MiamiRealEstateKing

The IRS has Tax Credit answers for First Time Buyers

In real estate on May 29, 2009 at 5:54 pm

Forget “hearsay” or what your neighbohr thinks…

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. Click on the following link to learn all about this stimulus and recovery plan program straight from the IRS website: http://www.irs.gov/newsroom/article/0,,id=187935,00.html.

From HUD (Housing and Urben Development), you can also review: http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2009_MORTGAGEE_LETTERS/09-ML-15%20USING%20FIRST-TIME%20HOMEBUYER%20TAX%20CREDITS.PDF

To learn about Foreclosure Tax Relief for Homeowners Who Lose Homes, the Internal Revenue Service unveiled a special new section today on www.IRS.gov for people who have lost their homes due to foreclosure.

Click on the following link and discuss your particular financial situation as a result of receiving a 1099 because of foreclosure here: http://www.irs.gov/newsroom/article/0,,id=174022,00.html.

To avoid falling beyond a bottom in your financial life, you must take matters into your hands and act.

Seek the advise if an active, professional Realtor (not all real estate agents are Realtors – members of the National Association of Realtors who adhere to a strict Code of Ethics) and who is a Certified Distressed Property Expert (CDPE – www.CDPE.com).

In addition, you must sit down with a qualified attorney who specializes in real estate matters and bankruptcy laws.

Choose one who is able to file suit in federal court and also have this attorney perform a forensic review of all your mortgage documents (TIL, GFE, loan app., etc). If they can find that the lender broke any federal laws (RESPA, usury, interstate, predetory or any other law lenders must adhere to), they can help you modify your loan and have teeth when they do it. Besides, you will need them to help you figure out all your legal options including bankruptcy and what to do if you receive a Deficiency Judgement after a sale.

Finally, you must also sit down with your tax advisor and go over the material you find in the above links at the IRS and HUD websites.

 A tax expert can help you avoid paying, mitigate and alleviate the burden and even help you negotiate a payment plan with the IRS should they determine that you will owe any additional taxes for the defiency in your mortgage loan after foreclosure, deed-in-lieu or short sale.

This is no time to sit iddle. Get the facts from experts in their field. You will need each of the above if you plan to sell and they will each contribute to a successful outcome for you and your family.

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