives, but at the end of the day we need to keep the lights on, we need to call our clients and that is where your contribution matters. Whether you give directly to a program or to an annual fund your gift matters it lets us do our job and it lets us help those in need.
So in these challenging times take a moment to remember that if you are able to make a contribution you are lucky, you can change people’s lives for the better and at the end of the day what better gift is there then that. Click here to donate.
“Think of giving not as a duty but as a privilege." That's how John Rockefeller viewed giving, and it certainty rings true in these challenging times. Many of us have felt the effects of the economy first hand whether our paychecks have been reduced, our investments depleted, or our home values decreased. We all have less and less disposable income to take care of the many needs piling up on our plates- especially this time of year when we have gifts to buy, food to make and traveling to do, on top of the appeal letters that arrive at our doorsteps. It is easy just to add the letter to the stack of recycling in the corner and think “Not this year, there is just too much”.
It is easy just to shove off the request and move on with our day, but as Mr. Rockefeller said giving is a privilege. Not everyone has the ability or capacity to make a donation, but if you do think about how lucky you are. You have the unique opportunity to make a difference; you have the chance to change someone’s life by making a contribution no matter how big or small. Obviously we aren’t all the Rockefellers, we can’t make million dollar pledges for organizations to build new offices or start new clinics, but our gifts still matter and that is important to remember.
Nonprofits cannot run on the desire to help people alone. We have all the right pieces, we have the dedicated staff, and we have the desire to work to change lives, but at the end of the day we need to keep the lights on, we need to call our clients and that is where your contribution matters. Whether you give directly to a program or to an annual fund your gift matters it lets us do our job and it lets us help those in need.
So in these challenging times take a moment to remember that if you are able to make a contribution you are lucky, you can change people’s lives for the better and at the end of the day what better gift is there then that. Click here to donate.
Tuesday, November 17, 2009
Don't Wait to Get Foreclosure Help
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
If you are falling behind on your mortgage payments, or anticipate that you will, consider discussing a loan modification with your lender or at least getting advice from a HUD certified counselor. Taking this route is much easier than waiting until it’s too late. Unfortunately, in America, some people equate foreclosure with personal failure and thus are ashamed of getting help.
Recently, I spoke with a Realtor who interacts with homeowners and potential homeowners, who felt the reason that homeowners often wait until its too late is an issue of pride. Yet we are in a time where the mortgage and foreclosure crisis is widespread and affecting so many people. Moreover, many experts anticipate that the rate of foreclosure is only going to get worse in the coming months.
NHS of Baltimore gets a staggering number of calls from individuals who have waited until the last minute to ask for help. Our Program Assistants receive phone calls from people nearly every day who are facing foreclosure and already have a sale date for their homes. Yet, if you have received a notice of foreclosure by certified mail, our HUD approved counselors still may be able to help you. In the state of Maryland, lenders are now required by law to afford homeowners 90 days from the official notice of foreclosure to rectify their mortgage before the sale takes place. However, once you have received a sale date for your home, it is less likely our counselors can help you. Rather, in this situation, a lawyer would be the preferred person to contact.
NHS of Baltimore refers people who need legal aid to the Maryland Volunteer Lawyer Services (MVLS). They can be reached at 410-547-6537. Another resource to check out is the Legal Grind where you can get legal advice for a small donation. Whether you are in a position where you need legal aid or just starting to fall behind on mortgage payments, do not be ashamed or scared to ask for help. For more resources on foreclosure prevention, check out the Baltimore Homeownership Preservation Coalition (BHPC) or the Maryland Hope Initiative.
If you are falling behind on your mortgage payments, or anticipate that you will, consider discussing a loan modification with your lender or at least getting advice from a HUD certified counselor. Taking this route is much easier than waiting until it’s too late. Unfortunately, in America, some people equate foreclosure with personal failure and thus are ashamed of getting help.
Recently, I spoke with a Realtor who interacts with homeowners and potential homeowners, who felt the reason that homeowners often wait until its too late is an issue of pride. Yet we are in a time where the mortgage and foreclosure crisis is widespread and affecting so many people. Moreover, many experts anticipate that the rate of foreclosure is only going to get worse in the coming months.
NHS of Baltimore gets a staggering number of calls from individuals who have waited until the last minute to ask for help. Our Program Assistants receive phone calls from people nearly every day who are facing foreclosure and already have a sale date for their homes. Yet, if you have received a notice of foreclosure by certified mail, our HUD approved counselors still may be able to help you. In the state of Maryland, lenders are now required by law to afford homeowners 90 days from the official notice of foreclosure to rectify their mortgage before the sale takes place. However, once you have received a sale date for your home, it is less likely our counselors can help you. Rather, in this situation, a lawyer would be the preferred person to contact.
NHS of Baltimore refers people who need legal aid to the Maryland Volunteer Lawyer Services (MVLS). They can be reached at 410-547-6537. Another resource to check out is the Legal Grind where you can get legal advice for a small donation. Whether you are in a position where you need legal aid or just starting to fall behind on mortgage payments, do not be ashamed or scared to ask for help. For more resources on foreclosure prevention, check out the Baltimore Homeownership Preservation Coalition (BHPC) or the Maryland Hope Initiative.
Thursday, November 12, 2009
Current and Future Homeowners Question the Homebuyer Tax Credit Extension
By: Salina Green, Outreach Coordinator, NHS of Baltimore
As soon as Congress decided to expand the $8,000 tax credit for first-time homebuyer (until April 30th, 2010), many people began questioning their eligibility. Current homeowners are seeking answers concerning the new tax credit law passed last week, which will put more money into their pockets. This new legislation allows current homeowners to take advantage of a tax credit up to $6,500 if they purchase a new home. All sales must be completed and closed out by June 30, 2010. Both the first-time and current homeowners’ tax credits come with strict stipulations that must be followed.
The new rules in place come after the IRS paid out an enormous sum of money because of fraudulent claims. Thousands of ineligible people received funds. Under the new law, a buyer must prove they purchased a home and provide prove of age; 18 is the minimum. Some of the new restrictions are as follows:
Anyone who purchases a home for more than $800,000 will not qualify for either tax credit.
To be eligible for full credit after November 6th, your income must fall below $125,000 for single filers and $225,000 for joint filers.The credit decreases in value for people making more than those amounts, phasing out completely after $145,000 for singles and $245,000 for couples.
Settlement statements must be attached to your tax returns as proof of purchase.
These are just some of the benefits established by the new legislation. It was created to allow people more time to gather the revenue necessary to purchase their first homes. Recent retirees can also benefit by downsizing to a cheaper home and still obtain a nice tax credit. There are special concessions in place for military member at home and abroad, who desire to participate in the programs.
As soon as Congress decided to expand the $8,000 tax credit for first-time homebuyer (until April 30th, 2010), many people began questioning their eligibility. Current homeowners are seeking answers concerning the new tax credit law passed last week, which will put more money into their pockets. This new legislation allows current homeowners to take advantage of a tax credit up to $6,500 if they purchase a new home. All sales must be completed and closed out by June 30, 2010. Both the first-time and current homeowners’ tax credits come with strict stipulations that must be followed.
The new rules in place come after the IRS paid out an enormous sum of money because of fraudulent claims. Thousands of ineligible people received funds. Under the new law, a buyer must prove they purchased a home and provide prove of age; 18 is the minimum. Some of the new restrictions are as follows:
Anyone who purchases a home for more than $800,000 will not qualify for either tax credit.
To be eligible for full credit after November 6th, your income must fall below $125,000 for single filers and $225,000 for joint filers.The credit decreases in value for people making more than those amounts, phasing out completely after $145,000 for singles and $245,000 for couples.
Settlement statements must be attached to your tax returns as proof of purchase.
These are just some of the benefits established by the new legislation. It was created to allow people more time to gather the revenue necessary to purchase their first homes. Recent retirees can also benefit by downsizing to a cheaper home and still obtain a nice tax credit. There are special concessions in place for military member at home and abroad, who desire to participate in the programs.
Tuesday, November 10, 2009
American Casino Hits Theaters in Baltimore Nov. 12th: film explores the collapse of the mortgage industry
American Casino, a documentary about the collapse of the mortgage industry will be playing at the Senator Theater (5904 York RD. Baltimore, MD. 21212) from November 12, 2009- November 19,2009. Shot partly in Baltimore, several Baltimoreans were interviewed in this film that takes an in-depth look at the mortgage meltdown.
Click here to view the trailer.
Monday, November 9, 2009
U.S. Senate Ramps Up Effort to Stop Mortgage Fraud
By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore
Senator Barbara Mikulski of Maryland’s office announced last week that the Senate successfully passed the Fiscal Year 2010 Commerce, Justice, Science and Related Agencies (CJS) Appropriations Bill, which allots $437 million to the Justice Department to track down and prosecute perpetrators of mortgage and financial fraud.
“It’s time to foreclose on the bad guys and stop the foreclosures on homes,” Senator Mikulski said. “I like most Americans, am outraged by the predatory practices, deceptive marketing and lending schemes that have swept across the country, especially in Maryland.”
According to Mikulski’s office, Maryland saw a vast rise in mortgage scams in 2008, totaling more than 60,000. The new money apportioned by the Senate to combat such scams will allow the Federal Bureau of Investigation (FBI) to hire 50 new agents and 60 new accountants who are dedicated to identifying scammers and bring them to justice.
If you are a homeowner and you are delinquent on your mortgage or facing foreclosure, beware of anyone who promises to secure a loan modification for you, especially if they ask for money up front. In Maryland it is illegal for anyone to charge a fee up front for a loan modification, but more importantly, there are a plethora of local non-profits who will help you for FREE. While there is no guarantee that your home can be saved, NHS of Baltimore’s housing counselors say they have secured positive outcomes for our clients more often than not.
Senator Barbara Mikulski of Maryland’s office announced last week that the Senate successfully passed the Fiscal Year 2010 Commerce, Justice, Science and Related Agencies (CJS) Appropriations Bill, which allots $437 million to the Justice Department to track down and prosecute perpetrators of mortgage and financial fraud.
“It’s time to foreclose on the bad guys and stop the foreclosures on homes,” Senator Mikulski said. “I like most Americans, am outraged by the predatory practices, deceptive marketing and lending schemes that have swept across the country, especially in Maryland.”
According to Mikulski’s office, Maryland saw a vast rise in mortgage scams in 2008, totaling more than 60,000. The new money apportioned by the Senate to combat such scams will allow the Federal Bureau of Investigation (FBI) to hire 50 new agents and 60 new accountants who are dedicated to identifying scammers and bring them to justice.
If you are a homeowner and you are delinquent on your mortgage or facing foreclosure, beware of anyone who promises to secure a loan modification for you, especially if they ask for money up front. In Maryland it is illegal for anyone to charge a fee up front for a loan modification, but more importantly, there are a plethora of local non-profits who will help you for FREE. While there is no guarantee that your home can be saved, NHS of Baltimore’s housing counselors say they have secured positive outcomes for our clients more often than not.
Friday, November 6, 2009
Avoiding the Flu This Season: home is the first line of defense
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
There are countless precautions you can take to stay healthy this flu season, starting in your own home. Surrounding yourself with a healthy environment can mean better health. Everyone knows the importance of washing your hands thoroughly but think about how many things your hands touch each day in your house. Disinfect your home to keep your family healthy this flu season. While sanitizing your home is not a guaranteed safeguard against getting sick, it can help. Click here to read about simple cleaning tips to make your home a healthier place to be.
Don’t forget to treat your body well too. There is no need to go out and buy expensive vitamins or remedies. Eating Vitamin C rich foods such as oranges and drinking tea with antioxidants are affordable ways to improve your immune system. Don’t feel pressured to buy a product just because it guarantees immunity. Read CNN’s H1N1 flu-to-do (and don’t do) list for more tips on staying healthy. You may be surprised that there are a lot of ways that we put ourselves at risk for the flu without even realizing it.
The key to protecting yourself from illness is not to worry to much or too little. Educate yourself on signs, symptoms, and remedies for sickness. For instance, there are simple ways to tell if you are coming down with the flu or just a cold.
For more information on how to keep yourself and your family healthy this flu season, check out the Educational Fitness Solution’s free webinar on November 11, 2009 from 9:00am to 10:00am est.
There are countless precautions you can take to stay healthy this flu season, starting in your own home. Surrounding yourself with a healthy environment can mean better health. Everyone knows the importance of washing your hands thoroughly but think about how many things your hands touch each day in your house. Disinfect your home to keep your family healthy this flu season. While sanitizing your home is not a guaranteed safeguard against getting sick, it can help. Click here to read about simple cleaning tips to make your home a healthier place to be.
Don’t forget to treat your body well too. There is no need to go out and buy expensive vitamins or remedies. Eating Vitamin C rich foods such as oranges and drinking tea with antioxidants are affordable ways to improve your immune system. Don’t feel pressured to buy a product just because it guarantees immunity. Read CNN’s H1N1 flu-to-do (and don’t do) list for more tips on staying healthy. You may be surprised that there are a lot of ways that we put ourselves at risk for the flu without even realizing it.
The key to protecting yourself from illness is not to worry to much or too little. Educate yourself on signs, symptoms, and remedies for sickness. For instance, there are simple ways to tell if you are coming down with the flu or just a cold.
For more information on how to keep yourself and your family healthy this flu season, check out the Educational Fitness Solution’s free webinar on November 11, 2009 from 9:00am to 10:00am est.
Tuesday, November 3, 2009
Holiday Budgeting: Get a Gift for Everyone on Your List Without Breaking the Bank
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
The Holiday season is soon upon us. Many of us are trying to figure out ways to spend less money and cut corners wherever we can. The first thought would be to buy fewer gifts. However, with a little creativity, you may still be able to shop for everyone on your list. Gift exchange is a viable option. The first line of business is to see if everyone in your group agrees to purchase one gift instead of multiple ones for the entire group.
Secondly, a price point should be set to avoid overspending and gift favoritism. Choose some sort of theme. This can easily turn into a party if you decide to explore this route. Make it fun. See if you can make a game out of the exchange; or even establish a stipulation of homemade-only as a way to challenge the gift-givers. Suggesting a little creative competition, helps everyone involved feel like they are a part of the giving experience. Everyone likes to see a happy face upon receiving an extraordinary gift.
We have all been victims of the “throw the name in the hat” choosing game. To avoid the unwanted, generic gifts such as fragrant soaps, candles, socks, etc, be sure to place some gift preferences and other pertinent information on your name card. And finally, suggest using a coordination system online to create wish lists for your group. This can cut out the paper trail and make sure everyone is organized and e-mails are received. Here are some site suggestions if you choose to go this route: www.elfster.com, www.secretsanta.com.
Remember, no one should have to go into debt over the holidays. There are plenty of ways to show you care other than tangible gift-giving. Help a neighbor out, offer your services to people in need of assistance. These are the gifts that keep on giving year-around.
The Holiday season is soon upon us. Many of us are trying to figure out ways to spend less money and cut corners wherever we can. The first thought would be to buy fewer gifts. However, with a little creativity, you may still be able to shop for everyone on your list. Gift exchange is a viable option. The first line of business is to see if everyone in your group agrees to purchase one gift instead of multiple ones for the entire group.
Secondly, a price point should be set to avoid overspending and gift favoritism. Choose some sort of theme. This can easily turn into a party if you decide to explore this route. Make it fun. See if you can make a game out of the exchange; or even establish a stipulation of homemade-only as a way to challenge the gift-givers. Suggesting a little creative competition, helps everyone involved feel like they are a part of the giving experience. Everyone likes to see a happy face upon receiving an extraordinary gift.
We have all been victims of the “throw the name in the hat” choosing game. To avoid the unwanted, generic gifts such as fragrant soaps, candles, socks, etc, be sure to place some gift preferences and other pertinent information on your name card. And finally, suggest using a coordination system online to create wish lists for your group. This can cut out the paper trail and make sure everyone is organized and e-mails are received. Here are some site suggestions if you choose to go this route: www.elfster.com, www.secretsanta.com.
Remember, no one should have to go into debt over the holidays. There are plenty of ways to show you care other than tangible gift-giving. Help a neighbor out, offer your services to people in need of assistance. These are the gifts that keep on giving year-around.
Monday, November 2, 2009
Your Money Bus is Coming to Baltimore
"Your Money Bus" travels all across the county offering free financial advice to people of all ages, with the intention of helping to educate consumers on the need to reduce personal debt while increasing savings. The events "Your Money Bus" hosts are held in conjunction with city and civic organizations to reach out to consumers who have questions about their personal financial well-being. By partnering with agencies in the cities they visit, they are able to offer consumers access to some of the best resources the city has to offer for financial fitness education and counseling.
The "Your Money Bus" will be at 3 locations around the Baltimore area starting Wednesday Nov. 4, 2009 and ending Friday Nov. 6, 2009. NHS of Baltimore will have HUD certified counselors available to provide advice at the Thursday and Friday events.
Nov. 4th
6:30pm to 8:00pm - "Recession Relief" Town Hall Meeting at the Conference Center at Sheppard Pratt Auditorium (6501 North Charles Street, Towson MD 21204)
Nov. 5th
9:00am - Press Conference in the Baltimore City Hall Rotunda.
10:00am to 4:30pm - Free financial advice event at Baltimore City Hall (100 N. Holliday Street, Baltimore, MD 21202). Bring your financial questions and get them answered by a financial advisor.
12:30pm to 1:30 pm - Live Baltimore will host a free class titled, "Preparing For Home Ownership." The class will teach the basics of purchasing a home and how to qualify for a mortgage. If interested in attending this class, please click HERE to register.
Nov. 6th
11:00am to 1:00pm - Free financial advice event at the Hunt Valley Towne Centre (118 Shawan Road, Hunt Valley MD 21030
For more information on all three events, click here.
Tax Credit for First Time Homebuyers May Be Extended
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
The $8000 tax credit for first-time homebuyers is currently set to expire on November 30, 2009. However, Congress is considering extending that deadline until April 2010. Along with other government programs, such as Cash for Clunkers, the housing tax credit may have contributed to a recent 3.5% boost in the United States economy. More Americans have been purchasing homes due to the cash incentive. Unfortunately, some people been defrauding the tax credit program and using it in ways that were not intended; a couple hundred individuals under eighteen years of age, including a four-year-old, were able to receive the money in their names.
If the credit is to be extended, additional conditions and developments will be added to regulate and revise the distribution of funds. More documentation will be required on behalf of applicants in an effort to reduce abuse of the program. In addition to a time extension, the revisions of the tax credit would also make more individuals eligible to receive the money. Under the current program, yearly income for eligibility is capped at $75,000 for individuals and $150,000 for couples. The proposed revision would increase those numbers to $125,000 and $250,000, respectively. Considerations are also underway to extend the tax credit beyond just first-time homebuyers. Current homeowners looking to move may be able to receive up to $6,500 if they meet the monetary requirements and have resided in their current homes for at least five years.
Unsurprisingly, the issue of extending the homeowners’ tax credit has aroused several debates. Still, if the credit does not end up being extended, there are other sources to look towards for housing and down payment cost assistance. In Maryland, plenty of programs are in place to assist potential homeowners financially. Keep in mind that in order to be eligible for many of these grants, a certificate documenting homebuyer education is required. NHS of Baltimore offers homebuyer education classes, as well as one-on-one sessions with a housing counselor.
The $8000 tax credit for first-time homebuyers is currently set to expire on November 30, 2009. However, Congress is considering extending that deadline until April 2010. Along with other government programs, such as Cash for Clunkers, the housing tax credit may have contributed to a recent 3.5% boost in the United States economy. More Americans have been purchasing homes due to the cash incentive. Unfortunately, some people been defrauding the tax credit program and using it in ways that were not intended; a couple hundred individuals under eighteen years of age, including a four-year-old, were able to receive the money in their names.
If the credit is to be extended, additional conditions and developments will be added to regulate and revise the distribution of funds. More documentation will be required on behalf of applicants in an effort to reduce abuse of the program. In addition to a time extension, the revisions of the tax credit would also make more individuals eligible to receive the money. Under the current program, yearly income for eligibility is capped at $75,000 for individuals and $150,000 for couples. The proposed revision would increase those numbers to $125,000 and $250,000, respectively. Considerations are also underway to extend the tax credit beyond just first-time homebuyers. Current homeowners looking to move may be able to receive up to $6,500 if they meet the monetary requirements and have resided in their current homes for at least five years.
Unsurprisingly, the issue of extending the homeowners’ tax credit has aroused several debates. Still, if the credit does not end up being extended, there are other sources to look towards for housing and down payment cost assistance. In Maryland, plenty of programs are in place to assist potential homeowners financially. Keep in mind that in order to be eligible for many of these grants, a certificate documenting homebuyer education is required. NHS of Baltimore offers homebuyer education classes, as well as one-on-one sessions with a housing counselor.
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