Benefits of Charity

While your primary motivation to donate to charity in time, money, or goods may be because of the deep sense of satisfaction you receive, you should know that great tax benefits exist for those who give. Here are some of the benefits you should know about.


1. A gift to a qualified charitable organization may entitle you to a charitable contribution deduction against your income tax if you itemize

2. A contribution to a qualified charity is deductible in the year in which it is paid.

3. There are limits to how much you can deduct, but they

4. Rules exist for non-cash

SHARING & CARING

This time of year, many of us are able to sit around an abundant Thanksgiving table counting our blessings, indulge in wonderful holiday gifts or travel to see family and friends. Many are not so fortunate. Included are a few of the noteworthy and deserving organizations in the greater southeastern Michigan area that strive to help out those in need. If you can - give of yourself, your time or money, or lend a helping hand to someone in need.



The Big, Bright Light - December 2010

DOWNTOWN ROCHESTER

Nov. 29 – Jan. 2, 2011, 6:00 pm – Midnight

The buildings in Downtown Rochester will be covered in more than 1.5 million points of glimmering holiday light which will be lit nightly. Entering its 5th year, the buildings of Main Street will be covered in big, bright lights beginning at the South Bridge, but this year, they will extend all the way north to Romeo Road!

WAYNE COUNTY LIGHTFEST

With 4 1/2 miles of giant animated displays and nearly a million lights along Hines Drive, it's the Midwest's largest Holiday Light Show. Drive through
7 p.m. to 10 p.m.

Nov 18 - Dec 31, 2010
Wayne Country Lightfest Website

AMERICA'S THANKSGIVING PARADE

The theme for the 84th America's Thanksgiving Parade® is Celebrate the Spirit. The theme chosen by The Parade Company, allows for everyone to celebrate in their own way. Celebrate time together with friends and family, celebrating the spirit of the holidays, and the spirit of community pride.

One of the country's oldest and most celebrated Parades, will step off at Begins 9:20 a.m. on Woodward Avenue and Mack and end at Woodward Avenue and Congress in downtown Detroit on Thursday, November 25, 2010.

America's Thanksgiving Parade Website

FORECLOSURES IN MICHIGAN

Michigan is among the hardest hit foreclosure states in the Nation. In August 2010, the state’s foreclosure rate increased 128% over August 2009 and it remains among the top five states in the Nation in foreclosure totals. In July 2010 alone, 1 in 241 housing units in Michigan received a foreclosure filing.

What is a REO?

Foreclosure is a legal process by which a defaulting borrower is deprived of their interest in the property. Real estate owned (or REO), on the other hand, is a real estate asset owned by the lender that is taken back during the foreclosure process. Foreclosures are legal proceedings not listed homes.

Should You Buy a Foreclosed Property Right Now?

These houses are tempting for scores of first-time homebuyers, second-home seekers and people looking to get an early jump on buying a retirement home while prices and interest rates are low. So given the pitfalls, are they crazy? The answer is no, not always.

It’s important to keep some things in mind. Think hard about the following 3 factors if you find foreclosed homes even remotely enticing.

THE LOAN: Many banks would prefer to sell to an investor who will pay cash. You may need a mortgage and your need for bank approval can delay the sales process. Lenders will usually only give you a loan on homes that are ready to be lived in. Many foreclosed homes need basic repairs such as installing toilets, sinks, and appliances.

THE INSPECTION: You’ll want to make any bid for a home contingent on a thorough inspection from someone familiar with foreclosed properties. Mold may be a concern given that many foreclosed homes have been uninhabited for months. You should arrange to have the power and water turned back on before the inspection if possible to ensure that pipes are sound and electrical is safe.

THE TITLE INSURANCE: This is a must in the event that a former owner somehow wins back rights to the foreclosed home you end up buying, and then tries to kick you out, you will need to make a title insurance claim.

Take your time. Assemble a panel of experts and watch the listings carefully. For better or for worse, foreclosed properties are going to be available for a very, very long time.

BEFORE YOU JUMP INTO THE HOT FORECLOSURE MARKET - TEST YOUR KNOWLEDGE

As a general rule, foreclosed homes sell for less than their market value. - False

If you bid on a foreclosed property at an auction, you also may be bidding on tax liens and other debt accrued by the prior home owners. - True
Home owners who always pay their mortgage on time don't need to worry about foreclosed homes in their neighborhood. - False
Home owners can sidestep foreclosure by transferring the title of their home to a foreclosure rescue company for a year or two. - False
Once home owners default on three mortgage payments, the home automatically goes into foreclosure. - False
Owners of foreclosed homes can reclaim their property - even after someone else has already bought it - by paying off the loan along with any interest, taxes, and penalties within the redemption period. - True
Lenders stand to benefit when home owners default on their mortgage. - False
http://www.realtor.org/rmoquiz2.nsf/foreclosurequiz?openform

Once a bank takes possession of a foreclosed home, the previous owner is free of all financial obligations. - False

FORECLOSURE IN THE NEWS

Reported by crainsdetroit.com, Michigan is not likely to be impacted by the issues raised with national lenders, said David Trott; president of Farmington Hills based Trott

& Trott PC involved with about 2/3rds of all Michigan foreclosure filings. At issue has been a practice by banks to use so-called “robo signing,” putting signatures on some court documents without reading them. In Michigan less than 1% of all foreclosures go through the courts, so affidavits signed without being read will not likely be an issue according to Trott. “Our process is much simpler here, and we typically don’t have affidavits,” Trott said. “I’d be surprised if this is the basis to unwind any foreclosures in Michigan.”