Ilyce Glink Show Notes - April 11, 2010 - Buy Close Move In! Publishes This Week

Buy, Close, Move In! How to Navigate the New World of Real Estate – Safely and Profitably – and End Up with the Home of Your Dreams

My new book gets published this week and I can’t tell you how excited I am. Once our new purchase page gets put online, you’ll be able to link to the book from any page on the ThinkGlink.com website and buy a copy online.

And, I’m encouraging you to do that. If you’re buying a home to live in, or buying a home to invest in, this is a perfect companion. The book explains everything you need to know about buying or financing property in this new world of real estate.

Here’s a link to a page that explains what each chapter covers in the book.

New and Improved (Again!) HAMP Programs

The Obama Administration is still trying to prevent more than 4 million foreclosures. Their latest changes to the HAMP program are complicated. But, here are some links to information that I mentioned on the show about the new changes. I’ll be writing about this more in the coming weeks, as the program gets more fully digested and lenders start to figure out how they’re going to help their borrowers.

Press Release from FHA

Bank of America page on their “homeownership retention” program

Bank of America Press release on Principal Forgiveness

Wells Fargo second mortgage modification program

Need Free Legal Help? Try The Texas Consumer Complaint Center

Connie called this morning. She loaned some money to a woman 15 years ago and the woman never made a single payment. The loan was set up as a 3rd lien on her property. Now, the woman has filed for bankruptcy to have the lien discharged. Connie is a widow and doesn’t have any money to hire an attorney. LegalAid said they couldn’t help her. I suggested she contact the Texas Consumer Complaint Center which is staffed by the University of Houston Law School.

Although they’re based in Texas, they’ll help you out no matter where you live. The website has a ton of great information. I recommend them highly.

Tax Week Is Here: Are you ready to file your income taxes?

Ravi earns $200,000 and his wife earns $79,000. They’re first-time buyers and Ravi’s wife bought a house in December in her name alone, and qualifying with her income only. Can she get a first-time home buyer tax credit?

Yes. ThinkGlink has been researching this and there is a little crazy thing that’s been thrown in. If you’re married and file separately, you can still qualify as long as one spouse’s income is less than $125,000 per year. It’s a crazy wrinkle but we’ve confirmed this with the IRS.

Watch for a longer discussion of this issue coming soon.

In the meantime, you have 19 days to get your contract in shape in order to qualify for a home buyer tax credit. If you want to know if you qualify, try HomeBuyerTaxCredit.com.