Homestead Exemption

What is homestead exemption? If you own your home, reside there permanently and are a Florida resident as of Jan 1, you may qualify for homestead exemption. Homestead can reduce your taxable value on your home as much as $50,000 - saving you approx $750 annually. More importantly, your assessed value – the value used to calculate your property taxes - cannot increase more than 3% annually after you are granted the exemption.

Who is eligible to file? You must meet the following requirements as of Jan 1:

- Have legal title to the property recorded with Orange Co
- Reside on the property
- Be a permanent resident of Florida
- Be a US citizen or possess a Permanent Residence Card (green card)

When do I file? The deadline to file an application for exemption is Mar 1. Under Florida law, failure to file for any exemption by Mar 1 constitutes a waiver of the exemption privilege for the year. Regular filing is Jan 2 to Mar 1. Pre-filing for the coming year is Mar 2 to Dec 31.

How do I file? Orange Co Property Appraiser office mails all new homeowners a packet six to eight weeks after their deed is recorded in the county records. This packet includes instructions on how to apply online, by mail or in person.

More info from Orange Co Property Appraiser.

Shred Fest: UCF

Fairwinds Credit Union is partnering with Crown Shredding to bring you ‘Shred Fest’. Don't miss out on this incredible opportunity to protect yourself from identity theft by safely destroying your personal documents and papers in our shred truck courtesy of Crown Shredding. You can actually see the documents shred right before your eyes!

UCF Fairwinds Alumni Center
N Gemini Blvd, Bldg 126
Wed 12/8/2010
10am to 2pm
more info

Best Outdoor Projects To Tackle Now

You probably know that boosting your home's curb appeal is one of the most important ways to maximize its value. But that doesn't mean you need to take on a pricey job like replacing the windows or installing a blue-stone walk. In fact, you'll probably get a bigger bang for your buck with upkeep that costs a few hundred dollars at most - like touching up the paint, mulching planting beds and staining fences and decks.

Another advantage of these maintenance projects: since they generally involve grunt work rather than serious expertise, you can save some cash by doing them on your own.

Read full story at CNNmoney.com

Condo Buyers

Interested in buying a condo? Ready to make that offer? Hold everything. To keep from getting stuck with a lemon, you've got to do your homework. Here are seven important questions you need to ask before buying a condo.

Read full article at smartmoney.com

Reduce Credit-Related Junk Mail

If you decide that you don’t want to receive prescreened offers of credit and insurance, you have two choices: opt out of receiving them for five years or opt out of receiving them permanently.

888-5-OPTOUT (888-567-8688) or www.optoutprescreen.com

The telephone number and website are operated by the major consumer reporting companies. When you call or visit the website, you’ll be asked to provide certain personal information, including your home telephone number, name, social security number and date of birth.

More info from the Fair Credit Reporting Act.

Foreclosure Alternatives

By working together, your lender may be able to provide you with options to avoid foreclosure. If you are struggling to make your loan payment, here are some foreclosure alternatives that may be available to you:

Other Sources of Payment Your checking and savings accounts are not your only sources of payment. You can take a hardship withdrawal from your 401K, you can sell stocks or bonds you may own, or you can take the cash value of any life insurance policy. Before you use any of these other alternatives, make sure you understand the tax implications and penalties that may result.

Forbearance Your lender may be able to provide you a short-term postponement of your payments if you are facing a temporary hardship case.

Modification Depending on the severity of your hardship, your lender may be able to modify your loan terms to help get you back on track by giving you an affordable monthly payment.

Refinance Your lender may be able to extend additional credit to help consolidate your mortgage and other credit union obligations.

Short Sale Depending on your situation, if you owe more than your home is worth you may be able to sell your home for less than the loan balance through a 'short sale.'

Deed-in-Lieu After your lender has considered all other options and if your home is free of other loans, liens or judgments, you may be able to qualify for a deed-in-lieu. A deed-in-lieu is where you voluntarily transfer ownership back to your lender.

Source: Fairwinds Credit Union