--Remember to include your Social Security number on each page of a paper return.
--Check that you have claimed all dependents, such as elderly parents who don’t live with you.
--If you are single and have a dependent, check to see if you qualify for lower “head of household” rates.
--Property taxes are deductible, but assessments—such as for street repair, sidewalks, sewers or curbs—are not.
HUD’s Foreclosure Report Comments
I received a lot of responses to last week’s Color of Money question, in which I asked: “What do you think of HUD’s report on the behavior of bankers in foreclosing on homeowners?”
The Washington Post’s Brady Dennis recently wrote about the Department of Housing and Urban Development’s findings that employees at major banks who forged signatures, made up fake job titles and falsely notarized paperwork often were ordered to do so by their bosses. In some cases, the employees were judged on how fast they could move the foreclosure documents along.
“It would be great news if the directors, board members and managers could be held accountable for the systemic misuse and abuse of the foreclosure laws,” wrote Brent Hulsebus of Des Moines, Iowa. “Unfortunately, it is all too likely that those responsible will get away with stuffing the stockholders pockets yet again. Identifying the fools will prove too difficult. The golden rule these days seems to be ‘Get mine before someone else takes it!’”
“Personally, I think the bankers who oversaw the illegal signing behavior of employees should see some serious jail time,” wrote Aldene Fredenburg of West Swanzey, N.H. “Beyond the insensitivity and downright cruelty of using illegal behavior to evict people down on their luck, this robo-signing is going to further complicate problems for future buyers. How in the world is a buyer going to get clear title to a piece of property if the original documentation can’t be found and the documentation in existence is a forgery? This slows down the housing recovery considerably.”
Not everyone was harsh on the bankers.
“In almost every case, it’s a case of folks who borrowed more than they could afford, or folks whose income can no longer support paying their mortgage payments,” Jim Shaffer of Indianapolis wrote. “If a homeowner wants to challenge a foreclosure on the basis that the paperwork is missing or fraudulent, that homeowner has every right to appear in court and make that challenge, always has. What we have here is a case where the correct action was taken based on fraudulently endorsed documents. The bank is culpable for that wrongdoing, but it doesn’t change the homeowner’s rights or responsibilities.”
Kelly B. of Kansas City took a similar stance. “Granted, the banks were negligent in foreclosure activities. But my sympathy doesn’t go to either the banks or the owners of the foreclosed homes,” he said. “I had a home that I had to sell because I lost 80 percent of my business in 2008 and I had to take a humongous loss and sell it for a very big loss. I now live in a house that is one-fourth the cost of the other house. That’s what too many people are not willing to do.”
Spend Well, Live Rich
My new PBS pledge special, “Spend Well, Live Rich,” is airing this month on various PBS-affiliated stations. Here’s a link for a video preview of the special.
Watch for the program in your local area.
Upcoming Events
On Saturday, March 24, at noon, I will be speaking at the Jacksonville (Fla.) Public Library as part of a series of free programs to help people navigate financial issues. Click on this link for more information, or call (904) 630-2665.
Tia Lewis contributed to this e-letter.
You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.
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