Phoenix Neighborhood Stabilization Program info
February 19, 2013

NSP Logo 250

We had a speaker come into our office today and talk to us about the Neighborhood Stabilization Program for the city of Phoenix today.  I had heard about this program and actually put a client through a similar program a couple of years ago.  The info she shared I found very useful and thought I’d pass it along.  Basically the program is an opportunity for home buyers to receive assistance with down payment on a house (up to $15,000) as a forgivable second loan. The payback decreases by $1,000 per year and disappears after 15 years. If you sell the house before the loan goes away you simply pay back the portion that remains. It’s great opportunity for people who don’t have a lot of money to put down to get into a house. The homes are either new or “move in ready” condition and have been built/remodeled to very high standards. I will include a few links to their pages that may be helpful.

Here is the address to their home page (http://phoenix.gov/residents/stabilization/nsp/index.html).

Here is the address to their qualification page (http://phoenix.gov/residents/stabilization/nsp/eligible/index.html).  You can buy either a new home or a “move in ready” home.

Here is the address to the page where you can see a list of the “move in ready” homes that qualify for the program (http://phoenix.gov/webcms/groups/internet/@inter/@res/@stab/@nsp/documents/web_content/moveinreadyhomeinventory11-11.pdf)

If you would like to talk to me about the program or for more info, please feel free to give me a call or drop me an email at TLee@TLeeRealty.com

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Possible Good News for Short Sale Victims!
March 2, 2010

In today’s market more and more people are forced to short sale their homes.  I just learned from a highly renowned Real Estate Tax Attorney that there is a little known law on the books that allows for the seller of a short sale to write off their deficiency and back track it 5 years.  This means that if you qualify, you could receive a check from the IRS for overpaid back taxes… that’s right a check BACK from the IRS.  Just to give you a quick overview of what it takes to qualify, the property must have been an investment property (rental property) and the short sale had to happened before the end of 2009.  Most tax accountants will tell you that you can write off the loss over the next 20 years (standard tax law) but under this little known law, you can actually claim the loss on back taxes for the last five years.  If you paid taxes over the last five years you could collect a check from the IRS for over paying taxes NOW! If you are interested in more information about this I you can contact the office of Kingman Winslow toll-free at 866-728-4107 or you can contact Marianne Kingman by email at mkingman@kingmanwinslow.com

I also have great news for people who are candidates for short selling their primary home.  I can show you how you can write off 100% of your deficiency (difference between what is owed and selling price) so you don’t have to pay taxes on that amount either.  Someone may have told you that you don’t have to pay taxes on the deficiency anyway.  Here are the only three exceptions to getting a deficiency relieved: 1. You have not refinanced your home since the time you bought it.  2. If you did refinance the home, ALL of the proceeds (cash out) from the refinance were put back into the home in a remodel or repairs. 3. Your liabilities exceed your assets at the date of sale. In other words you have a negative net worth.  Most people do not qualify but I highly suggest you seek the counsel of someone who knows the laws inside and out.

If you are interested in more information please feel free to contact me via email at TLee@TLeeRealty.com