The Town of Dudley  had their Grand Opening  today for the new Cumberland Farms!  Stopped in for a brief visit today and all I could hear as people where coming and going was "Wow what an awesome, awesome place. Congratulations and we welcome you back!  Also met some very dear friends - Michele LeFleche & Jose who were also very exciting about the Dudley New Cumberland Farms!

A Very Happy Mothers Day! 

 

To all the Mothers in the World. Have a beautiful day! Happy Mothers Day!

• The Avengers coming 5/4
• The Best Exotic Marigold Hotel coming 5/4
• Dark Shadows coming 5/11
• The Dictator coming 5/11
• God Bless America coming 5/11
• What to Expect When You’re Expecting coming 5/11
• Battleship coming 5/18
• Diana Vreeland: The Eye Has to Travel coming 5/18
• MIB 3 coming 5/25
• Moonrise Kingdomcoming 5/25

5/1/2012

By Stephen Ryan, Esq.

Q. Back in 2007 Congress approved a debt forgiveness law for homeowners when they do a short sale and the lender forgives the portion of the principal of the mortgage that is not repaid. Is it true that this exclusion ends this year?
A. Yes. Five years ago when the number of foreclosures and homes being sold as short sales began to increase, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007, which was intended to give homeowners facing distressed property situations some relief.

In a short sale a lender forgives some portion of a borrower’s debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule are available but, until 2007, when a lender forgave some portion of a mortgage debt (such as in so-called "short sale,” foreclosures and "workouts”), the borrower was required to pay tax on the debt forgiven.

The law, enacted in December 2007, provides relief to troubled borrowers when some portion of mortgage debt is forgiven. That relief expires on December 31, 2012. While the possibility exists that the law may be extended, as of press time there is no guarantee that this will occur. Thus, REALTORS® would be well-advised to inform their current or prospective short sale sellers that this law’s expiration at the end of this year could result in significant tax liabilities if the transactions do not close on or before December 31st. Given the sometimes extended amount of time it can take to put a short sale through, time may be running out for homeowners to take advantage of this law. NAR is working hard to get this law extended. For the NAR summary/Q&A on this law, go to marealtor.com and click on "Understanding Mortgage Debt Cancellation” under the legal section.

Mint condition 3 bedrooms, 1 bath Ranch home & steel garage sits on 1.662 acres presents lots of opportunities! Oodles of cabinets’ in house w/plenty of countertop space, neutral colored bath (no pinks, blues or greens) houses the washer & dryer too! The detached steel framed garage is permitted by Town to run a small business, store your rig or just rent for additional income. Buy House & Garage at $199,900 or just buy House for $158,000. Not a short sale or foreclosure & a Passing Title 5! Come take a look!

CLICK BELOW FOR PICTURES

Pictures of 254 Holland Road

William Somerset  Maugham

• 

  Facing Foreclosure: What to Do Right Now

  If you’re facing foreclosure, don’t panic: Take steps right now to save your home or at least lessen the blow of its loss. Read

   

• 

  (New!)

  Saving for the Super Bowl: How to Throw a FREE Game Day Fiesta

  Get 6 smart tips to save big on your game-day party—and share some of your own tips for a chance to win a Super Bowl bash on us. Read

   

• 

  Pet Odor Can Chase Away Buyers

  Don’t let pet odors derail your home sale. Read

   

Drain gas from lawnmowers.

Service or tune-up snow blowers.

Replace worn rakes and snow shovels.

Clean, dry and store summer gardening equipment.

Sharpen ice choppers and buy bags of ice-melt / sand.

6. Check Foundations

Rake away all debris and edible vegetation from the foundation.

Seal foundation cracks to keep small animals from crawling under the house. Mice can slip through space as thin as a dime.

Inspect sill plates for dry rot or pest infestation.

Secure crawlspace entrances.

If your weather temperature will fall below 32 degrees in the winter, adding extra insulation to the attic will prevent warm air from creeping to your roof and causing ice dams.

Check flashing to ensure water cannot enter the home.

Replace worn roof shingles or tiles.

Clean out the gutters and use a hose to spray water down the downspouts to clear away debris.

Consider installing leaf guards on the gutters or extensions on the downspouts to direct water away from the home.

If you had problems with snow or ice dams last year consider installing heat tape in the eaves.

See if vents are functioning properly, if metal is rusting, replace it or paint it.

Make sure the area around the base of your satellite TV dish is without holes or ask a roofing contractor to check.

Use weather stripping around doors to prevent cold air from entering the home & caulk gaps in the windows with a clear caulking compound.

Use a draft snake at the base of drafty doors, or, better yet, replace the door sweep to make it more airtight.

Inspect exterior for cracks & exposed entry point around pipes & seal them up.

Replace cracked glass in windows.

Protect window wells if your house has them by covering them with plastic shields.

Switch out summer screens and replace with glass replacements in doors. If you have storm windows, install them too.

Window air conditioners should be removed, stored or covered so the heat in the house can't escape. You don't need to put a cover over a free-standing central air conditioner.

1.      Fireplaces

Create your own video slideshow at animoto.com.

In anticipation of the colder weather just around the corner, Bazinet Realty would like to share a few cold weather tips to avoid costly repairs and avoid freeze ups.