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Certain gypsum board (drywall) products used in walls and ceiling in some homes has been implicated as the source of the outgassing (vapor emission) of chemical compounds that have caused corrosion of building materials and may also contribute to health concerns. The bulk of these problem (tainted) drywall cases have been linked to certain products imported into the United States from China between 2001 and 2008, with the majority of cases found in homes in Florida, Louisiana, Virginia and other southern states were the drywall was installed between 2003 and 2007. However, isolated cases have been found in over 30 other states. The drywall in question has been found to emit sulfur vapors, which have been identified as contributing to odors within the home, as well as factor in the corrosion and discoloration (blackening) of certain metal elements. The identification of problem drywall is a two-step process that involves: (1) an initial or threshold (limited time/scope) inspection for visual signs of conditions such as metal corrosion and evidence of the installation of new drywall during the relevant time period; and (2) the identification of corroborating evidence or characteristics associated with problem drywall. Finding evidence of metal corrosion (for example, the blackening of copper water piping, electrical wiring and/or air conditioning coils) and evidence of drywall installed during the relevant time period is a prerequisite for a determination of suspect problem drywall. However, because similar conditions can occur in a home for other reasons, it is important to obtain corroborating evidence before undertaking any remedial action. Homeowners are advised to be aware of possible scams such as the sale of homeowner tests kits to identify problem drywall, special sprays to encapsulate the drywall, or ozone generators or filtration equipment to clean the air. A threshold problem drywall inspection is recommended for homes constructed during this period when evidence of problems exist or a high number of suspect cases linked to problem drywall have been reported in the area. If a threshold inspection indicates conditions that may be a sign of the presence of problem drywall, arrangements should be made to obtain corroborating evidence. While you, as a homeowner, may be able to perform a threshold inspection, a qualified laboratory and/or other qualified specialist should be contacted to perform further investigations. Also, it would be prudent to contact the builder or subcontractors responsible for the drywall installation and local building and/or health officials to determine if any local problems have been reported or whether the drywall present may be suspect. In addition, if you are not the original homeowner, it is recommended that you obtain information from the previous homeowner about any known odor or component deterioration problems they may have experienced. www.sandrathomassells.com
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Notice of Funding This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010. Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available. Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited. We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452. For more information, feel free to contact Sandra Thomas at (614) 805-8679. www.sandrathomassells.com
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That impressive formation of ice along the roof edge of a house after a snow storm may seem to be a unique form of nature’s artistry; however, most people never stop to think about the causes of ice formations. Nor do most people, except those that regularly experience ice dams, know what damage the ice can cause.
 Ice dams occur when heat escaping through an under-insulated and poorly ventilated attic melts the layer of snow resting on the roof. Water flows down the roof beneath the snow layer and remains insulated by the snow until it reaches the lower areas of the roof where it re-freezes. As the cycle repeats itself, the ice at the eaves builds to form a dam that prevents the water from draining off the roof. Eventually the water backs up under the shingles and can seep through the roof deck and attic into the rooms below. As a result, insulation material becomes soaked and anything susceptible to water damage including wallboard, paint and wallpaper is potentially ruined. Long-term moisture conditions can also lead to mold concerns. What can help prevent these problems? At one time, attempting to melt the ice along the eaves using electric heating coils was thought to be the answer for ice dams. However, subsequent studies and long-term experience with the use of heating cables, indicates that maintaining a cold roof deck often is the most effective way to prevent ice dams and the resultant damage. By improving insulation and ventilation, heat from the house that could contribute to rapid snow melt doesn’t make its way to the attic. Having good air flow from the outside helps move out any heat that does build up, so that the underside of the roof stays cold and the snow melts very slowly and uniformly.
To reduce the possibility of ice dams forming: - Clean all leaves and other debris from roof valleys, gutters and downspouts before the first snowfall.
- Install additional attic insulation so the thermal resistance or R-value matches that recommended by the local utility or required in new energy codes. Homes built before 1970, where the insulation has not been upgraded to appropriate levels or was not properly installed, are prime candidates for the formation of ice dams.
- Consider attic ventilation provisions. If necessary, add more ventilation to keep the underside of the roof deck (sheathing) cool and dry to reduce the rate of snow melting from the roof. Vents may be needed at the lower edges of the roof (eave area) and at the roof ridge for optimum air circulation.
- If this does not correct your ice dam problems, consult with a reputable roofing and/or insulation contractor about making improvements.
These are general guidelines. Remember to call a professional with your unique situation.
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Call it killing three birds with one stone: The federal government hopes simultaneously to help low-down-payment homebuyers, investors who fix up foreclosures, and communities burdened with too many bank-owned and foreclosed homes -- all with one potentially far-reaching policy change. The Federal Housing Administration -- better known as FHA -- is revising its long-standing anti-flipping rules starting Feb. 1, and just might score a hit with all three target groups. For years, the FHA has had a strict prohibition: It wouldn't insure a mortgage on a house owned by the seller for less than 90 days. The ban was a reaction to fraudulent quick flips of houses that inflated their values far beyond true market worth. The flips were often cons: Buyer A would acquire a low-cost house in bad repair, do minor cosmetic changes and resell within days to Buyer B, who was also part of the scheme, at a significantly higher price. The sequence could involve a string of serial flippers within a month or two, with the trumped-up prices spiraling. The endgame usually went like this: Find a hapless purchaser for the flipped house who would apply for a low-down-payment FHA loan. Typically, that buyer defaulted quickly -- leaving the FHA with a foreclosed house on its books and a loss to its insurance funds. But now the FHA is suspending the policy, at least for the next year. The objective will be to speed up sales of renovated houses to first-time and other purchasers, said David H. Stevens, FHA commissioner. With foreclosures at record levels -- an estimated 2.8 million filings last year alone -- many communities are faced with excesses of bank-owned properties sitting unsold, often in poor repair. By waiving the 90-day rule, private investors will be more likely to bid on the houses, fix them up and sell them to buyers who will now be able to gain early access to FHA financing, which offers 3.5 percent down payments. What's the significance of the 90-day timeline? It's huge, say investors who specialize in acquiring and renovating foreclosures and bank-owned properties. Bobby Taylor, a broker with Coldwell Banker Mountain West Real Estate in Salem, Ore., said the FHA's change of heart "is going to be absolutely terrific" for anyone looking to bid on a moderate-priced post-foreclosure house in good physical condition. Some lucky buyers will even be able to combine the $8,000 federal tax credit with 3.5 percent FHA financing -- provided their contracts are signed by April 30 and closed by June 30, when the credit program expires. FHA's revised policy doesn't apply to all post-foreclosure renovations, however. Stevens outlined two key restrictions: • There can't be game-playing or conflicts of interest among buyers, sellers, realty agents or others involved in the deal. "All transactions must be arm's-length, with no identity of interest" among any of the participants. • Price run-ups must be relatively modest and justifiable from the time of the investor's acquisition to what's paid by the applicant seeking FHA financing. Generally the limit will be 20 percent. When the price jump exceeds 20 percent, the FHA expects participating lenders to require extensive documentation of the renovation expenditures to justify the hefty price increase. Lenders also are required to order an independent property inspection so the purchaser can understand the house's physical condition and the improvements made. Kenneth R. Harney covers housing issues on Capitol Hill for the Washington Post Writers Group. You can write to him at P.O. Box 15281, Chevy Chase, MD 20815
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Understanding your insurance can help you save time, money and maybe your own health.
(NAPSA) - With the right information, you may be able to save money on your medications right now. That's because an often overlooked part of any health care plan can be the prescription drug benefit. Knowing how to make the most of prescription drug coverage can be key to keeping your medical expenses as low as possible.
"When problems with coverage arise, often patients will pay out of their own pockets or, worse, go without the medicines they need to stay healthy. Because that can take a tremendous toll physically and financially, it's important for consumers to know whether they really should be shouldering those costs or if their plan can help them," says Sally Greenberg, executive director of the National Consumers League.
It's one of several organizations supporting an educational effort called Your Pharmacy Benefit (YPB) that helps consumers understand the rules of their coverage, how to get the most out of their coverage and how to tackle problems that may arise.
For example, the organization advises, if you've been told there's a problem filling your prescription, don't walk away from the pharmacy counter until you know what the problem is. It may be easy to fix. If the information in the pharmacy computer doesn't match what is on your current pharmacy ID card, you may just need to show your card to update your record.
Sometimes the problem is something your doctor should know about. For example, if the medicine could react badly with another medication you take, your plan may need your doctor to confirm that you should take it before the plan will pay.
Even if you're told a medicine you need is not covered, if your doctor thinks it's important for you to have it, you can appeal the plan's decision. Write a letter to the plan and ask for the medicine to be covered or to be paid back for the cost of the medicine if you have already paid for it yourself. Your doctor may have to explain why you need this specific medicine. Dan Leonard, president of the National Pharmaceutical Council, another organization sponsoring YPB, said, "One common problem patients encounter is that the pharmacist cannot fill the prescription. There are a variety of reasons this might happen. YPB materials help with troubleshooting and even provide guidance on how to file an appeal with the insurance company if needed."
For Medicare beneficiaries, there is special information on how to navigate the "coverage gap" and how to navigate appeals and exceptions within the Medicare Part D program. www.coldwellbanker.com/sandrathomas
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You can feed your baby top-quality formula and still save
(NAPSA) - There's good news for parents when it comes to doing
what's best for baby's health. You can provide for little or
no cost most of what your baby needs right now. According to
the experts on infants at the Centers for Disease Control,
it's important to:
- Talk to your baby. It is soothing to hear your voice. When
your baby makes sounds, answer him by repeating and adding
words. This will help him learn to use language.
- Read to your baby. This helps her develop and understand
language and sounds.
- Sing to your baby and play music. This helps develop a love
for music and math.
- Praise your baby and give him lots of loving attention.
Cuddle and hold your baby. This helps her feel cared for and
secure.
More good news is that you can save money on feeding your
youngster. ***-feeding is not only generally best for
baby's growth and development, but also it's free.
If you do choose to use infant formula some or all the time,
you can save by shopping for price without sacrificing
quality. That's because parents can save by buying store-brand
formulas, which recently received a boost from several studies
by pediatric researchers at the University of Virginia. "Our
work proves there is no physiological reason you can't switch
from one brand of infant formula to another that shares the
same protein source, which means store brands are just as
nutritionally sound as national brands," said James L.
Sutphen, M.D., Ph.D.
In addition, "Consumer Reports," perhaps the foremost
authority on quality and savings, says that there's no need
for parents to choose expensive national-brand infant formulas
over their much more reasonable store-brand counterparts sold
at drugstores, grocery stores and other retailers.
"Is the store brand as good as the national brand? It has to
be," writes author Sandra Gordon and the editors of "Consumer
Reports." "According to the Food and Drug Administration
[FDA], all formula marketed in the U.S. must meet the same
nutrient specifications, which are set at levels to fulfill
the needs of infants.
Although infant-formula manufacturers may have their own
proprietary formulations, brand-name and store-brand formula
must contain at least the minimum levels of all nutrients
specified in FDA regulations, without exceeding maximum
levels, where those are specified."
________________
www.kingthompson.com/sandrathomas
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If you were to measure the total space of the cracks, gaps and holes around the perimeter of an average home, you would find a hole that is roughly three feet square. Imagine how much heat can escape, or moisture can enter, through a space that large. To prevent these problems, inspect the perimeter of your home and apply caulking or weather-stripping wherever necessary. Both caulking and weather stripping can reduce the flow of cold air in, warm air out, and ultimately cut energy costs. How to Caulk: Clean surface by removing dirt, loose paint and old caulk, and thoroughly dry the surface. Determine which caulk to use based on the size of the crack or gap and the surrounding material. Cut the tip off of a tube of caulking at a 45° angle and load it into a caulking gun. The nozzle is tapered, so the amount you cut off determines whether you have a thin, medium or heavy bead of caulk. Cut near the narrow end for a narrow bead or further up for a wider bead. Use a long nail to break the inner seal and to plug the nozzle when finished. Apply caulk by laying a uniform bead of caulk that overlaps both sides, and completely fills, the crack. Remove excess caulking and allow it to dry. Weather-stripping: Apply weather-stripping at joints where two surfaces meet, such as around windows and doors, to provide an airtight seal. There are a few different types of weather stripping and each has its benefits and drawbacks. Once you choose the appropriate weather stripping, follow the instructions for proper application. - Tape - lasts only one year and should only be used on windows or doors that will not be opened. Tends to dry and loosen within one season
- Felt - lasts one or two years and should be used on the top and/or sides of doors or window frames for sealing gaps of uniformly narrow width
- Foam - This is known as “backer rod” and looks like a foam tube in a roll. It comes in different diameters and lasts one or two years. Use on the bottom of window sashes or around the frames of warped or loose-fitting doors and windows
www.kingthompson.com/sandrathomas
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 Fall is definitly here. Despite how nice the weather has been the last day or so it will soon become colder and wetter. With wet weather the chances of getting a wet basement increases. If you have a sump pump it is important that you check to see that is is working. If it is old but still working it may still be a good idea to replace it to avoid problems. In the image to the right you can see a sump pit filled with water. The teathered float is trapped against the side of the pit preventing the switch from turning on the pump. If you have this type of sump pump you should check it to make sure it is not able to get trapped leading to standing water in your basement.
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Up on the roof, you can see if your home is ready for rough weather. (NAPSA) - Chants of "Defense! Defense!" may be routine at basketball games, but it turns out the thrust of the message, the need to protect against bad stuff that might lie ahead, applies equally as well to your home's roof. Roofs are actually the first line of defense against rain, snow, cold air and harsh weather in general. And so if you're smart, you'll want to check what kind of shape yours is in twice a year. That means being on the look-out for missing shingles or deteriorated flashing (the metal that seals bends and joints on skylights, chimneys, etc.). More than 90 percent of roof damage occurs in these two areas, and catching it early can be key to preventing bigger problems. Here are more hints that can help: Knowing When to Inspect Check your roof every spring after severe weather and every winter before the worst weather sets in. What to Look For - Examine the roof edge for damage from wind, rain or ice dams. The dams occur when water freezes and backs up under the roofing system. - Inspect for signs of mold, algae and mildew, such as dark spots and discolored shingles. Inadequate or faulty shingle underlayment can be behind this. - Look for blistering or peeling paint due to poor attic ventilation. Roof Maintenance Leaves, sticks and other debris can cause water to back up and flow under a roof, so clean out your gutters and roof drains regularly. Also, check that all gutters are securely fastened to the house and that downspouts are pointing away from your home. What To Do If You Spot Damage If your inspection reveals roof damage, work with professional roof contractors who are bonded, insured and use quality materials. They can help you prolong the life of your roof and keep you from having to spend money on costly future repairs. _____________ A free service that helps homeowners find a qualified roofing contractor is available from North America's largest roofing manufacturer, GAF Materials Corporation. Call (888) LEAK-SOS or visit www.gaf.com
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The bad guys have new methods to put your data at risk
(NAPSA) - A few simple tips could help protect Web surfers
from a low-tech tactic used by high-tech thieves: disguise.
Hackers have found ways to impersonate banks online, to
pretend to be your social networking acquaintances and even to
disguise themselves as long-lost friends. It's all in an
effort to spread computer viruses and other malicious software
that allow criminals to hijack personal information, trick
users into purchasing fake anti-virus programs and more.
Fortunately, some basic safe-surfing practices and the right
security software can help keep you safe. Computer security
experts at Kaspersky Lab offer these tips:
- Looks Can Be Deceiving. Always visit banking and financial
sites directly, not through links you receive via e-mail. Such
links often take you to Web sites that look exactly like your
bank's but are actually clever forgeries that steal whatever
passwords or account numbers you enter.
- Friend or Fraud? Criminals often use malicious software to
target people on social networking sites. If you receive a
link from a friend, confirm that he or she actually sent it to
you. If not, don't open it. The now infamous Koobface virus
spread to millions of social networkers who clicked on video
links supposedly sent by people they knew. The virus then
infected their computers and began transmitting any credit
card numbers or other valuable information it could find back
to its creator. It also sent copies of itself to all the
contacts in the victim's profile, again disguised as a
friendly video message from its latest victim.
- Frequently Asked and Fake. Web searches for common phrases
such as "free screen savers" or "song lyrics" will often lead
to sites that infect visitors with malware, even if they only
view the Web page. Protect yourself by making sure your anti-
virus scanner is always on and up to date.
- Think Before You Share. A quick search of a social
networking site can reveal where people work, the town they
live in, where they went to high school, their interests,
hobbies and more. Scams can then be custom-made to fit that
information. If you use social networking sites, use privacy
settings to limit the information that can be viewed by people
who aren't in your circle of friends. Be wary of strangers who
claim to know you through an old connection, and remember that
if they try to involve you in a financial transaction, odds
are it's a con.
- Beware of Scareware. If you receive a message warning that
your computer is infected with viruses and that only a certain
anti-virus program can remove them, beware. The programs,
which are offered as free trial versions or as pay services,
are often malware in disguise. Be suspicious of all "free"
anti-virus programs and only rely on programs purchased from
reputable sources.
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Posted by: Prashant Gopal on November 06 Update: Just spoke with somebody at Sen. Chris Dodd’s office. According to the senator’s banking committee staff, you can qualify for the credit even if you signed a purchase contract before today’s date. The important thing is that you close on the home between today and June 30, 2010 (Your contract must be signed by April 30, 2010). Keep the questions coming, I’ll try to answer as many as I can.
Dozens of you have written in with good questions about the tax credit. I’m working on finding answers, especially to one recurring question. To qualify for the $6,500 credit is it necessary to sign the purchase contract after the measure is signed into law today or can a homeowner who closes on a home after today also meet the requirements? I’ve asked the White House to clarify.
In the meantime, I just received a press release from CMPS Institute, a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. It clarifies a few things. Read on. More Homebuyers Qualify for Tax Credit
Ann Arbor, MI November 6, 2009 – Congress just passed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
· The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others
· If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit.)
· The credit applies even if you have co-signers on your mortgage loan
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As many consumers tighten their belts, gardening is once again
gaining popularity. Across the country, victory gardens, once
popular during World War II, are springing up as consumers
look to trim their budgets by growing their own produce. But
did you know that there are ways to cut down your expenses,
even in the garden?
With a little bit of foresight and organization, you can make
your gardening effortless while at the same time eliminating
the need for expensive tools such as tillers, sprinklers and
electric timers. How? Through sheet composting.
More popularly known as Lasagna Gardening (thanks to writer
and gardener Patricia Lanza), sheet composting involves
layering mulch and compost over your garden rather than
tilling the soil. As the layers decompose, they enrich the
soil. Best of all, this is a no-till garden, as plants are
planted directly into the layers of the garden.
To begin the process, mark out the area in which you want your
new bed to sit. Then trample or cut down any vegetation in
that area. Over the top of this, place a layer of either
newspaper or cardboard to act as a barrier against weeds or
grass. Then add a layer of peat moss or manure.
Next come layers of organic materials such as grass clippings,
dead leaves and kitchen scraps. Remember that the
microorganisms that break down these materials need both
nitrogen and carbon-rich materials, so try to add your layers
by alternating between the carbon rich "brown" layers like
leaves and straw and the nitrogen rich "green" layers, which
include grass clippings and kitchen scraps.
Some examples of the materials that you might use include
weeds, grass clippings, leaves, manure, hay, straw, fruit and
vegetable scraps, tea and coffee grounds, manure, compost,
sawdust, peat moss, shredded newspaper or junk mail, pine
needles, bark chips, seaweed and coconut husk.
Materials that should not be put into the sheet compost layers
include weeds that have gone to seed, animal fats or ***.
The best time to sheet compost is in the fall to give the
layers time to decompose and to kill off the vegetation
underneath the paper layer. However, if you start your garden
in the spring, you can still plant it. Simply pull back your
layers of compost and plant the plants right in it.
Cutting your mulch particularly dead leaves or plant stalks
into smaller, more uniform sizes will not only speed up the
decomposition time, but will also make your garden look
better.
Maintaining the sheet-composted garden is also simple. Just
add more layers of mulch as time goes on.
Best of all, sheet composting saves your budget in many ways.
Firstly, you are saved the expenses of purchasing and
maintaining a tiller as well as the cost of gas. Secondly,
your water bill is trimmed because the layers of mulch hold
more water than a tilled earth garden. Thirdly, for those who
pay for trash haul-away, sheet composting reduces the volume
of trash by giving you a place to put your kitchen scraps and
grass clippings. And fourthly, there is no need to purchase
expensive fertilizers, as the sheet composting materials are
already very nutrient rich.
Additionally, many sheet-composting aficionados swear that
produce grown in a sheet composted bed is more abundant and
healthy. In fact, you may have so much produce that you'll be
tempted to either give it away or sell it.
Sheet composting is also an inexpensive way to fill containers
for your container garden. Simply layer the compost directly
in a container the way you would in the ground.
Finally, many of the mulch items used for composting are
either free or can be found for little or no cost. For
example, many supermarkets will give you the produce that they
would ordinarily throw away if you ask them for it. For
another source for compost layers, large chain coffeehouses
like Starbucks often save their coffee grounds for gardeners.
And neighbors are often glad to give you their grass clippings
and leaves if you will simply haul them away. But, beware! If
your neighbors know why you want their grass clippings, they
may want some of your produce in exchange.
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Could you have a hidden savings account in old or lost savings bonds?
(NAPSA) A growing number of Americans are engaged in a treasure hunt and some in are in their own home. They're looking for U.S. Savings Bonds, the Series E in particular. The good news is that there's a new website designed to help them in their search.
Series E U.S. Savings Bonds that are at least 30 years old (that's nearly all E bonds) have stopped earning interest. That means bond holders can actually lose money to inflation by not cashing them, so it's in the interest of bond holders to find the bonds and get the cash.
Many of these bonds are worth at least four times their face value and sometimes much more. For example, a $100 Series E bond bought for $75 in 1960 is worth more than $700 today.
So why aren't people cashing their bonds? In many cases, they have simply been forgotten. A great number of baby boomers now in their 50s and 60s may have received the bonds when they were children as graduation or birthday gifts, or bought them using savings stamps at school. Or they may have purchased them through the Payroll Savings Plan when they first started working.
While it's a smart idea to start your search for bonds in old family "hiding places," you can also visit
www.treasuryhunt.gov. The U.S. Department of the Treasury created the site to help people locate unredeemed mature bonds.
If the bonds were purchased in 1974 or later, you just have to enter the Social Security number of the owner or purchaser. The Treasury Hunt database will match the number against unredeemed bonds. There are also instructions on the site for finding bonds issued before 1974.
For the vast majority of owners, cashing bonds will not affect their tax rate, but may provide an after-tax windfall. Federal income taxes are only due on the interest earned, while bonds are completely free of state and local income taxes.
You can find out more about unredeemed savings bonds, including how to cash them at your local financial institution, by visiting www.treasuryhunt.gov. You'll also find a calculator there that tells you how much old bonds can be worth.
It's in the interest of those holding Series E Savings Bonds to cash them if the bonds have reached maturity. Otherwise, they may lose money due to inflation. http://www.sandrathomassells.com/
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The Federal Trade Commission's ("FTC") rules banning prerecorded sales calls made without a consumer's written consent took effect on Sept. 1, 2009. Additionally, the charge for accessing the federal "Do Not Call" registry will slightly increase on Oct. 1, 2009. Below is a brief summary of the changes. First, the FTC amended its rules last year to prohibit telemarketing sales calls through prerecorded messages, whether the call is answered by a consumer or by an answering machine, unless the seller has previously obtained the recipient's signed, written agreement to receive such calls. The consumer's permission may be obtained electronically through a lawful e-signature. The rule does not prevent companies from making prerecorded messages that are informational in nature, such as calls that reconfirm appointments or reservations. All prerecorded sales calls must also contain an automated opt out mechanism that is provided at the beginning of a prerecorded message. Second, the fee for accessing the Registry for specific area codes rises from $54 to $55 and the total cost for the whole Registry increases to $15,058. Last year, the law implementing the Registry linked the Consumer Price Increase index to the access fee cost, and so the access fees will increase as the CPI increases. The new access fees reflect the slight rise in the CPI over the past year.
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The Obama administration's $50 billion "Making Home Affordable" mortgage relief plan is picking up steam, with 360,000 borrowers, or 12 percent of the eligible group, signing up for a three-month trial mortgage modification. "There are signs the plan is working," says Michael Barr, assistant Treasury secretary for financial institutions. "But we can do better." Bank of America has enrolled about 7 percent of its 836,000 eligible loans, compared with 25 percent for JPMorgan Chase & Co. The Treasury Department's decision to publish these numbers is driving the banks to do better. Lenders are "concerned about the report card showing them in a worse light than their peers," says David Stevens, assistant secretary for housing and FHA commissioner at the U.S. Department of Housing and Urban Development. "Nobody wants to be a low performer on that score card." Source: The Associated Press (09/09/2009)
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