Shop and save on title, closing services

More great information from Michele Lerner at Bankrate.com

Shop and save on title, closing services

  • You can choose the title or escrow company that handles your closing.
  • Shop for price, but also assess the staff’s trustworthiness and knowledge.
  • Reputable companies post fees online, making it easier to shop.

If you have already been shopping for a real estate agent, a lender, a home and a moving company, you may be feeling shopped out. Before you put your feet up and relax, you should take the time to shop for title and closing services. Choosing the right title or escrow company can ensure a smooth settlement day, and it can save you money whether you are buying a home or refinancing your mortgage.

Local regulations typically mean title insurance premiums are nearly the same from one company to another, but prices often vary for settlement fees. A February 2011 survey commissioned by Federal Title & Escrow Co. in Washington, D.C., showed homebuyers could save as much as $1,180 by shopping for title services.

Kathy Kontos, owner of Cosmos Title Agency LLC, in Woodbridge, N.J., says competitors’ prices in her area are similar for a title search, title insurance and closing services, but she says consumers should still get recommendations from their agent and lender and call several title companies to compare their prices and services.

“If you are refinancing, before you shop for title services you will need to know your new loan amount, the prior loan amount and how many people are on the deed in order to compare prices,” Kontos says.

Homeowners who are refinancing may qualify for a reissue rate on their title insurance. Joseph Gentile, vice president of Federal Title & Escrow Co., in Washington, D.C., says refinancers can save as much as 40 percent of the premium in his market. Savings might be more or less than that in other markets.

“Buyers can request a copy of the title insurance policy from the home seller and contact the title insurance company to see if they are eligible for a reissue rate,” Gentile says.

Title insurance rates and title search fees are not negotiable in some areas. However, prices vary for closing services and are negotiable, so consumers can comparison shop for these services. Many title and escrow companies post their fees online.

“Some companies charge separately for the title search and document fees, but others, like our company, charge a flat fee for all services,” Gentile says. “It’s important for consumers to get a written, guaranteed quote so that there are no surprises at settlement. Title companies that are transparent will give you a quote online so you can compare fees easily.”

Laurie Misner, a certified escrow officer and manager of College Escrow Inc., in Claremont, Calif., says reputable escrow companies with nothing to hide will post their fees online, making it easier for consumers to see competitive rates.

Shopping for quality

“Consumers should check to make sure they are working with a solid, trustworthy company,” Misner says. “You should get recommendations from the people you already trust like your lender and your Realtor, and then follow up by checking that they are in good standing with their state licensing commission. You can look on their website to check for certifications. In California, a certification from the California Escrow Association means the escrow officer is up-to-date with all local laws, has taken continuing education classes and is serious about providing the best possible service.”

Kontos says consumers should call two or three escrow companies to make sure the consumer feels comfortable with the escrow officers.

“You can ask about closing fees and also ask for the details about where the closing will take place and what to expect,” says Kontos. “Make sure you know whether holding the closing at a location other than title company office or during nonbusiness hours will cost you an extra fee.”

Gentile recommends checking with the Better Business Bureau as well as the state title insurance administration for a license.

“It’s important to find out how many years of experience the staff has and whether they are local because title regulations are very specialized,” says Gentile. “You can also do a Google search to check on the history of a local company.”

Gentile says some title companies are affiliated with a particular real estate brokerage, so he suggests asking for recommendations that include at least one company that is not affiliated with the brokerage to compare prices and services.

Read more: Shop And Save On Title, Closing Services | Bankrate.com http://www.bankrate.com/finance/insurance/shop-save-on-title-closing-services.aspx#ixzz1lFwFGsSR

Read more: Shop And Save On Title, Closing Services | Bankrate.com http://www.bankrate.com/finance/insurance/shop-save-on-title-closing-services.aspx#ixzz1lFvrV1BY

Tax Tips Wiki- Relevant Resources

Tax Tips Wiki-  Relevant Resources

In preparing you for your annual tax filing, HomeActions offers many resources.

1.  Know the rules about deducting mortgage interest – especially after a refinance
. This Article from Benny Kass provides info on properly deducting your Mortgage Interest. Get it HERE Also, here is a good resource from the IRS


2.  Millions of taxpayers who prepare their own taxes rely on a software package. But like any other tool, there are lots of options. Click HERE to see the reviews of the best deals out there


3. Stay away from Tax Refund/Anticipation Loans. See why you should not fall into the trap with this set of resources HERE  Also, this is the last year for these types of loans, see why


4.  Did you know even the IRS has an iPhone and Android app? Get the info  HERE


5.Did you know certain filers (1040 EZ) can get free help from Wal-Mart?  Check It Out HERE



6. 
Quickly track your refund HERE

Debts that can’t be wiped out in bankruptcy

Debts that can’t be wiped out in bankruptcy

Great Info from Justin Harelik at Bankrate.com
In last week’s column, I discussed some common debts that could be eliminated in a bankruptcy filing. To keep it even, I’d like to talk this week about some debts that can’t be discharged in bankruptcy. You are able to file bankruptcy without an attorney; however, if your desire to file is only to eliminate one of the debt types below, you could end up filing an unnecessary bankruptcy.Here are the most common debts that cannot be eliminated in bankruptcy.

Student loans: Loans taken out for schooling may not be eliminated in the vast majority of cases. All types of education loans qualify as student loans and are exempt from elimination in bankruptcy: federal student loans, private lender student loans, loans directly from the school and tuition assistance loans directly from a school.

Exception: If the borrower can prove he or she will never be able to work again because of a total and permanent disability, he or she may be able to include the student loan in the filing. However, the standard to eliminate student loans is very high and generally not possible.

Secured debt: If you buy a vehicle, valuable jewelry or merchandise and then file bankruptcy, you will either have to surrender the item or continue to pay the lender. The lender has a security interest in the item you purchased. This means you made an agreement with the lender to pay for the item in exchange for the current use of the item. Failure to pay results in a forfeiture of your right to continue using the item.

Exception: You are allowed to surrender the vehicle, jewelry or merchandise back to the lender and wipe out your obligation to pay. You are not obligated to keep an item just because the lender has a security interest. You just cannot keep it and not pay for it.

Child support and alimony: Fortunately, you may not eliminate a legal obligation to pay child support or alimony. Any outstanding balance owed at the time of filing will still remain after the case is over.

Ex-spouse legal fees and credit card debt: In many divorce decrees, one spouse agrees to pay for legal fees or some outstanding debts owed by the other spouse. These debts will survive your bankruptcy. For example, if you agree to pay the credit card balances in your name and the name of your ex-spouse, you could not then turn around and file bankruptcy to wipe out those debts or the agreement to pay. Your ex-spouse could still force you to pay those bills.

Restitution: Court-ordered restitution is not dischargeable in bankruptcy. Restitution is a court-ordered sum of money you must pay for causing financial loss or personal injury to another.

Vehicle accident resulting from intoxication or willful and malicious conduct: Any injury you cause to another resulting from driving under the influence cannot be wiped out in bankruptcy.

Income tax liability: You can wipe out some income tax liability, but there is a very specific and extensive test required to do so. I have written on this subject in a previous article, “Can bankruptcy eliminate tax bills? Maybe.”

Read more: Debts That Cant Be Wiped Out In Bankruptcy | Bankrate.com http://www.bankrate.com/finance/debt/debts-wiped-bankruptcy.aspx#ixzz1lFuU8LK5

Read more: Debts That Cant Be Wiped Out In Bankruptcy | Bankrate.com http://www.bankrate.com/finance/debt/debts-wiped-bankruptcy.aspx#ixzz1lFuPMFwS

How to assess your need for flood insurance

Highlights
  • Floods are the nation’s top natural disaster, according to FEMA.
  • Most homeowners insurance policies do not cover flood damage.
  • To buy flood coverage, your community must participate in the NFIP.

 How to assess your need for flood insurance

Great info on flood insurance from  Jay MacDonald • Bankrate.com

Read more: How To Assess Your Need For Flood Insurance | Bankrate.com http://www.bankrate.com/finance/insurance/how-to-assess-need-for-flood-insurance.aspx#ixzz1lFtz4k4n

When torrential rains and massive snowmelt swelled North Dakota’s Souris River to 100-year flood levels in June, displacing more than 10,000 residents of Minot, Farmers Insurance agent James Bierschbach’s phone began to ring.

“Those houses had been in the high-risk flood zone A back during our last big flood in 1969,” he says. “But in the early ’80s, they were rerated to zone X, the 100-year flood level, after some dikes were put in.”

As a result, homeowners in the flooded area who had long ago dropped flood coverage or weren’t ever required to purchase it were stuck with steep financial losses because most homeowners insurance policies don’t cover flood damage.

Not all of Bierschbach’s callers were reconsidering flood insurance, however. Some were now buying flood coverage because they had to do so.

Savings bonds stuck in inheritance feud

From Dr. Don Taylor, Ph.D., CFA, CFP • Bankrate.com

Savings bonds stuck in inheritance feud

QuestionDear Dr. Don,
My grandparents had four Series E savings bonds. The registered owner of those bonds was either my grandpa or my grandmother. They have both died. Of their children, my aunt has died, but my 91-year-old mother is alive.

The attorney for my aunt’s estate and her stepson are trying to claim half of the bond’s proceeds for my aunt’s estate. Is there a federal law to stop them from taking half? And how can an attorney have legal right over my mother to cash these bonds? He is not the attorney of my grandparents’ estate, which has been closed since the ’90s. Any help would be appreciated.
– Linda Livid

AnswerDear Linda,
Your grandparents’ savings bonds aren’t part of a tontine in which the last surviving child gets all the money. Because the registered owners have both died, the bonds would be part of the estate of the last to die. The disposition of the savings bonds is controlled by either that person’s will or, if that person died without a will, the state laws of intestacy in his or her state of residence. It seems entirely reasonable that your aunt’s estate is entitled to half of the savings bonds proceeds, assuming your grandparents only had two children.

While your grandparents’ estates, aside from these bonds, are settled, it’s not unusual for an estate to have to be reopened to include assets that weren’t reported in the original accounting of the estate, especially for items such as savings bonds.

In the absence of a living beneficiary, the disposition of the savings bonds depends on whether there was a court-appointed representative to the estate and whether that court-appointed representative has been discharged. The TreasuryDirect website has the specific information as to what is required to redeem savings bonds in these situations.

Since you say the bonds are Series E savings bonds, the bonds have matured and are no longer earning interest. If your grandparents deferred paying income tax on the interest income until maturity, there could be a big tax bill associated with cashing in the bonds. There is also the cost of meeting the requirements of the Treasury Department to cash in the savings bonds. Your stepcousin’s attorney could be doing you a favor in arranging for the bond’s redemption by navigating these requirements.

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Topic Summary: Online Coupons and Privacy Concerns

A Great Article I found at http://www.allisonstine.com/

 

COUPONING IN THE INTERNET AGE – PRIVACY CONCERNS

Topic Summary: Online Coupons and Privacy Concerns

We are all accustomed to seeing the coupons in the Sunday paper. Now that the internet and mobile coupons are showing enormous growth, you need to be aware of the tracking technology behind them.

Paper coupons in the newspaper have been around for years, but there has been a resurgence in usage. Redemption of paper coupons sent into the home are up nearly 20%. At the same time, internet coupon usage is skyrocketing. Google searches for the terms “printable coupons” and “online printable coupons” grew 186% and 178% respectively during the year, while Yahoo said “coupons” ranked first on its list of economy-related search queries. Cell phone delivered coupons are also rapidly being accepted via bar code scanners.

Internet Coupons are the fastest-growing segment of the coupon industry – their usage increased to about 50 million coupons in 2010. Coupons that link Internet behavior with your in-store habits lets stores figure out the best promotions. That’s why major companies are investing in new technology to track your behavior.

The Key: Individual Tracking. When you redeem a coupon in a mass-delivered publication such as a local newspaper, the store can track minimal data on the coupon: when redeemed, where, how many, etc. If there is a magazine or other standalone publication sent to you, each coupon has tracking technology built in to alert the retailer that YOU specifically cut out and used the coupon.

The most intrusive type of coupon is the internet coupon or printable/downloadable ones. Most companies that are marketing to you want to know a lot about you before during and after visiting a site and even printing a coupon. They can determine what competing sites you visited before printing the coupon, or after, what type of merchandise you are seeking and they also can profile you.

When it comes to cell phone coupons, here is an updated article you should read.

The New York Times did a consumer story on exactly how technology can invade your privacy when net-couponing. The technology mentioned is so refined now that retailers can micro-target.

Example of Micro Targeting:  Micro Targeting is the ability for a retailer to send you a catalog that has different prices than the same catalog your neighbor gets. Retailers see it two ways: if you are always on their website getting coupons or printing coupons from partner sites, they feel you are an engaged customer. Sometimes, you will get a catalog with lower pricing to increase the number of items you buy. Other times, you will get a catalog with higher prices (than your neighbor) because the retailer feels you are hooked on their brand. So… “buyer beware” holds out even in the internet age.

Best-In-Class Coupon Sites

www.retailmenot.com

http://www.redplum.com/

(Grocery- Wal-Mart)  http://coupons.walmart.com/

Locally Relevant Sites  

http://www.valpak.com

www.groupon.com

www.livingsocial.com

http://couponclipper.com

Is an annuity right for your retirement?

Is an annuity right for your retirement?

2012 presidential candidates’ 2011 net worth

Bankrate sifted through the 2012 presidential candidates’ 2011 financial disclosure forms, compiled their total net worth and found some interesting ways they made money in 2010.

Read more: 2012 Presidential Candidates Net Worth | Bankrate.com http://www.bankrate.com/finance/personal-finance/2012-presidential-candidates-net-worth.aspx#ixzz1kgQKSKJw

Save money on romantic getaways

Save money on romantic getaways

Got your heart set on a romantic Valentine’s Day getaway for two? You don’t have to spend a bundle.

And when it comes to arranging weekend getaways for two, often “less is more,” says Peter Greenberg, author of “New Rules of the Road: The Travel Detective’s Guide to Great Journeys in Tough Economic Times,” and travel editor for CBS News. “The reason for that is that people overplan, overprepare, overspend and get disappointed.”

From an overnight in town (but away from the routine), to a weekend at an as-yet-unknown destination, there are plenty of options for making those precious days away both romantic and affordable.

Here are seven secrets to help the two of you get the most for your getaway dollar.

Read more: Spend Less On Romantic Weekend Getaways | Bankrate.com http://www.bankrate.com/finance/frugal/spend-less-romantic-weekend-getaways.aspx#ixzz1kgObNW4o

Check out flash-sale sites

“Take advantage of all the flash-sale hotel sites out there,” says Rich Beattie, executive digital editor for Travel + Leisure.

A few of his favorites: Jetsetter.com, Vacationist.com and SniqueAway.com.

“These sites offer often last-minute discounts of 50 percent or more,” Beattie says. “And they can be a great resource, especially if you don’t have a destination in mind. It’s kind of a little bit of fun roulette to figure out where the deals are and where you might end up.”

One caution: Travel deals on these sites may not be refundable, says Amy Chen, online editor of Frommers.com. “So work together in advance” as a couple, she says. Flash-sale sites are not for surprise trips “unless you’re willing to eat the cost” if your partner can’t get away when you’ve planned, Chen says.

Read more: Spend Less On Romantic Weekend Getaways | Bankrate.com http://www.bankrate.com/finance/frugal/spend-less-romantic-weekend-getaways.aspx#ixzz1kgOuH2K0

 

Save money on romantic getaways

Got your heart set on a romantic Valentine’s Day getaway for two? You don’t have to spend a bundle.

And when it comes to arranging weekend getaways for two, often “less is more,” says Peter Greenberg, author of “New Rules of the Road: The Travel Detective’s Guide to Great Journeys in Tough Economic Times,” and travel editor for CBS News. “The reason for that is that people overplan, overprepare, overspend and get disappointed.”

From an overnight in town (but away from the routine), to a weekend at an as-yet-unknown destination, there are plenty of options for making those precious days away both romantic and affordable.

Here are seven secrets to help the two of you get the most for your getaway dollar.

Check out flash-sale sites

“Take advantage of all the flash-sale hotel sites out there,” says Rich Beattie, executive digital editor for Travel + Leisure.

A few of his favorites: Jetsetter.com, Vacationist.com and SniqueAway.com.

“These sites offer often last-minute discounts of 50 percent or more,” Beattie says. “And they can be a great resource, especially if you don’t have a destination in mind. It’s kind of a little bit of fun roulette to figure out where the deals are and where you might end up.”

One caution: Travel deals on these sites may not be refundable, says Amy Chen, online editor of Frommers.com. “So work together in advance” as a couple, she says. Flash-sale sites are not for surprise trips “unless you’re willing to eat the cost” if your partner can’t get away when you’ve planned, Chen says.

Use online sites to score deals on romantic meals

You don’t have to stop looking for deals once you get to your destination. Once you’ve arrived, use social media sites, such as Groupon and LivingSocial, for deals on everything from romantic meals to spa treatments, Beattie says.

Want to score a 30 percent discount on dinner without using a coupon? Try Savored.com, says Chen. You pay $10 to join and save 30 percent on dinner when you make online reservations at affiliated restaurants, she says. Best of all, the discounts happen behind the scenes.

“So you don’t have to hand them a coupon and have that awkward conversation in front of your partner,” she says.

So far, the site’s network includes restaurants in 10 major cities, including restaurant 21 in New York.

Read more: Spend Less On Romantic Weekend Getaways | Bankrate.com http://www.bankrate.com/finance/frugal/spend-less-romantic-weekend-getaways.aspx#ixzz1kgPC0O5a

It’s always off-season somewhere. And often that means cheaper prices and plenty of privacy — perfect for a romantic getaway.

“I’m a huge proponent of off-season travel,” says Beattie. During the colder months, “everyone goes to Florida, everyone goes to the Caribbean. Personally, I like going to places like the Hamptons in winter. It’s only locals. And I think it really plays into the romance angle.”

Best of all, while you won’t be lying out on the beach, you can get into any restaurant you want and get a “great, great discount,” on your hotel, he says.

Go local

You want romance? Be a tourist in your own city.

Or make plans for you and your beloved to investigate a fun spot that’s a mere train ride or short car trip away.

“That way, you’re saving money on airfare,” says Beattie. “It’s a really nice change of scene. And it can feel like you’re a million miles away.”

Because you’re not spending all your time on travel, you have time to spend enjoying your destination. And you can take the money you would have spent on airfare and use it to treat yourselves during your escape, he says.

Be skeptical of ‘Valentine’s Day packages’

“If I see a Valentine’s Day package, I run for the hills,” says Greenberg.

Too many times, “if you deconstruct the deal, you just spent $200 for a bottle of champagne,” he says. Instead, “you want to figure out what’s accessible for you, what’s affordable.”

And, if you want to give your room the romantic treatment, you can hit a liquor store for a nice bottle of champagne, score some flowers from a local florist, arrive a little early and dress the room, Greenberg says.

If you do find a package that’s irresistible, price out the pieces individually, says Chen. Are the rates higher because of the holiday? Are you and your partner interested in all of the features included in the package or just some of them?

What you want: a deal that gives you all the goodies you want and nothing you don’t, she says.

Consider a bed-and-breakfast

These days, B&Bs “run the gamut” from Victorian settings to sleek and modern, says Chen.

One of her favorite sites to find good ones: SelectRegistry.com.

B&Bs, inns and small hotels join the site and adhere to “a strict standard,” says Chen. While still individually run, B&Bs on the site tend to operate upscale and slightly larger establishments, she says.

“A lot of B&Bs have a breakfast that is better than a hotel breakfast,” says Chen. And often, they will accommodate diet restrictions and serve later, she says.

Find the right one, and it can be “a more pleasant way to travel,” says Chen.

Don’t limit your getaway to the date of the holiday

Hotels and resorts expect a bump in business for Valentine’s Day, and the prices are probably going to be higher than your normal Tuesday night, says Greenberg.

Instead, aim for a weekend getaway before or after the holiday, he says. Do some sleuthing, and see when you can get a good rate, whether that’s before or after the actual day. “You’ll own the resort, and what’s better than quality alone time?” Greenberg says. And instead of traveling on Valentine’s Day, “go out and have a lovely dinner.”

The real secret to a romantic trip: sharing it with someone you love, says Greenberg. “Visit a place neither of you have ever been. You get to discover it together.”

Read more: Spend Less On Romantic Weekend Getaways | Bankrate.com http://www.bankrate.com/finance/frugal/spend-less-romantic-weekend-getaways.aspx#ixzz1kgPIYfUOo

local

Plan For Added Medicare Tax

Higher income earners always have a few more tax considerations and that’s true in 2012. A new 3.8 percent Medicare tax is slated for collection beginning in 2013 on profits from the sale of investment property.

This includes capital gains, dividends, interest payments and, for those who own rental property, net rental income. The tax will apply to individuals with gross income of $200,000 or more or married couples filing jointly with combined gross income of $250,000 or more. If you’re in the targeted income brackets, talk with your tax and investment advisers about steps you can take this year to prepare for the new tax

Read more: Plan For Added Medicare Tax | Bankrate.com http://www.bankrate.com/finance/video/taxes/plan-for-added-medicare-tax.aspx#ixzz1kgNMliyh