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Dennis Norman This story is part of my ongoing series on how local laws negatively impact the property rights of property owners in the St. Louis area Unfortunately I don’t have to try too hard to find examples of local laws that seriously impact the rights of property owners in the St. Louis area, particularly those [...] Dennis Norman You may want to consider possible legal issues before deciding to “walk away” Homeowners who are considering “walking away” from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home. In addition, homeowners who sell their [...]
Dennis Norman Back in December I wrote a post about a $35 million economic development initiative that was approved by the Missouri Housing Development Commission which included $15 million to pay the first-year of property taxes for qualified homebuyers who purchase a new or existing home after January 1, 2010. Missouri Treasurer, Clint Zweifel, said he expected this would [...] Dennis Norman The United States Court of Appeals for the Eleventh Circuit recently consdered an appeal by the plaintiffs of a class action lawsuit again D.R. Horton, Inc. and DHI Mortgage, Co brought by John R. Yeatman and Eleanor E. Yeatman on behalf of themselves and all similarly situated individuals. The lawsuit stems from the Yeatman’s [...] Dennis Norman What do sex offenders and owners of vacant property have in common? UPDATE: March 8, 2010 – I found out today the bill that was actually perfected last Friday was a floor substitute…Unfortunately the changes made to the bill were minor- they changed the public data base so that you have to enter a [...]
Dennis Norman Last week a friend emailed me a link to a video titled “The Indymac Slap in Our Face” that was created by Think Big Work Small. I watched the video which gave a recap of the failure of Indymac bank back resulting in it’s seizure by the FDIC in July, 2008, and the [...]
Dennis Norman Appeals Court Strikes Down Bellefontaine’s Ordinance Affecting Real Estate For Sale Signs At the end of January the Missouri Court of Appeals-Eastern District handed down a decision on a case that I think is a significant victory for St. Louis property owners and strikes down part of an ordinance that violates our property rights as [...]
Dennis Norman If you are one of the million-plus homebuyers that was fortunate enough to qualify for the Home Buyer tax credit, read on for information on how to claim your credit. Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax [...]
Dennis Norman Depending on which estimate you believe, somewhere between one-third and one-half of the homeowners with a mortgage in the U.S. owe more on their homes than their homes are currently worth. This has lead to an unprecedented amount of short-sales and in many cases, a lender “forgiving” you of the short-fall (the amount [...]
Dennis Norman Just moments ago, the Missouri Housing Development Commission passed at $35 million economic development initiative. Part of this initiative (to the tune of $20 million worth) is aimed toward helping stimulate home sales in Missouri. The initiative includes: $15 million to pay the first year of property taxes for qualified homebuyers who purchase a new [...] Dennis Norman This week the Treasury Department issed a report which included stats on the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’ Making Home Affordable Program and “is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments”. The HAMP program got underway around [...]
Joy Jackson Personally Responsible for Over $16 Million in Losses to Mortgage Lenders; Used Over $800,000 of Fraudulently Obtained Proceeds to Pay for Her Wedding U.S. District Judge Roger W. Titus sentenced the president of the Metropolitan Money Store, Joy Jackson, age 41, of Fort Washington, Maryland, today to 151 months in [...] The Justice Department announced it has filed a lawsuit today in federal court for the Eastern District of Missouri alleging a pattern or practice of violations of the Fair Housing Act by the owner and managers of Forum Manor Apartments, a federally-subsidized apartment complex, for refusing to rent to African-Americans and males, refusing to allow [...] Dennis Norman UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits. UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law. IT’S OFFICIAL! So if you are in [...] Dennis Norman UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow. UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer tax credit [...] Dennis Norman UPDATED: 6:15 pm Central Time- The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to go back [...] Dennis Norman In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. The good news was that there is an agreement amongst the powers that be with regard to [...] Dennis Norman I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of [...] A new Web site provides Missouri voters with information about a proposed state constitutional amendment barring politicians from imposing double taxation on sales of homes and other real estate. Tweet This Post Dennis Norman By: Dennis Norman The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday. NAR Regional Vice President Joseph [...] Dennis Norman By: Dennis Norman Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased. The MBA [...] Dennis Norman By: Dennis Norman According to a report prepared by the Federation of Tax Administrators (FTA) in 2006, thirty-five states plus the District of Columbia impose a real estate transfer tax. What a transfer tax amounts to is when you sell or transfer a house (or other real property) you pay a tax to the state on [...] Dennis Norman By: Dennis Norman Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits. The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress [...] Dennis Norman By: Dennis Norman The Homeowners Assistance Program (HAP)was established back in 1966 to give some monetary relief to eligible service members and federal employees who suffer financial loss on the sale of their primary residence when a base closure or realignment announcement cause a decline in the residential real estate market and they are not [...] As a result of its recent report on senior housing, EHOC announced on September 23, 2009, that it was filing 14 fair housing complaints against senior housing providers in the St. Loius area with the United States Department of Housing and Urban Development (HUD). Complaints are being filed against the following senior communities in St. Louis [...] Dennis Norman By: Dennis Norman “I’m from the IRS and I’m here to help you.” Yeah, sure. Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well [...] Dennis Norman By: Dennis Norman The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year. According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without [...] Dennis Norman By: Dennis Norman The Missouri Legislature passed several bills this past session affecting real estate or property in Missouri, most of which were signed into law by Governor Nixon and go into effect August 28, 2009. Dennis Norman By: Dennis Norman Legislation to protect St. Louis area residents from storm water fees for services they are not receiving was recently signed into law. Representative Tim Jones sponsored the legislation, which was amended to House Bill 661 during the 2009 session and was signed by the Governor on July 7th. Rep. Tim Jones, [...] Dennis Norman By: Dennis Norman Since going into effect May1st the new Home Valuation Code of Conduct (HVCC) has caused controversy, been blamed for killing sales and seems it has everyone up in arms. In late June I did a post on another blog about a bill, H.R. 3044, that was introduced in the U.S. House of [...] |
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