The Treasury Department is announcing a plan Thursday to reduce the burdensome paperwork surrounding the foreclosure relief plan.
Two changes expected to make a big difference are:
Lenders will be required to collect two pay stubs at the start of the process.
Borrowers will be required to give the Internal Revenue Service permission to provide their most recent tax returns.
Participating mortgage service companies will be required to acknowledge that they have received a borrower’s application within 10 days and approve or deny the application within 30 days. Borrowers will still be required to make three months of trial payments before the modification is made permanent.
Treasury officials are also reportedly devising a plan to give unemployed borrowers a break on payments – probably for six months – but because the details aren’t decided, the announcement won’t be made this week.
Friday, January 29, 2010
Thursday, January 28, 2010
Tax Credits for Buyers
DON’T MISS OUT!
The tax credit has offered incentives to first-time home buyers, but you may not be aware that the recent expansion of the tax credit has created an opportunity for existing homeowners. Current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
There is not much time. The average selling period is three months so it is critical that repeat buyers put their current home on the market right away to secure a buyer and find a new home by the April 30th deadline.
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits: $125,000 for single buyers and $225,000 for couples. In addition, the sales price of the home being purchased can not exceed $800,000.
For more information or a free comparative market analysis of what your home may sell for in today’s market, contact me, Kristin Reese, at 614-273-6459.
The tax credit has offered incentives to first-time home buyers, but you may not be aware that the recent expansion of the tax credit has created an opportunity for existing homeowners. Current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
There is not much time. The average selling period is three months so it is critical that repeat buyers put their current home on the market right away to secure a buyer and find a new home by the April 30th deadline.
To qualify for the tax credit, the repeat buyer must have signed a binding contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits: $125,000 for single buyers and $225,000 for couples. In addition, the sales price of the home being purchased can not exceed $800,000.
For more information or a free comparative market analysis of what your home may sell for in today’s market, contact me, Kristin Reese, at 614-273-6459.
Subscribe to:
Posts (Atom)