The Federal Tax Credits Blog

Posts Tagged ‘buying’

Question: Is there a 2008 tax credit for homeowners who lost their home in foreclosure?

I was watching the news and heard there is a tax credit for homeowners who lost their home during 2008…..I am looking for additional information. Thanks

Answer: no. There is no credit. But there may be tax consequences. I strongly suggest you see a tax professional this year.

Obama, Economy, War, Swine Flu, Iran Election Crack Alamanac’s Top 10 News Topics of 2009

Here are The World Almanac and Book of Facts Top Ten News Topics of 2009: 1. Obama Presidency Begins. With the U.S. at war in Iraq and Afghanistan, and facing its worst economic crisis since…

Foreclosures & $8,000 Tax Credit

Many American homeowners are eager to gain advantage of the new government’s initiative in improving the mortgage related credit facilities, and make it easy for the homeowners to pay their dues, as well as make sure the creditors don’t suffer a significant loss. The home mortgage sector is expected to improve because of this “stimulus” plan. Obama’s mortgage refinance loans plan popularly known as “Obama’s mortgage stimulus refinance plan” is primarily designed to help homeowners find ways to “save” their homes. There are many feasible ways for worried homeowners to retain the ownership of their assets. Some can choose for home mortgage refinancing, while some may opt for mortgage modification. The main features of the proposed stimulus plan include:

# The Federal Government will set up the rates of interest for all homeowners who refinance at a fixed rate 4.5%.

# Refinancing or modifying a home mortgage would be easier and smoother for all homeowners.

# It would be helpful to homeowners whose property value drop by 15% or more because of this mortgage crisis.

# It’s beneficial for homeowners, who are facing foreclosure or defaulting on their mortgage by permitting them to refinance their home mortgage into a fixed rate 4.5% home mortgage.

According to this plan, you can refinance at lower rates, and avail loan modification facilities as a major “incentive” of the plan. You can also modify your interest rates and the loan terms. The new housing chart of the Obama management has been specially designed for helping 9 million homeowners within the US, and for all practical purposes, you could be “one” of the lucky few to benefit directly. There are two possible ways to benefit from this plan. However, it’s important to decide whether to go in for home refinance packages or home loan modification options.

Home mortgage refinancing credentials:

# Your home has a significant value “attached” to it.

# You presently reside in your home.

# You have sufficient resources to avail your new home mortgage facilities.

Home mortgage refinancing advantages:

The major advantage is that even though the primary amount of your refinance home mortgage loans won’t be reduced, you will still benefit from big reductions in the rate of interest you pay throughout the period of the loan.

Home mortgage loan modification credentials:

# You are already paying your home mortgage expenses.

# You presently own and live in your home.

# You should have an expected balance of not more than $729,750.

Your home mortgage expanses should be more than 31 percent of your income.

Home mortgage loan modification benefit:

You can have a lesser rate of interest up to $5,000. It is advisable to contact your lender to get “specialized” advice for this option. You can make contact with the Department of Housing along with Urban Development to inquire and “talk” with their counselors.

Francesca Levy On Housing

Many markets have further to fall.

1st Family Mortgage – the Homebuyer Tax Credit has been Extended!

Question: Can I Amend my 2008 taxes to get first time home buyers 2009 credit?

I bought my house January 30th. I filed my 2008 taxes Feb. 7th 2009. The stimulus Package got approved Feb 19th… can I amend my taxes to get the credit this year?
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.

http://www.federalhousingtaxcredit.com/2009/home2.html

Answer: you are not eligible for the 2009 credit. Had to buy your house AFTER 02/01/09.

Plus no one can claim the 2009 credit until they file their 2009 taxes.

Wen: stimulus package effective, room for improvement

Premier &$ &$Wen Jiabao&$ &$ said Sunday Chinese people should be proud of their country’s economic performance and the basket of economic stimulus measures had proven effective, but he readily admitted the economy had problems. &$

Illinois Association of REALTORS President’s Podcast Featuring IAR President Pat Callan

In current times, many families have found themselves facing one of the potentially most damaging financial events possible – foreclosure. Home foreclosures have been gaining publicity recently, as they are a sign of the dire financial situation around the world. Countless home loans were issued during the “housing bubble” of years past, often times to people who could not comfortably afford the expense incured by a monthly mortgage payment. As the economic situation has progressed to the point of recession, many people are asking the question – How will a home foreclosure effect my personal credit?

The answer to this question is dependent on several specific factors. In most cases, the true severity of the effect of home foreclosure depends on a person’s overall credit report. It is undeniable that a foreclosure will have a negative effect on a borrower’s credit report, which may or may not prevent them from getting any future financing. If a borrower already has several late payments recorded on their credit report, a foreclosure will most likely cause their credit to drop significantly, probably into the “sub-prime” (below 600) credit zone. This, in combination with the foreclosure being recorded on a person’s credit report for the next seven years, will probably prevent an individual from being able to borrow money from any reputable institution for quite some time.

However, it is possible to survive a home foreclosure with only moderate damage to your credit report. If you have a fairly clean credit history, and no late payments, a foreclosure will not has as devestating of an impact on your credit as it would if you had less-than-perfect credit history. The reason for this, is that when potential lenders view your credit report in the future, the negative impact of the foreclosure is off-set by the positive credit history established through good financial behavior. Making loan payments on-time, paying off credit card debt, and avoiding having debt with collection agencies are all great ways to ensure that your credit is as reputable as possible.

With all of this being said, it is still strongly advised to avoid a home foreclosure at all costs. Most mortgage companies will be willing to work with you to help you make your monthly payments, since they will lose significant income if your home is foreclosed upon. If you find yourself in a situation where you may be facing foreclosure, it is best to do a bit of research, and weigh all of your available options.

Real Estate Story of 2009: Foreclosures and Mortgage-Related Uglies

This year, the number of foreclosures skyrocketed.

Tax Credit Video – 5 Reasons to Buy a Home This Year