For the second time in just under a
month the Mortgage Electronic Registration System (MERS) has won a significant
court victory.  The company which serves
as registration agent for major mortgage lenders is currently involved in
multiple lawsuits throughout the country.   It prevailed in one of these suits, a case filed
the U.S. Court for the Western District of Kentucky on Tuesday when Christian County Clerk, by and through its
County Clerk, Michael Kem; et al. v MERS; et al. was dismissed with
prejudice.

The county clerks had sued MERS and a
group of MERS members under provisions of the Kentucky laws regarding the
recording of deeds. The Plaintiffs asserted, on behalf of all of the state’s
County Clerks that MERS had violated the statutes in order to avoid recording
mortgages and paying the associated fees. 

The Court found that the Clerks lacked
standing to bring the suit.  The judge
held that the persons intended to be protected by Kentucky’s land record system
were “existing lienholders seeking to give notice of their secured status,
prospective purchasers and creditors seeking information about prior liens, and
owners of property seeking release of liens once debts are paid off.”

The Court also said that there was
nothing in the statute that would indicate it was designed to be enforced by a
county clerk, saying that had “the General Assembly wanted to allow country
clerks to file lawsuits regarding recording fees, it certainly knew how to do
so.”

On
January 24 the U.S. Court of Appeals for the 11^th Judicial Circuit
handed down a more far-reaching decision upholding MERS rights to foreclose on
a property as a nominee and to foreclose on a mortgage that had been physically
separated from the note. 

Article source: http://www.mortgagenewsdaily.com/02222012_mers_lawsuits.asp

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There’s a popular tax break out there that paid more than 26 million workers a total of nearly $59 billion last year. Yet as many as 1 in 4 of those who qualify for this tax credit failed to claim it, missing out on hundreds, or even thousands, of dollars.

That break is the earned income tax credit. Designed to help low- and middle-income wage earners make ends meet, the credit helps reverse the effect of payroll taxes. Despite the best efforts of community organizations and various government agencies, however, the credit doesn’t reach some of the families who need it most.

What You Need to Know

The earned income tax credit covers families of various sizes, with different income limits and credit maximums. Joint filers with three or more children are eligible if they earn less than $49,000, with a maximum credit of about $5,750. Smaller families have slightly lower income limits and credit amounts, and even if you don’t have any children, you may be entitled to up to $464 if you earn $13,660 or less and are single or $18,740 for married couples.

The key to the earned income tax credit is that you have to have income from a job or business. Interest and dividends, Social Security payments, and unemployment benefits don’t count for claiming the credit.

But what many don’t realize is that you can get cash back from the credit even if you don’t owe tax. That’s unusual for a credit, but it’s what makes the earned income tax credit especially valuable for those who are struggling to make ends meet.

The problem with the credit is that it’s fairly complicated, with various rules that can make it hard to figure out if you’re actually eligible. But with that in mind, the IRS set up a quick eligibility quiz. Of course, many low-income taxpayers don’t have access to computers, so getting everyone eligible to claim the credit will continue to be difficult.

Get What You Deserve

So be sure to check and see if you’re eligible for the earned income tax credit. In tough times, some extra money can make all the difference.

More on taxes:

• Why Your State Thinks You’re a Tax Cheater
• Get Ready to Pay Thousands More in Taxes
• Do You Have to Pay Tax on Credit Card Rewards?

Tagged: doing taxes, DoingTaxes, Earned INcome Tax Credit, EarnedIncomeTaxCredit, Tax Credit, tax credits, tax preparation, TaxCredit, TaxCredits, taxes, Taxes 2012, Taxes2012, TaxPreparation

Article source: http://www.dailyfinance.com/2012/02/21/the-tax-break-that-millions-miss-out-on/