All posts by Barbara Nevins Taylor
More Mortgage Modifications
There’s finally a little good news about foreclosures all across the U.S. 134,000 homeowners received help and mortgage modifications from Fannie Mae and Freddie Mac in the third quarter of 2012. Since 2008 Fannie and Freddie say they prevented more 2.5 million foreclosures with permanent loan modifications. About 45 percent of these homeowners had their mortgage payments lowered by 30 percent. And 38,000 homeowners who couldn’t hang on were able to complete shorts sales or turn their deeds over to lenders in-lieu-of foreclosure. Both procedures are less damaging to credit ratings than straight-out foreclosure.
Overall, late mortgage payments declined by 9 percent in 2012. But in Florida about 29 percent of those who are delinquent owe more than a year’s worth of payments.
Here are a few positive stats from the states
New York-Almost 89,000 got help and close to 84,000 kept their homes.
New Jersey – More than 79,000 got help and almost 70,000 kept their homes.
California – Almost 335,000 got help and more than 260,000 kept their homes.
Illinois- Almost 124,000 helped and almost 105,000 kept their homes.
Phishing Scam Warning From American Airlines
American Airlines warns of phishing scams that use the company’s logo and ticket information. Typically, you receive what looks like a legitimate communication from the airline and you’re asked to follow a link, or button.
Once you click you’re led to a “spoof” site that looks official and asks for credit card information, or other personal financial data. Some of the emails may have viruses attached.
The airline also warns that bulk faxes and mailings are now used by the scammers to try to grab your information. American Airlines says it, “will never ask you to perform security-related changes to your account in this fashion or send emails to collect user names, passwords, email addresses or other personal information. I
f you receive an email claiming to be from American Airlines, that asks for account information, it should be considered fraudulent and an attempt to obtain personal information that may be used to commit fraud.”
TAKE ACTION
1. Don’t open links, or attachment, call phone numbers for follow any instructions in the email.
Forward it to webmaster@aa.com.
2. If you get one of these queries by mail, or fax sent to AA’s webmaster, and file a complaint with the U.S. Postal Inspection Service 
Praise for American Airlines Employees
Happy 2013! Joy, Peace And Prosperity To All
New Subway App
Jump In E-Book Readership
Good news for writers. 75% of Americans over 16-years-old said they’ve read a book in the past year according to the Pew Internet and American Life Project. Researchers found the number who read e-books increased from 16% to 23% in 2012, while print book readers fell to 67% from 72%. Not surprisingly, the increase in e-book readership grew with the popularity of iPads, Kindles, Nooks and other tablet reading devices. Turns out 25% of us now own them,
Libraries are also seeing a change. 5% of library readers used e-books in 2012 as opposed to 3% in 2011.
Who is doing the reading?
Most are between 30-49, have college or graduate degrees and live in households earning more than $75,000, and
100,000 + Dreamers Approved For Deferred Action
More than 100,000 dreamers gained approvals in the Deferred Action for Childhood Arrivals Program. The U.S. Citizen and Immigration Services data extends to December 13th, so there may even be more. 157, 151 applications are still under review. Out of the 355,889 who applied, only 12,014 were rejected and that amounts to just a little over 3%. We’re not odds makers, but it seems like the chances are in your favor.
Most of the applications were made by young people who came to the U.S. from Mexico and most applications were made in California – 98,531 and Texas- 57,42. But it continues to surprise us that only 21,635 applied from New York, and 11,779 from New Jersey. Why are the numbers so small?
This is a great program for young people who entered the U.S. before they were 16-years-old. This means, if approved, they can work legally in the U.S., get a social security number, get a driver’s license and live openly
Let us know about your experience.
If you haven’t applied yet, check out our video, How to Apply for Deferred Action, it walks you right through the process. And you won’t have to pay a lawyer.
Sandy Hook Scams Warning
The Sandy Hook Elementary School shootings broke our hearts and made us want to help in any way we can. Scammers know it and that’s why law enforcement officials throughout the country are warning about potential charitable scams. Many compassionate people stepped up immediately after the tragedy and many still want to open our wallets. And so of course, plenty of others know where to find their easy marks. The Connecticut Department of Consumer Protection (DCP) Commissioner William M. Rubenstein and Attorney General George Jepsen caution us all to :
• Donate to well-known, established charities; it is the best way to ensure that your donation is used appropriately. Find a charity with a proven track record that is making help available to the families and community of Newtown.
• When giving to any organization, specify the purpose of your donation (e.g “for the victims of the Newtown shooting”), and do so in writing whenever possible.
• Be extra cautious when responding to e-mail and telephone solicitations on behalf of supposed victims. These methods of solicitation are more likely to be part of a scam.
• Delete unsolicited e-mails and don’t open attachments, even if they claim to contain video or photographs. The attachments may be viruses designed to steal personal financial information from your computer.
• Watch carefully for copycat organizations. Criminals are likely to set up bogus sites to steal the identities and donations of generous, unsuspecting individuals. When giving online, be sure to find the charity’s legitimate website. You can access accurate links to the sites of each bona fide charity at Charity Navigator (www.charitynavigator.org).
• Social media sites can also perpetuate scams. Do not blindly give via these vehicles. As with any charity, investigate the groups behind such pleas to ensure that they come from a legitimate organization.
• Both the need for donations and the opportunity for giving will be present for some time. Therefore, do not feel pressured into making contributions; reputable charities do not use coercive tactics. If you feel pressured at all, you are most likely being scammed.
• Do not give your personal or financial information to anyone who solicits contributions.
• Avoid cash donations if possible. Pay by debit or credit card, or write a check directly to the charity.
• Do not make checks payable to individuals.
Debt Relief Crackdown
A Tax On Health Benefits?
More than half of American would either switch to a less costly insurance plan, shop around, or drop coverage, if Congress taxes health benefits to raise money as part of the deal to avoid the fiscal cliff. It’s one of many ideas being floated, but the nonpartisan Employee Benefit Research Institute (EBRI) found if employer based coverage becomes taxable:
- 26 % want to switch to a cheaper plan
- 21% say they’d shop directly with insurers
- 9 %t say they’d drop their coverage.
MANY LIKE THEIR COVERAGE
Yet nearly 39% say they would continue with their current level of coverage.
The EBRI found health benefits are a key a factor for workers when they choose a job, and health insurance is the most important employee benefit.
“Most Americans are satisfied with the health benefits they have now and prefer not to change the mix of benefits and wages,” said Paul Fronstin, director of EBRI’s health Research and Education Program and author of the report. “About three-quarters say they are satisfied with the health benefits they currently receive, while 15 percent say they would trade wages to get more health benefits, and 9 percent say they would surrender health benefits for higher wages.”
Here are 2 additional stats from the study:
- 34% preferred to choose their insurance plan, have their employers give them the money that was being spent on their behalf, and then pay the remaining amounts themselves.
- 23% prefer their employers give them money and allow them to decide whether to purchase coverage, and how much to spend.
10 Tips To Avoid Contractor Ripoffs
FEMA Gives NJ Towns $5 Million
The hard-hit towns of of Brick and Freehold will get $5 million from FEMA and more from the state of New Jersey for Hurricane Sandy cleanup and repair, , according to Governor Christie. Storm surge, flooding and widespread power outages lasted for more than three weeks in Brick and everything including the sewer system was overwhelmed.
Freehold ran up big bills to pay for police, public works and it’s sewage plant, as it try to restore some semblance of normal life. So this is federal money well-spent in both towns.
NY Tax Relief Post Sandy
If you file your taxes late because of Sandy you’ll get a pass and credit for on-time filing. In addition, businesses that relocate to New York to help with recovery efforts will not have to pay several state taxes, and employers will be granted a tax exemption for the value of leave they donate to Hurricane Sandy relief efforts.
“We are delivering tax support and relief to the many New Yorkers who are still rebuilding following Hurricane Sandy’s unprecedented devastation,” Governor Andrew Cuomo said. “These provisions will help affected individuals and business, as well as many of those providing assistance to New Yorkers, during this time of recovery.”
DETAILS OF TAX RELIEF
Late Returns
The Tax Department will treat returns and payments that are late due to Hurricane Sandy as filed on time – and they won’t be subject to penalty and interest. The process is very easy for impacted taxpayers. When online filers start to enter their return, they’ll be asked whether it is late or incomplete for the following taxes: sales tax, highway use tax, metropolitan commuter transportation mobility tax, and withholding tax (Form NYS-45). Paper filers simply need to write “Hurricane Sandy” at the top of the return in large letters.
Temporary Relocation
Businesses and individuals that relocate to the State temporarily as a result of the storm won’t be assessed corporate taxes, withholding taxes and personal income taxes. Typically, the taxes would be triggered based on corporate nexus and/or employees located in New York. The policy covers the period from October 26 through December 31, 2012.
Leave Donation
When employers adopt an approved Leave Donation Program, employees can forgo vacation, sick, or personal leave in exchange for cash payments to qualified tax-exempt organizations engaged in the Sandy relief effort. Employees are not required to include such payments for income tax purposes. The policy applies to payments made before January 1, 2014 and aligns with federal regulations issued by the IRS (IRS Notice 2012-69).
If you need more information the New York State Department of Taxation and Finance’s website can help www.tax.ny.gov.
FEMA Extension For NJ Residents
If you haven’t applied for FEMA assistance yet in New Jersey you just got a little bit more time. You now have until January 30, 2013 to register
“The single most important step people can take in this recovery period is to register with FEMA, if they haven’t already,” Governor Christie said. “This extension will help us ensure that anyone who has been affected by the storm gets registered and the help they need and deserve.”
Disaster Housing may be available for up to 18 months, using local resources, for displaced persons whose residences were heavily damaged or destroyed. Funding also can be provided for housing repairs and replacement of damaged items to make homes habitable.
This is FEMA’s list of what they can do for you:
DISASTER GRANTS are available to help meet serious disaster related needs and necessary expenses not covered by insurance and other aid programs. These may include replacement of personal property, and transportation, medical, dental and funeral expenses.
LOW INTEREST DISASTER LOANS are available after a disaster for homeowners and renters from the U.S. Small Business Administration (SBA) to cover uninsured property losses. Loans may be available for repair or replacement of homes, automobiles, clothing or other damaged personal property. Loans are also available to businesses for property loss and economic injury.
OTHER ASSISTANCE includes crisis counseling, disaster-related unemployment assistance, legal aid and assistance with income tax, Social Security and Veteran’s benefits. Other state or local help may also be available.
HOW TO APPLY:
After the application is taken, the damaged property is inspected to verify the loss. If approved, an applicant will soon receive a check for rental assistance or a grant. Loan applications require more information and approval may take several weeks after application. The deadline for most individual assistance programs is 60 days following the President’s major disaster
Student Loans Scrutinized
The Consumer Financial Protection Bureau(CFPB) put lenders on notice that it will examine the way they market student loans. The CFPB published guidelines explaining exactly what its investigators will look at. The issues include:
Marketing and advertising materials including mail and text messages, telephone solicitation scripts, and agreements and disclosures for the products and services. The bureau wants to make sure the materials are not deceptive, misleading, or discriminatory.
Whether appropriate disclosures are made about loan costs and terms and allocation of the money.
Whether borrowers get ccurate account information including periodic statements, monthly payment information, charges, fees, and interest rate changes.
Whether there’s adequate customer service and responsiveness.
Examiners will also evaluate the systems, procedures, and policies used by the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints.
SUNY Refunds To Students Hurt By Sandy
This is a big break for SUNY students hard hit by Superstorm-Hurricane Sandy. If you had to drop out of school for the Fall 2012 semester, or can’t make it to Spring 2013 because of hardship, you’ll get a tuition refund. New York Governor Andrew Cuomo said the Board of Regents authorized campus presidents to write the checks.
“SUNY students whose studies were disrupted by Hurricane Sandy need not worry about getting their money back and can instead focus their energy on their families and rebuilding,” Governor Cuomo said. “SUNY campuses have served as staging areas for emergency relief workers and opened their doors as shelters for their neighbors in need.