The Federal Trade Commission announced in July that it will not be enforcing most of the provisions of the Mortgage Assistance Relief Services Rule (also known as the MARS Rule) against real estate brokers and their agents who work with lenders and/or servicers to obtain short sales for their clients.
The heart of the MARS Rule is that companies who offer mortgage relief services to the consumer must disclose certian information about the services they provide, refrain from collecting advance fees, etc. With this decision, the FTC would no longer enforce these provisions in certain limited circumstances enumerated above. However, real estate professionals working with consumers to obtain short sales would still be subject to the MARS Rule ban on mirepresentations.
To read the full press release from the Federal Trade Commission, click here.
Monday, August 29, 2011
Friday, May 6, 2011
Susan M. Pesner named in 2011 Washington D.C. Super Lawyers
Pesner | Kawamoto | Conway is proud to announce that Susan Pesner selected to be included in the 2011 edition of Washington D.C. Super Lawyers. The publication, according to their website, is "a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement."
Ms. Pesner has previously been selected for inclusion in 2006, 2007, 2008, 2009, and 2010.
Ms. Pesner has previously been selected for inclusion in 2006, 2007, 2008, 2009, and 2010.
Friday, March 25, 2011
Homebuyer Credit Claim For Military/Foreign Service Personnel
If you are one of the many men and women who serve our country in the military or Foreign Service, there are two things that you should know. First, we here at Pesner | Kawamoto | Conway thank you for your service. Second, if you were on duty outside of the United States for at least 90 days during the period between January 1, 2009 and April 30, 2010, you may still be eligible for the first time homebuyer tax credit as a result of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
The first time homebuyer credit was designed to give a tax credit of $8,000 to those who met the qualifications. However, the credit program ended for purchases after September 30, 2010. Congress extended the credit to those serving overseas through the aforementioned Act.
There are a few requirements in order to claim the tax credit under this Act. First, of course, you must be a first time homebuyer. Second, you must enter into a binding real estate sales contract before May 1, 2011 and your settlement date must be before July 1, 2011. Third, your new home purchase price less than $800,000.00 and the purchaser exercising the credit must be at least 18 years of age. Finally, the home you are buying must be an arms-length transaction, meaning that you cannot be purchasing the home from your relatives.
If you believe that your eligible or you have further questions about your potential eligibility, you should consult with a tax advisor.
The first time homebuyer credit was designed to give a tax credit of $8,000 to those who met the qualifications. However, the credit program ended for purchases after September 30, 2010. Congress extended the credit to those serving overseas through the aforementioned Act.
There are a few requirements in order to claim the tax credit under this Act. First, of course, you must be a first time homebuyer. Second, you must enter into a binding real estate sales contract before May 1, 2011 and your settlement date must be before July 1, 2011. Third, your new home purchase price less than $800,000.00 and the purchaser exercising the credit must be at least 18 years of age. Finally, the home you are buying must be an arms-length transaction, meaning that you cannot be purchasing the home from your relatives.
If you believe that your eligible or you have further questions about your potential eligibility, you should consult with a tax advisor.
Thursday, February 17, 2011
Sunshine Coming Through the Clouds: Economic Forecast for 2011
Around this time ever year, several things always happen. The days start getting longer, people begin to prepare their tax returns, and economists make their predictions about the coming year. This year has been no different and we at PKC have had the opportunity to hear some excellent views about the economy and the real estate market for the coming year. The news has been, in a word, positive.
We had the opportunity to hear the news from George Mason University's Center for Regional Analysis (link). Its Director, Dr. Stephen S. Fuller, gave a presentation recently detailing both the national economy and the local economy. His presentation demonstrated that we are moving out of the recovery phase and into a growth or expansion phase. A great takeaway from his presentation was the strength of the local job market. As compared to other large metropolitan areas and the national averages, the Washington Metropolitan Area has far lower unemployment and is poised for more job growth. Fore more information, you can see the slides from the presentation here.
We had the opportunity to hear the news from George Mason University's Center for Regional Analysis (link). Its Director, Dr. Stephen S. Fuller, gave a presentation recently detailing both the national economy and the local economy. His presentation demonstrated that we are moving out of the recovery phase and into a growth or expansion phase. A great takeaway from his presentation was the strength of the local job market. As compared to other large metropolitan areas and the national averages, the Washington Metropolitan Area has far lower unemployment and is poised for more job growth. Fore more information, you can see the slides from the presentation here.
Thursday, January 13, 2011
Free Information from the FDIC
Are you looking for ways to spot a scam? How about tips and ideas if you are having problems paying your mortgage? Interested in new information on student loans? Perhaps you are looking fo ways to save money at tax time?
If you answered "yes" to any of the above, you should take a look at a great, free publication from the Federal Deposit Insurance Corporation, otherwise known as the FDIC. Its called FDIC Consumer News and can be found at www.fdic.gov/consumernews. From the FDIC website, you can browse both current and past issues. You can even subscribe for free and receive the issues via email by clicking the subscribe link at the top of the page.
Check it out today!
If you answered "yes" to any of the above, you should take a look at a great, free publication from the Federal Deposit Insurance Corporation, otherwise known as the FDIC. Its called FDIC Consumer News and can be found at www.fdic.gov/consumernews. From the FDIC website, you can browse both current and past issues. You can even subscribe for free and receive the issues via email by clicking the subscribe link at the top of the page.
Check it out today!
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