New Info Blog

Any person who works in the United States receives a unique Social Security number. This number is then required to do all sorts of transactions, from getting a bank account to getting a mortgage. New employers ask for the number, and it is an important part of getting a credit card.

Getting your social security number is a critical goal for identity thieves. They want it because it is one of the keys that unlock their ability to get credit cards and other debt instruments in your name.

So, everyone seems to know that the number is a secret which should be guarded, but how much do people actually know about it, and what is the right way to file a complaint against a business which is potentially compromising your identity.

The social security number system started in the mid-1930s as a way for the government to track the beneficiaries of its new social security retirement system. everyone was assigned a number. That number was the key to knowing how much the person had paid into the system, and it unlocked the payments paid to that person in retirement.

Ironically, the legislation that created the social security number specifically said that it would not become a national identification code. More recently, that sentiment has become laughable. Social security numbers are essentially national identification numbers within the United States.

There are a number of resources Americans can use to obtain information about their social security number.

First, they can check their credit reports frequently, to determine whether anyone is using their number. This can be done easily and for free once per year using the government’s Annual Credit Report system.

Second, they can contact the US Government. The Social Security Administration offers a statement which contains the person’s contributions to the system as well as the expected benefit at retirement.

Finally, several independent websites exist with more detailed information for a given social security number. One example is Social Security Numerology (http://www.socialsecuritynumerology.com”).

Tyler Stanford provides research and consulting services for numerous industries, including identity protection. He has consulted for SocialSecurityNumerology.com.

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As we began the New Year, many of us made resolutions and vowed to get our financial houses in order. Unfortunately many of us broke that resolution long before the first credit card bill arrived. Rather than feel guilty consider these steps to get you started in the right direction – regardless of what time of the year.

1. Build your Emergency Fund:
Not just the pot of gold that you were considering for a new car or vacation, a fund for real emergencies. Your emergency fund should include at least three to six months worth of living expenses. These funds should only be tapped for healthcare emergencies, times of unplanned unemployment and other events of this magnitude.

As you develop your emergency fund, keep enough money in your bank account or money market account to cover three or more months expenses and than ask your Financial Advisor or your banker to help you set up a series of short term CDs to form a ladder with the rest. Laddering funds will allow you to earn more interest on the money that you may need to get your hands on in hurry. At the same time, it helps to make sure that you don’t get your hands on it all at once for non-emergency purposes.

2. Use credit wisely:
Avoid purchasing items on credit whenever possible. If you must carry debt, look for the lowest rates that you can find. Shop out your loans and credit cards for better deals. Ask your creditors for better rates. If you make all your payments on time and are in good standing with them, most likely they will lower your rates. If not, consider moving elsewhere. Be sure to review your credit report at least annually and watch for identity theft as well.

3. Budget money wisely and do not overspend:
Take the time to sit down and set a budget or a spending plan. Live within your means and don’t try to keep up with the Joneses. We are all guilty of it from time to time, but unless we win the lottery we may want to let the Jones get ahead just a bit so that we are not struggling in retirement. You may be surprised to know that there are a lot of doctors and executives out there who are making well over $500,000 per year who are in debt up to their eyeballs and giving the term “living paycheck to paycheck” a whole new meaning.

Be careful not to overspend when it comes to your investments either:
Some firms are offering free trading if you “simply pay the bid ask spread” or have large sums of money in an account. Other firms are offering low priced stock trades while charging outrageously high margin rates or other fees. Investigate these offers closely and make sure that your free lunch is really free. Some times you can save a few dollars on a commission and spend thousands on a wide spread or other fees. Most importantly, do not try to save a commission by trading online or buying no load funds if you really don’t know what you are doing and are likely to risk your hard earned money.

4. Be prepared:
Make sure that you are properly insured. Not just for your car or home (if renting, be sure to pick up rental insurance) but also for your life, health, disability and if appropriate, long term care. Check your coverage on insurance polices, update beneficiaries on your life insurance and make sure that you have an updated will.

5. Learn as much as you can about investing:
According to a Lusaardi and Mitchell study cited in Money Magazine, individuals who understood simple calculations such as compound interest or percentages had higher net worth than those who did not. The internet offers a great deal of help to arm you with information about investing. But don’t be too proud to get help if you still need it or to get a second opinion to see how you are doing.

6. Set realistic goals:
Don’t start with pie in the sky ideas. Set short, medium and long term goals that you can stick to. A short term goal may include building up that emergency fund that you swore you were going to start or perhaps saving for a house. A medium term goal may include paying for your children’s education and a long term goal may include planning for retirement. Set aside time to plan for each of these and be sure to monitor your progress along the way.

7. Know your Benefits:
Learn what you are entitled to or if you will be entitled to any benefits. Does your employer offer a pension plan? Are you eligible for social security? Are you eligible for a spouse’s benefits in the event of death or divorce? Be sure to review your benefits from time to time as they may have changed. Some employers have significantly reduced or even dropped their pension plans all together.

8. Invest with Discipline:
In a recent “Retirement Reality Check” survey, conducted by the Allstate Insurance Company, 40 percent of respondents admitted that they are not even saving seriously for retirement. Overall, 38 percent of respondents said that they expected their retirement to be “financially difficult.” Start saving early and often to help avoid this situation.

Estimate your retirement needs. Fund your 401(k) retirement plan to the maximum or start an IRA (or alternative retirement plan) if you are eligible. Invest automatically via your employer, through payroll deduction or through your financial institution and have money drawn automatically every month before you have a chance to spend it. Pay yourself first. Treat your savings like a bill and pay yourself every month. Make careful decisions between stocks, bonds, mutual funds and other investments. Pick quality investments, stick with them and rebalance when your allocations are no longer in sync with your plan.

Get started. Don’t wait until tomorrow or until you get a raise or until after the holidays. Take action today.

The topics covered in this article are for discussion and information purposes only. Clients should take special care in understanding all of the risks involved prior to investing. Nothing contained herein should be considered as an offer to buy or sell any security or securities product. Place Trade Financial, Inc. does not provide legal or tax advice. Please consult your own tax and/or legal advisor prior to investing. This article contains links to other web sites. Place Trade Financial, Inc. is not responsible for the privacy practices or the content of such web sites. Please contact Place Trade Financial at 1-800-50-PLACE or visit http://www.placetrade.com for further information. Place Trade Financial, Inc. is a registered broker dealer. Member FINRA, SIPC.

Sarah M. Place, MBA is the President and CEO of Place Trade Financial, Inc., Member FINRA, SIPC. She has over eighteen years experience in the financial services industry. She has vast experience working with stocks, bonds, mutual funds, 401(k)s and other investment vehicles. She is a member of the National Association for Business Economics (NABE) and the Finance Roundtable, serves as a member of the North Carolina Council on Economic Education (NCCEE) Board of Directors as well as several other boards and committees that are dear to her heart.

She has presented topics including economic issues, investments and retirement planning to numerous groups over the years including the Tufts University Alumni Association and the Cary Jaycees. She is a contributing writer for several publications including Balance Magazine, the Carolina Newswire, the NC Journal for Women, NC Career Networking Magazine and Women in the Triangle.

If you would like to receive a free subscription to our monthly newsletter please visit http://placetrade.com/abt-newsletter.htm

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The main thing tax will need for tax mistakes income tax return is proof of the income you made and the taxes you paid in the previous year. That includes income made through employers, interest from accounts, dividends from investments, income made through self-employment, income made as a subcontractor, and any other income. Student loans and other types of loans may also be considered income for the purposes of income tax, as can winnings from a lottery, casino, or other contest. If you are unsure what can be considered as income for tax purposes, you should contact a certified public accountant.

The other thing that is important is social security numbers for everyone you will claim on your income tax return. That includes social security numbers for your spouse and any children you will claim. Without social security numbers, proof of residence, and birth dates, you cannot claim deductions on your income tax return for these individuals.

The next thing that you should gather is what you will need for deductions. If you have a mortgage, your interest paid tax the mortgage company may be tax deductible. If you use a vehicle for business purposes, you can claim a tax deduction for mileage. If you have children in daycare so that you can work, you can claim a tax deduction for that expense. You can also claim tax deductions for excessive medical expenses and charitable contributions.

If you are self-employed, you will need to also gather your receipts for tax deductible expenses. A tax deductible business expense is any expense that is used solely or primarily for the business you are involved in. The tax deductible expense must be documented in order to claim it, so any receipts you have, usage logs for computers and vehicles, etc. should be gathered so that you can take the highest deduction possible. If you have any doubts about what is tax deductible for your business, you should contact a certified public accountant to assist you in your income tax preparation.

Once you have gathered all of the necessary tax documents, you must determine which tax forms you need to file. If you are an individual with few tax deductible items, you can file a simple tax return. However, if you are self-employed you must also file a tax form called Schedule C. If you have a lot of tax deductible items, you will want to file a more complex tax return to itemize your tax deductions. If you are unsure what tax forms you need to file, you should contact a certified public accountant to assist you in your income tax return preparation.

Tax day can be a stressful time, but it doesn’t have to be. Gather all of your required tax documents as early as possible, and don’t put off the inevitable. Contact a certified public accountant as soon as you can if you are unsure what tax forms you need to file, or what tax deductions you can take. And, most importantly, don’t panic on tax day!

For more information on the accounting field please visit
http://www.bytelan.com/indexaccounting.php

John Tahan is a webmaster, computer expert and musician, for all your musicians and music lovers you can visit: http://www.tzarrockmetal.com, http://www.guitarapprentice.com

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October 15, 2008, is the deadline to file your 2007 IRS tax return if you applied for and received an extension last April. It is also the deadline to claim your economic stimulus check.

If you are a retiree or disabled veteran and you normally don’t file a tax return, you must file a tax return to qualify for your $300 check (you also receive $300 for each qualifying child you have).

If you are a retiree or disabled vet, you must have at least $3,000 in qualifying income from earned income, nontaxable combat pay or certain benefits from Social Security, Veterans Affairs and Railroad Retirement.

Qualifying income from Social Security includes retirement, disability and/or survivor benefits. Qualifying income from Veterans Affairs includes disability compensation and/or pension and/or survivor benefits. Dependents or those eligible to be dependents on someone else’s tax return are not eligible for an economic stimulus payment.

To qualify for your payment you also must have a valid Social Security Number unless your spouse is a member of the military.
The IRS can’t give out any economic stimulus payments after Dec. 31, 2008. However, if you are eligible for an economic stimulus payment, you can claim a credit in 2009 by filing a 2008 income tax return.

If you have filed your 2007 tax return but who have not received your economic stimulus payment, you can check on the status of your check by going to the IRS.gov Web site and clicking on the link entitled: “Where Is My Economic Stimulus Payment.”

Remember, you must file your tax return by October 15. And in this economy, couldn’t you use an extra few hundred dollars?

Discover if you qualify to have your taxes e-filed for FREE. Visit http://efile.123easytaxfiling.com

It is a safe, secure and easy way to file many of your Federal tax forms, as well as many state returns.

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For people who invest (and even people who don’t), taxes have always been a hot topic. Unfair taxation caused many of our forefathers to abandon England and start their own country-and eventually hold a certain famous tea party in Boston Harbor.

Fortunately, we don’t have to resort to such drastic measures today, but taxes are still an emotional issue. Just look at what you’re up against: You work hard to earn a paycheck. But before you ever see the check, you give a portion of it to pay state and federal income taxes. Then you pay social security and Medicare. After you deposit the rest in your bank account, you still have to pay sales tax on anything you buy. Then, you’ve got property taxes, taxes on your cars, taxes on gasoline, and the list goes on and on. Finally, when you die, you get taxed on whatever is still left of your estate. In other words, you get taxed when you earn it, spend it, and ultimately die with it.

We’ve all participated in more than a few heated debates about who should pay more taxes and who should pay less. The only agreement I’ve ever heard regarding taxes is that someone else should pay them. With all of the rhetoric and emotions surrounding taxes, I decided to find out who really pays the most taxes. Here’s what I found out:

The Top 1% of income earners pay 34 % of all taxes
The top 10% of income earners pay 66 % of all taxes
The bottom 50% of income earners pay 3 % of all taxes

Studies by the Tax Foundation show that about 136 million income tax returns were filed in April. Of these, about 43 million families will show no tax payable. Since another 15 million families file no returns at all, about 58 million Americans will pay zero tax.

This means that 40 percent of all Americans pay zero taxes.

I found this interesting, because many popular media outlets love to preach about how the rich are not paying their fair share of the taxes in this country. There has also been a great deal of discussion about how recent tax cuts are unfair, because they benefit the rich. The reality is that they do benefit the rich, but that is only because the so-called rich (anyone with a middle-class income or better) already pay the bulk of all of the taxes.

This write-up from Growth Stock Outlook reprinted in The Chartist service was an interesting presentation. I hope you find it entertaining.

Let’s put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this. The first four men – the poorest – would pay nothing: the fifth would pay $1; the sixth would pay $3; the seventh $7; the eighth $12; the ninth $18. The tenth man – the richest – would pay $59. That’s what they decided to do.

The 10 men ate dinner in the restaurant every day and seemed quite happy with the arrangement – until one day, the owner threw them a curve. “Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily meal by $20.” So now dinner for the 10 only cost $80. The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six — the paying customers?

How could they divvy up the $20 windfall so that everyone would get his ‘fair share’? The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would end up being “paid” to eat their meal. So the restaurant owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay. And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59.

Each of the six was better off than before. And the first four continued to eat for free. But once outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20, ” declared the sixth man. He pointed to the tenth. “But he got $7!” “Yeah, that’s right, ” exclaimed the fifth man. “I only saved a dollar, too. It’s unfair that he got seven times more than me! ” “That ’s true!” shouted the seventh man. “Why should he get $7 back when I got only $2?” The wealthy get all of the breaks! “

“Wait a minute,” yelled the first four men in unison. “We didn’t get anything at all. The system exploits the poor!” The nine men surrounded the tenth and beat him up. The next night he didn’t show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They were $52 short!

It’s an interesting story that provides food for thought. The one positive takeaway from this article is that if you are paying too much in taxes, then you must be doing something right.

Dave Young, President and founder of Paragon Wealth Management, has helped his clients enhance their financial well-being since he began managing money in 1986. He was his first client after he sold his 12 franchise businesses and couldn’t find a traditional brokerage firm to meet his needs.

From his personal investment experience, he knew there was a better option to managing money. Later that year, he started his own investment firm. When he avoided the 1987 stock market crash, his methods sparked a lot of interest.

Today, this undiscovered money manager in Utah currently manages 60 million dollars plus for 150 clients.

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This is the time of year when all Americans think about their tax situation and what they might do differently to reduce their heavy tax burden. There is a record of an ancient civilization that was required to pay 50% of their earnings to their captors. They considered themselves in bondage. And yet, many Americans who earn over $100,000 per year pay far more than that in federal and state income tax, sales tax, social security tax, property tax and excise taxes.

I’m not against paying taxes for necessary government services. To the contrary. What I am opposed to is paying a dime more than I have to. But MOST OF YOU are paying far more than you have to. Why? In most cases, it’s simply because you are getting poor tax advice.

The reality is that the Internal Revenue Code is full of opportunities to reduce your taxes. I have spent almost 30 years pouring through the Code and learning all of these opportunities. And I am continually learning new ways to reduce taxes. It’s all a matter of understanding the law and applying it the way Congress intended. That’s right, Congress intended to provide tax benefits to individuals and companies who behave a certain way. Why? Simply because Congress has long used the Internal Revenue Code as a way to promote social, energy and economic policies.

But how do you know if your tax advisor is giving you the best advice? Unless you are legally paying no taxes, you really don’t. The answer, quite frankly, is to have another, experienced tax advisor review your tax returns from prior years and your current tax situation. It may be that when you were a simple wage earner that there were few ways to reduce your taxes. But now you are in business or you are investing in real estate. What’s happened is that YOU HAVE OUTGROWN YOUR TAX ADVISOR!

Before you commit to another advisor, have them review your situation. Don’t expect that they will give you free advice. But find out if they think they can do something different. Just the other day while reviewing a tax return I found $60,000 of taxes that a prospective client was paying that we could easily eliminate. What would you do if I found $60,000 of ANNUAL tax savings for you? I hope you would jump on this opportunity immediately.

Whatever you do, remember that “if you always do what you have always done, you will always get what you have always got!”

Tom Wheelwright is not only the founder and CEO of Provision, but he is the creative force behind Provision Wealth Strategists. In addition to his management responsibilities, Tom likes to coach clients on wealth, business, and tax strategies. Along with his frequent seminars on such strategies, Tom is an adjunct professor in the Masters of Tax program at Arizona State University. For more information, please visit http://www.provisionwealth.com

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So you want to know the best way to remove spyware? First of all is your computer running slower than usually? Does it freeze quite frequently? Does it seem like your computer has a mind of its own and does as it pleases? If you are experiencing these symptoms your computer is probably infected. Spyware is a program installed on your computer secretly without your consent.

Spyware usually falls into one of two types. The first type is used by companies and it collects data by spying on you and sending you advertisements(pop ups) in hope you will purchase there product. This can be annoying and cause system degradation.

The other type of spyware is run by thieves and attacks you personally. It steals sensitive information by installing a key logger on your computer. This allows for it to steal any valuable information such as password, bank account numbers, credit card numbers or even your social security numbers. It then sends this info across the internet. Basically they steal your idenity and other sensitve info to sell it for a pretty penny.

So you are wondering what the best way to remove spyware is? There are a few spyware removal options. First off, there are website that will show you how to remove spyware manually. This process can be effective but I don’t recommend it. It can be difficult and tedious for someone who is not an expert at computers. Also, once you remove the spyware, you are left vulnerable to get infected again. There is no protection after the initial clean up.

Therefore, the best way to remove spyware would be to purchase an anti-spyware program. The top programs will be successful in removing spyware and protecting your computer. The best programs will cost you around twenty or thirty bucks.

While free anti spyware programs does fall into the spyware removal options, I suggest staying away from these. The reason being is that there are multiple free programs out there that claim they will protect and eliminate spyware. The truth is that many of these programs are actual spyware. People download these to save a couple bucks and end up making things worse.

The best way to remove spyware is to purchase an anti spyware program. I know you don’t want to spend money but I don’t think you really want your identity stolen or your bank account drained either? It is very important to protect you and your computer from this monster. I hope I answered your question of the best way to remove spyware, and the spyware removal options I have provided are useful.

For more information on antispyware protection see my sight at – http://www.squidoo.com/Anti_Spyware_08 – I have provided reviews and ways to purchase the best anti spyware programs available. I also provide a way to get a safe, free scan of your computer.

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Saving for retirement taxes something that everyone needs to consider, as it is an important long-term goal. Every working person, no matter how old he or she is, will eventually reach retirement age. Once you person retires, they will no longer be earning the income that they were accustomed to receiving every pay period. In order to deal with that loss of income and still be able to pay bills, maintain their lifestyle, and survive in general, every working person needs to plan ahead.

Time is on Your Side

The earlier you start planning and saving for your retirement, the better. If you are in your 20’s or even your 30’s, retirement may seem far away, and you may think you don’t necessarily need to worry about it at this point in time. You may find yourself juggling many competing priorities that require time and money. You may even think that there is plenty of time for the American government to fix the social security system so that it can actually take care of you when you retire.

Well, while an optimist may hope for such a taxes outcome, the truth is, the social security system is not designed to take care of all your financial needs after retirement. The best thing to do is to save for your own retirement. If you are young, you are in a perfect position to maximize your savings for a much better potential outcome. That is because you have time on your side. Time, when combined with money, is a very powerful tool. First, there is the obvious -every year you save for retirement is another year’s worth of savings to add to your egg’s nest. Of course this has plenty of value in itself. For example, if you save $3,000 every year for 20 years, versus saving the same amount for only 10 years – well, do the math. More importantly, however, is the value that compounding adds to your investment.

Compounding

Compounding can be explained simply as the ability of your investments’ earnings to earn additional earnings by automatically reinvesting all interest, dividends and gains. Confused yet? Basically, compounding multiplies the growth of your savings by earning interest on interest earned. Suppose you save $10,000 in an interest-earning retirement savings account. Imagine that the first year, the account earns 20% (granted, this is beyond optimistic, but stay with us). Your investment is now worth $12,000. Since this is a retirement account, you don’t touch it. In Year 2, the shares appreciate another 20% (this is just an example). Therefore, your $12,000 grows to $14,400. Rather than your shares appreciating an additional $2,000 (20%) like they did in the first year, they appreciate an additional $400, because the $2,000 you gained in the first year grew by 20% too. If you continue to work the process out, the numbers can start to get very big as your previous earnings start to provide returns. In fact, $10,000 invested at 20% annually for 25 years tax grow to nearly $1,000,000 (and that’s without adding any money to the investment)!

Tax-deferred Growth

Another very important reason to start saving for your retirement as early as possible is the tax benefit that you will enjoy. Most retirement savings account, whether they are IRA’s or employer sponsored programs, are tax deferred. This means that the tax you would normally pay on the portion of your income you contribute to your retirement savings is essentially given to you tax-free. This makes a huge difference when combined with compounding. As you can see, there are many benefits to start saving early for your retirement, but don’t forget – it’s never too late.

Established offshore investment firms provides offshore bank accounts, offshore mutual funds and offshore QROPS – a Qualifying Recognized Overseas Pension Scheme to those that qualify.

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Comparing disability insurance is an effective tool to determine that you are getting the most benefits possible with your invested premium payments. Do not just jump into an application because it promises huge reimbursements taxes non-taxable refunds. You may soon realize that you are actually paying more to maintain the premium, than reap the benefits by which you primarily bought the disability insurance for.

When you compare disability insurance, you lessen the risk of purchasing the wrong quotes and policies and maximize your usage of the benefits the insurers offer. That way, you and your insurance company can work together to reach your financial objectives and goals.

Some steps in comparing disability insurance are discussed here to ensure that your insurance coverage is appropriate, consistent, and well provided for by the company that you chose.

First, categorize disability insurance between short tax and long term. These two basically vary in time length, so simply compare and decide how long you think you are going to be in your profession and business. If you cannot determine the duration of your existing job, do not hastily invest in long term disability insurance policies. After all, short term disability insurance can easily be converted into long term, if you wish.

Second, compare the differences between having individual disability insurance and a group policy. Group policies are generally cheaper and their coverage may not be as much as the more expensive private or individual quotes.

If you are an employee working a low-risk job and your company offers this type of insurance, perhaps a group policy may work better for you. Some people actually invest in more than one disability insurance. This way, their benefits and income reimbursements increase significantly in tax but this, of course, would cost you more on premiums.

Third, compare coverage flexibility. Some policies may increase or decrease in amount, depending on your qualifications on other factors, such as tax advantages and social security. Individual and private disability insurance is the best option to provide the most individualized plan for your financial needs and aspirations.

Fourth, compare disability insurance policy and terms of duration. Good insurance brokers highly recommend a non-cancelable or guaranteed renewable policy, wherein the insurance company cannot terminate or raise your premium without proper permission or due process. In some cases, premiums may only be raised on all policyholders, as a whole.

Fifth and final, compare insurance companies. Online insurance companies are growing more and more in number and the existing ones have official websites, wherein you can easily browse and find out their respective visions and goals, if ever they coincide with yours.

Research is an invaluable method for all policyholders because insurance will be provided only at the most crucial moments; and surely you would not want to avail of it unprepared, or else you will be deprived of many benefits due to lack of information.

Also, having a reputable insurance broker can easily take care of your financial support needs and update you with recent developments, as well as give you tips on how to maximize your benefits and increase your insurance coverage.

Disability insurance can also be compared in terms of additional benefits. Compare how each company defines disability, length of waiting periods, and benefit periods, as well as the riders that can be involved in the quote. Some companies may give specifics in compensating other members of your family during your period of disability.

David Wilkenson is an insurance specialist and contributes to WealthProtector.net, a website that offers information on getting the best short term disability insurance quote.

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Some important items you will need to file for a short sale.

1. When submitting an application to your bank you will have to write a handwritten hardship letter.
2. If they ask you to sign a contract have it reviewed by an attorney.
3. 2 recent bank statements
4. 2 recent pay stubs
5. Copy of last years tax bill
6. HOA Bill
7. The most recent listing agreement if the house was listed to sell.

Let me try and simplify what these companies try and do.

They will have you make up a hand written hardship letter even if there is no hardship. They will tell you to make it very personal and emotional and some will even tell you what to write.

They lead you in believing they will buy your house – cash. What they wont tell you is what their real intentions are. They will take your house, list it at a reduced price, and try to find a buyer while the paper work is being submitted to the bank. On the contract they will list their company as the purchasing buyer and they will ask you to sign a contract with no price and say that they will negotiate the price with the bank.

They will try and do a dual close. What this means is that if they locate a buyer, the price that they have negotiated with the bank will be less than the buyer will pay therefore they profit the difference at closing. You have lost everything you have put into this house and here comes one of these companies who will make in some cases 100k or more off of you.

For arguments sake, say they have negotiated with the bank a price $100 that the bank will accept as the selling price. They will sell the house for as much as they can above the $100 price. This will all take place as soon as you sign the listing agreement with one of these short sales company. They get to profit the difference of what they have negotiated with the bank and what the buyer will pay.

What you need to understand that it is very likely the bank will give u a 1099 for the balance owed to them by you and this will increase the taxes you owe to the IRS. So these slick companies who you are led to believe are helping you are really not. Usually the first offer they make to the bank is around 50-60% of what you owe. Some banks who are overweight in real estate may accept those numbers leaving a hefty balance owed the bank. You must insist if you are going to do one of these is to include a clause in your contract to the bank, that they NOT HOLD YOU responsible or give u a 1099 for any difference of the selling price and what you owe.

For you to get the most value out of your home, list your house with an experienced short sale Realtor who will try and get you the maximized amount for your house. The Realtor will negotiate with the banks in your best interests, not to maximize profit for his/her company. The higher amount the Realtor could get from an interested buyer, ultimately will help you in the long run if you are upside down on the loan. If the bank issues you a 1099 you want to make it for the least amount as possible.

This decision is a very important decision.

If you decide to use one of these companies ask them how much money they will be making off the sale of your house at closing. Don’t sign a listing agreement with them, and watch how fast they wont buy your house.

Why should one of these companies make money off of you and than you will owe the bank more when the house sells if he bank does not release you.

Make sure they put a purchase price in the contract and don’t leave it blank.

Don’t mislead the banks with phony hardship letters. If you cant make the payments than thats what you use. As always be very careful when giving out your personal information like social security numbers, bank statements, pay stubs, date of birth. Know the person or company and research and check to see if they are a legitimate company.

http://orlandoreunionresorthomes.com
F. Lanni is a Top producing Realtor in The Million Dollar Club

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