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January 18, 2013     Cape Gazette
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January 18, 2013

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42 FRIDAY, JANUARY 18- MONDAY, JANUARY 21, 201~ BUSINESS & REAL ESTATE Cap~ Gazette Extended tax relief will help homeowners A federal tax benefit for banks to provide $17 billion in homeowners supported by relief to homeowners in several Delaware Attorney General ways. One such way is by for- Beau Biden and 42 of his col- giving mortgage debt or modi- leagues - which was close to ex- fying the terms of a mortgage to piril g - has been extended, make it more affordable. Biden said recently. "The national settlement, In November, Biden and 42 which my office worked hard to other state attorneys general secure, has provided real relief urged Congress to take action for homeowners who are strug- to preserve a tax benefit critical gling because of the housing to the recovery of the housing crisis," Biden said. "Protecting market that was set to expire homeowners who received this Dec. 31. The tax benefit helps mortgage relief from paying ad- taxpayers who have had mort- ditional taxes is good for fami- gage debt forgiven after a fore- lies, the housing market and our closure or short sale or through economy." a loan modification due to fi- The settlement's benefits are nancial hardship by allowing already being felt by hundreds the forgiven debt to be exclud- of Delaware families. As of ed from the taxpayers' taxable Sept. 30, 2012, the latest date for income. The American Tax Re- which data is available, 628 liefAct of 2012- passed by Con- homeowners in Delaware al- gress and signed into law by ready received direct benefits President Barack Obama - pre- that total $35.2 million, accord- serves that tax benefit, ing to a report released by the When the attorneys general independent monitor oversee- wrote congressional leaders in ing the banks' compliance with November to support the ex- the nationalsettlement. tension, they pointed out that Under the terms secured by the tax benefit will multiply fi- Biden and the other attorneys nancial benefits for homeown- general, the banks are required ers under the terms of the Na- to reduce principal on mort- tional Mortgage Foreclosure gage loans, extinguish second Settlement. lien mortgage loans, waive deft- The settlement, agreed to in ciencies in short sales and pro- February 2012 by state and fed- vide refinancing to so-called eral governments and the ha- underwater homeowners who, tion's five largest mortgage despite being current on their servicing banks, requires the mortgages, are unable to refi- nance because they owe more than their homes are worth. Ac- cording to the monitor's Sep- tember report, the most fre- quent benefits to Delaware homeowners were the forgive- ness of debt upon a short sale (192), forgiveness of second mortgages (127) and refinanc- ing of underwater mortgages (122). Also, as of last September, an- other 225 Delaware homeown- STATE FARM INSURANCE CUTS RIBBON IN SUBI THE HUNTER EMORY AGENCY of State Farm Insurance cut the ribbon at its office in Georgetown Dec. mony sponsored by the Georgetown Chamber of Commerce. Located at 20650 Dupont Boulevard on Rot full-service agency also offering financial planning and retirement planning. Emory is a ninth-generation Sussex County resident and has taken on the clients from Iongtime Geor~ Farm agent Bruce Penuel. Shown at the ribbon cutting standing in back are (I-r) Donna Koskey, Chardon Jewelers; Pat Emory; [ Gilbert Emory; Joe McCarran; Judy Emory; Mayor Mike Wyatt of Georgetown; Ray Hopkins, chamber; Joan Dvornick, Georgetown town manager; Steve Hartstein, Georgetown town council; John Rieley, chamber pre: In front are Jordan Crockett; Bob Love; Caitlin Hopkins, employee; Karen Duffield, chamber executive Martin, State Farm Insurance field executive; Hunter Emory, agent; Janet Rivera; Helen Kruger, chamber men resentative; Julie Wheatley; and Myra and Jim Hudson. ers were in the piPeline to ben- efit from the settlement. These homeowners haveeither al- ready been offered mortgage modifications and are deciding whether to accept terms or have accepted the terms and are in a trial period.] 41TTED PHOTO 20 in a cere- te 113, it is a etown State obby Walls; -mory; Gene ;ident. Jirector; Lan bership rep- ERITAGE 16 New Townhomes to choose from for your summer enjoyment with GREAT NEW INCENTIVES! PLUS 0% INTEREST with only 10% down, no points, no PMI* 6 New Floorplans, garages available. Prices from $254,900- $284,900 includes hardwood floors, granite kitchen counter tops, ceramic tile baths, stainless steel appliances and much more!! Customize your interior finishing now!! -COMMUNITIES. *Natalie Rosetti 302-450-8147 Carl for Details Heritage Village Sales Manager Located in Lewes, DE off Postal Lane adjacent to the Heritage Golf Club Open Thursdaythrough Monday 11 to 5 Tuesday and Wednesday by Appointment ,-! Ro.o o on 302-236-1142 (cell)