Exemptions to the Rule include:

1.      Repair/maintenance work where the disturbed area is no larger than 6 sq. ft. of interior painted surface, or 20 sq. ft. of exterior surface;

2.      A certification that the work area is free of lead-based paint (as determined using an EPA recognized test kit, and the kits they sell at Home Depot & Lowes do not qualify)

3.      Renovations by an owner to their own residence. This assumes that the owner is doing the work, not having it done by a property manager or contractor “friend”

4.      Some housing may be exempt if it is shown that no child under the age of 6 or pregnant woman resides or regularly visits there. Check with your attorney to see if you are exempt.

You can view the rule at: http://www.epa.gov/fedrgstr/EPA-TOX/2008/April/Day-22/t8141.pdf and you can also find information and sample checklists at www.epa.gov/lead/pubs/leadinfo.htm#remodeling.

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax adviser or legal professional about your unique situation.

Frequently Asked Questions About the Home Buyer Tax Credit

About ten years ago Denver’s history was changed when a very bright engineering student from the Colorado School of Mines in Golden, Colorado decided to use his skills to calculate exactly where one mile (5,280 feet) above sea level happened to be on the steps of the Colorado State Capital building. Interestingly enough the spot that had been previously marked for decades was incorrectly marked by around 18 inches. So, a new official Denver “mile high” marker was installed. Today, you can find both still in place.

Well, a much bigger LOCATION issue appears to have just happened again for our wonderful state of Colorado. It now appears the four corners of Colorado, Utah, Arizona and New Mexico is not really where the current marker and the United States Department of Interior said it is. The actual location is estimated now to be off by around 2.5 MILES. The experts are still working out the details. In defense of the previous experts, the fist time this area was surveyed was in 1868 when the sophistication of surveying was inferior to today’s standards.

The correct location is apparently inside the Colorado boarder. Think about this: If the correct line is relocated to the east side of U. S. 160 and northeast of the San Juan River, the state of Colorado will be becoming smaller in total land area.

It is quite interesting to think about the millions of people (including myself) who traveled to the four corners monument, paid their $3.00 admission fee and thought they were actually standing in four states at one time only to now find out we were all 2.5 miles away from the CORRECT LOCATION. I guess we all need to take a trip back to the four corners area to stand in the correct spot once the experts finally agree on the new “exact” location. If we hurry, we might even get there before they move the toll booth.

The Federal Trade Commission also advises homeowners to be aware of the following scams:

The foreclosure prevention specialist:

Alternatives to Foreclosure

With the current housing crisis affecting more and more homeowners, many borrowers having trouble making payments may be surprised to know there are other alternatives to foreclosure.

The Federal Trade Commission outlines the following alternatives to foreclosure, depending on a homeowner’s financial situation and existing type of loan:

Reinstatement:
The borrower pays the lender the entire past due amount, plus late fees and penalties, by An agreed-upon date. Works best for: Solvent borrowers whose payment problems are temporary.

Repayment Plan:
The lender gives the borrower a fixed amount of time to repay past-due payments by adding a portion of them to the regular payment. Works best for: Solvent borrowers who have missed a small number of payments.

Forbearance:
Mortgage payments are reduced or suspended for an agreed-upon period of time. At the end of that time, the borrower resumes regular payments plus a lump sum or additional partial payments for a number of months to bring the loan current. Works best for: Solvent borrowers who are facing a temporary income reduction (for example, are on disability but will resume full time work shortly).

Loan Modification:
The borrower and lender agree to permanently change one or more terms of the mortgage contract to make payments more manageable. Modifications may include reducing the interest rate, extending the term of the loan, or adding missed payments into the loan amount. Some lenders may forgive or cancel a portion of the debt. Under the Mortgage Forgiveness Debt Relief Act of 2007, the forgiven debt may be excluded from income when calculating federal taxes owed, but it still must be reported on the federal tax return.  Works best for: Solvent or insolvent borrowers who are facing long-term income reduction or increased ARM payments.

Sale:
The homeowner sells the property and pays the lender the full amount due on the note. Some lenders may postpone foreclosure proceedings if there is a pending sales contract or if a borrower lets them know they are putting the home on the market. Works best for: Solvent borrowers whose homes are worth as much as loan balance plus any expenses related to selling the home (real estate agent fees, for example).

Short Sale:
The lender allows the property securing a mortgage or deed of trust to be sold for less than the existing loan balance. A short sale is really a form of pre-foreclosure and occurs when the lien holder agrees to accept less than the loan amount to avoid the foreclosure process. Works best for: Insolvent borrowers and those whose homes are worth less than the amount of the mortgage.

Deed-in-Lieu:
With the lender’s agreement, the homeowner voluntarily transfers property title to the lender in exchange for cancellation of the remainder of debt. Although the homeowner loses his home and his equity, a deed-in-lieu is less damaging to the borrower’s credit than a foreclosure. Works best for: Borrowers whose loan amount is equal to or greater than what the home would sell for.

Bankruptcy:
Personal bankruptcy is generally considered a last resort because the consequences are far-reaching and long-lasting. A bankruptcy stays on a credit report for 10 years, making it difficult to get credit, buy another home, purchase life insurance, or even get a job. Still, for some, this legal procedure offers a fresh start to someone who cannot repay their debts. If a homeowner has regular income, a Chapter 13 bankruptcy may allow them to keep their property. Works best for: Insolvent borrowers who cannot pay their debts.

FHA and VA alternatives
Homeowners with an FHA or VA mortgages may have other foreclosure alternatives. Contact FHA (www.fha.gov) or VA (www.homeloans.va.gov) to learn more.