Loya Tax Services
Call Us: (818) 842-0392

Unclaimed Refunds, Credits,Deductions, and the $25 Billion Dollar Mortgage Settlement

If you haven’t filed your 2008 tax return you must file it by April 17, 2012 to claim any refund. Also, if you filed your return,  but forgot to report any credits,  adjustments, or deductions then you should call us for an appointment so that we can review your return.  There were some beneficial changes in the Tax code for 2008. There was the introduction of the first time home buyers, students, and even current homeowners. This was the year where we were introduced to the First time home buyer credit, the additional standard deduction increase for real estate taxes and an increase in the Hope and Lifetime learning credits. If you have any questions or want one of our skilled preparers to review or file your 2008 tax return please give us a call to set up an appointment.

So far we’ve been helping some of our clients refinance their loans and get them into a fixed government backed loan. We are expecting that the $25 Billion dollar settlement will bring new loan products that will help current home owners. The five banks that are participating in the mortgage settlement are Citigroup, Wells Fargo, Ally Financial, JP Morgan Chase, and Bank of America. Fortunately California will receive around $18 Billion of the mortgage settlement. Individuals who lost their property due to auto signers and/or who were not given the chance for proper loss mitigation will be entitled $1,800-$ 2,000 dollars. Individuals who are current on their loans might qualify for a principal reduction and the oppurtonity to obtain a 30yr fixed loan. For those who are considered underwater there will be $3 billion dollars put aside from this settlement which they might be entitled to. If you have any questions feel free to call your preparer and ask for additional information.

So far tax season has been going by smoothly and we still have availability for appointments.  If you have any questions you can email me at mquezada@loyatax.com or call us at 818-842-0392.

Leave a Reply

You must be logged in to post a comment.