$15,000 Home Buyer Tax Credit
February 8, 2009
Besides loan modifications, another way Congress is looking to stimulate the housing market is to provide deeper incentives for purchasing a home. The latest is in the form of a tax credit. The Senate recently voted to include a $15,000 homebuyer tax credit to the American Recovery and Reinvestment Act.
Here are some of the proposed highlights:
- The money would not have to be repaid to the government
- An income restriction on who can claim the credit does not exist
- The credit is nonrefundable and can be claimed over two years
- The tax credit would be limited to primary residences
- When the credit goes into effect is still unknown
Keep in mind, this is just a PROPOSED bill and the contents of the bill are subject to change. Both the Senate and the House need to work out any differences in each of their individual versions. The reconciled bill will go back to voting and must be passed by both groups. President Obama is putting pressure for a quick resolution and is pushing to have the bill signed within the next few weeks.
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
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