A demand letter has been sent by the Texas Attorney General to 30 mortgage banking and servicing institutions asking that all institutions immediately suspend all foreclosures, sales of those properties that were previously foreclosed, and any evictions of persons residing in previously foreclosed homes until steps have been taken to adjust any past errors in mortgage documents.
Q. How will this demand letter affect your current transactions?
A. Although the demand letter has been sent to 30 banking and servicing institutions, the banks can choose to not honor the request. If an institution chooses to respond to the demand letter, the foreclosed properties listed for sale will not enter into a sales contract, the foreclosed properties currently under contract will have a delay in closing, closings will also be delayed on short sales that are pending, and evictions of persons occupying foreclosed properties will be halted until this dispute has been resolved.
Tamara Barnett-Mimms's Blog
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6334 FM 2920 Ste 210, Spring, TX 77379
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On November 6, 2009, President Obama signed a bill into law that immediately extended the popular tax credit program offering up to $8,000 for qualified first-time homebuyers (FTHBs) into the first half of 2010.
The bill also instantly expanded the program, offering up to $6,500 in tax credits for qualified repeat home buyers, swinging open the door for even more qualified homebuyers to take advantage of this valuable opportunity at a time when mortgage rates are still near historical lows.
First-Time Buyers
For FTHBs (defined as someone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title), the basic rules remain the same, with one important exception – higher income limits are now in place, increasing the pool of potential buyers eligible for the tax credit of up to 10% of the purchase price or up to $8,000. This is money that does not have to be repaid as long you stay in your new home for at least 36 months.
Single tax filers who earn up to $125,000 are now eligible for the total credit amount. Those who earn more than this cap (but less than $145,000) can receive a partial credit. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap (but less than $245,000) can receive a partial credit.
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Who can qualify for the $8000 Tax Credit?
Anyone who is a first time homebuyer may qualify for the tax credit. In order to be considered a first time homebuyer, the purchaser or his/her sppouse may have not owned a residence in the past three years. The tax credit does not have to be repaid if purchaser occupies the home for three or more years. But if the house is sold within the first three years, the credit will be recouped on the sale. The following properties are available to be purchased with The First-Time Home Buyer Tax Credit : single-family homes, condos, townhomes, and co-ops, only if the are utilized as your primary residence. A buyers income is a determining factor in the $8000 maximum allowable credit amount. The maximum tax credit will be able to be received by single buyers with an income of $75,000 and married couples with incomes of $150,000. For more information about The 2009 First-Time Home Buyer Tax Credit please call me @ 832-863-3180
Anyone who is a first time homebuyer may qualify for the tax credit. In order to be considered a first time homebuyer, the purchaser or his/her sppouse may have not owned a residence in the past three years. The tax credit does not have to be repaid if purchaser occupies the home for three or more years. But if the house is sold within the first three years, the credit will be recouped on the sale. The following properties are available to be purchased with The First-Time Home Buyer Tax Credit : single-family homes, condos, townhomes, and co-ops, only if the are utilized as your primary residence. A buyers income is a determining factor in the $8000 maximum allowable credit amount. The maximum tax credit will be able to be received by single buyers with an income of $75,000 and married couples with incomes of $150,000. For more information about The 2009 First-Time Home Buyer Tax Credit please call me @ 832-863-3180
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