Hopes dashed, I was back to square 1. Then, I saw another show about house raffles & decided to give it a second look. I did some research & found house raffles cropping up all over the world, not just in the US. Lots of people see them as their only way out. The need by so many to find a better solution created the modified house raffle. These new versions achieve the same result, but are designed to avoid illegal gambling. There are many versions, each slightly different, but they all pay the bank in full, give away a mortgage free house for about $100 & donate to a charity.
My version eliminates taxes for the winner by offering the opportunity to buy my house for $1 as the prize instead of the house. I replaced the 2 biggest sticking points regarding gambling; the entry fee & element of chance. In their place I have a personal gift & skill competition.
The key to success is participation, these only work if everyone gets involved. We only need about 3,250 gifts & essays to make this work, so this is your chance to own a great house, mortgage free!
The story was about house raffles! There were homeowners like me, trapped by the economy & even some in foreclosure. They weren't able to sell their homes, so they held house raffles & lucky people won their houses for $100! On average, each house raffle sold about 3,500, $100 tickets to reach their goal. Their theory was that it's easier to sell tickets for $100, then to find a buyer with full purchase price that could actually get a mortgage. A donation was always made to a charity selected by the owner & winners got the houses, paid off, free & clear. All the banks got paid, even the ones expecting foreclosures. I was glued to the TV.
These raffles were so successful because they were about people, not products or companies. Yes, of course everyone knew they could win a mortgage free house with 1:3,500 odds compared to lottery odds at 1:157 million, but real people depending on the outcome was more motivating than anything. At the start, none of the owners had an immediate way to award a prize because their homes were still mortgaged, but that didn't deter anyone, it motivated everyone to get involved & make sure they reached the goal. I was inspired & started working on my own.
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My name is Jacquie, I'm a real woman from South Jersey. I own a beautiful home that I thought would be easy to sell, but then along came the credit crisis & mortgage meltdown & everything I thought I knew went out the window.
I'm relocating & under time constraints to sell my house, but the market is dead & my life's on hold waiting for things to improve. Banks aren't lending, home values are down & nothing's moving, including me.
I've been responsible; planned for my future, lived on a budget & never mortgaged more than I could afford. I thought I covered all the bases, so at age 53, only 12 years from retirement, this whole financial fiasco really took me by surprise.
I'm no big investor, but my needs aren't great, so I was close to being on track for retirement. What I didn't understand was that all my hard work could be erased by dishonest mortgage brokers, bankrupt insurance companies & greedy hedge funds that I didn't even know existed until it was too late!
In the 1st 10 months of 2008, my retirement savings lost 43%, my home lost value for no reason & everything cost more. I cut back on electric use & although my usage is way down, my bill is higher than it was before! This crisis easily sets the average person back about 10 years, it's like we never saved or planned at all!
Middle class America is the backbone of this country, but we've been ignored by Washington, so it's up to us to protect the investment we've made in our homes, our good credit & our quality of life.
I've been searching like crazy to find a solution, then one night I was watching the news & there it was...
IRS Gift Tax Rule; An individual can gift any person, directly or indirectly, up to $12,000/yr without paying gift tax, as long as there is no expectation to receive something of equal value in return. The same rule says that I can collect gifts in any amount without paying gift tax, if they are true gifts & not in exchange for services or other considerations.
Based on a Gift Economy in which gifts are given without any explicit agreement for immediate quid pro quo.
Gift Economies provide for the needs of someone that has no current or immediate means with which to reciprocate. That perfectly describes the homeowner in a modified house raffle.
MY
1.) To avoid gambling, I will not charge entry fees or sell tickets. I will accept your personal gifts, as outlined above.
2.) I will not award my house as the prize, but instead offer the opportunity to buy it for $1 as the prize, thereby relieving the winner of the *tax on it's value.
3.) Games of chance are illegal, games of skill are not; To win the opportunity to buy my house for $1, write an essay in 50 words or less on what owning a home means to you. Every essay counts, none are better than the other. The way you present your story is what will make it stand out, so use your own words & don't be afraid to express yourself.
4.) Essays will be judged by STAF Board of Directors & the winner chosen based 50% on heartfelt content, 40% on sincerity & 10% on grammar. I expect decent grammar, but that's not the skill. The skill is in your ability to convey a sense of yourself & how owning a home would impact you & your loved ones. It's not necessary to be a scholar, have a sob story or hardship, just write convincingly, from your heart. Tell us your real story, happy or sad, not what you think we want to hear.
To visit the STAF website, just click on
our little animal friends
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www.staffnj.org
Let's make sure these good people get a big donation!
MY
CHARITY
I will donate a % of my gifts to Save The Animals Foundation. STAF is a worthy, non-profit that's tirelessly helped NJ animals for over 15 years with excellent programs like low & no cost spay/neuter & vet care, food, adoption, foster care, education & more. STAF President, Mrs. Diana Malcontento tells me donations are down this year & STAF is really looking forward to this much needed money. I thank you, everyone at STAF thanks you & all the animals that STAF helps, feeds, finds homes & cares for every day thank you from the bottoms of their furry little hearts.
As long as I have received the minimum number of gifts by February 14, 2009, I will offer the opportunity to buy my house for $1, free & clear, to the winner of the essay competition. If I have not received the minimum by February 14, 2009, I reserve the right to advance the date by not more than 6 months.
In the sad event that I am still unable to meet the minimum at that time, I will refund your gifts less any PayPal fees & cancel the event;
I will not sell my house to a family member, friend or acquaintance.
NO WAY
What?
The people I saw on TV weren't gambling, playing games, or winning the lottery, they were saving themselves because no one else bothered. House raffles are the perfect solution to what's going on in today's deflated market, but I shelved the idea & started my search over.
Relieved to finally have a solution, then so disappointed to find that in most states house raffles, sweepstakes & drawings are viewed as illegal gambling. To make it worse, the winner pays income tax on the value of the house they win, just like if they won the lottery!
PLEASE
GET
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INVOLVED
MY STORY
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WHERE THERE'S A WILL
Making lemons into lemonade!
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A Solution
My goal is the successful completion of this event
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If you want to see my photo or FaceBook Page click on the Contact Me link above
*New owner may be subject to Capital Gains tax if the house is sold at a later date, but may be able to apply their lifetime Capital Gains credit.
Eliminate Tax for winner
Eliminate
Entry Fee
A game of SKILL not chance
Tips for writing your essay
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My concept in a nut shell
& Essay Tips
~THIS IS NOT A HOUSE RAFFLE~
THIS IS NOT A FORM OF GAMBLING~IT'S A HOMEOWNER'S GENUINELY HONEST SOLUTION TO A CRISIS
~This is an 'ESSAY COMPETITION' ~ NOT A HOUSE RAFFLE! ~GIFTS ALSO BENEFIT A CHARITY
The WINNER will be offered the opportunity to BUY THIS HOUSE FOR $1, FREE & CLEAR!
THIS SITE IS PERMANENTLY CLOSED
Despite my arguments to the contrary, the NJ Gaming Commission feels that this WAS gambling afterall and advised me to close down.
I feel very strongly that my rights as an American citizen & homeowner have been violated & abused. My advice to anyone contemplating a perfectly legal event such as this... DON'T BOTHER!
No matter how strong or valid your argument or defense, they simply threaten steep fines and/or arrest if you don't comply.
NJ is hellbent on keeping it's homeowners from recovering, but I believe that will change once they figure out how to get their piece of the pie.
SHAME ON NEW JERSEY!
