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June 16th, 2010

Update1 POLL: Do You Support the Extension of the Homebuyer Tax Credit’s Closing Deadline?

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The Senate approved a proposal that would extend the deadline of the homebuyer tax credit past June 30. Under the proposal — which is actually “an amendment to a tax extension bill,” according to Luke Mullins of U.S. News & World Report — the original deadline of June 30 would be pushed back to September 30:

The extra time, however, would only apply to buyers who already have a sales contract. It would not open the door to additional buyers. “All [the measure] does is take the existing law and scratch out June 30 and put in September 30,” says Lucien Salvant, a spokesman for the National Association of Realtors (NAR).

With this extension headed to the president’s desk, we want to ask you:

Do You Support the Extension of the Homebuyer Tax Credit's Closing Deadline?

View Results

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75 Responses to “Update1 POLL: Do You Support the Extension of the Homebuyer Tax Credit’s Closing Deadline?”

  1. Lucia Says: June 16th, 2010 at 1:59 pm

    The poll result is lamentable. I don’t understand why the aforementioned 95% who admittedly are so marginally qualified that they need an $8000 tax credit, would stretch their resources so thin when jobs and incomes are still on precarious footing. Is the tax credit encouraging marginally qualified buyers to be irresponsible?

  2. Tim Manni Says: June 16th, 2010 at 2:11 pm

    Hey Lucia,

    We have encouraged borrowers not to force their decision based on the tax credit’s expiration. That said, I don’t think that someone who really wants the tax credit has to be grouped as “so marginally qualified.” I don’t think we can make that assumption. Don’t forget too that marginal borrowers have far less of a chance at getting approved for a loan in the first place given the extra strict lending environment. I don’t know if I would agree that the credit is encouraging irresponsibility, but I would agree that some borrowers strongly factored the tax credit into their decisions.

    Thanks for commenting as always, good to hear from you,
    Tim

  3. V.E.A. Says: June 16th, 2010 at 2:34 pm

    Great news is that the senate just extended this credit.
    Get an $8000 credit for a house that is way overpriced, so you can lose $100K on it later.
    If the housing market is allowed to correct, the real price of it would be a lot more attractive to new buyers without ANY government “credit”.
    Sadly, that will be postponed as much as possible (but not forever), so the banks can play “hide the real losses” with their books until all the taxpayers are fleeced and have nothing else left. Recipe for success.

  4. MCP Says: June 17th, 2010 at 11:23 am

    Not all of us that would be helped by the extension are “marginally qualified”. My husband and I have been trying to purchase a home in California since February 2009. We have been locked out of the real estate market by exhorbatant increases in “values” and sales prices, even though we are are solidly employed, mid-age adults who are able to buy with a conventional, 20% down mortgage. We just couldn’t afford a home until the prices in our area dropped to a reasonable level. Most of the properties are short sales, and we have been back up offers to investors who can buy with cash several times. We have finally had an offer accepted by the home owners, but now are waiting for their lender to go through the process of accepting. Without the extension, we would have not been able to take advantage of the credit, through no fault of our own. While I agree that we have some frustration as a tax payer and our part in bailing out financial institutions, I am happy at the possibility of not losing out twice… but having said that, there is still no guarantee that we’ll be able to close in September.

  5. Tim Manni Says: June 17th, 2010 at 11:51 am

    MCP,

    I agree with you: qualifying for the extension, or needing the extension, in no way translates into meaning you’re marginally qualified.

    Best of luck, keep us posted,
    Tim

  6. Tweets that mention Update1 POLL: Should the Homebuyer Tax Credit’s Deadline Be Extended? | HSH Financial News Blog -- Topsy.com Says: June 17th, 2010 at 2:42 pm

    [...] This post was mentioned on Twitter by HSH Associates, HSH Associates. HSH Associates said: NEW POLL: Should Homebuyer Tax Credit’s Deadline B Extended? http://bit.ly/aL1q8g Please vote: do u need it, have buyers had enough time? [...]

  7. Kristie G. Says: June 22nd, 2010 at 9:40 pm

    Yes, I feel the tax credit should be extended to 12/31/2010. The reason for this is fairness to those of us (like me and my husband) who were entered into a contract with a new home builder as of January 2010 but had project start delays due to incliment weather, banking delays due to new federal guidelines, and other unforeseen delays. All of which caused our house to be built behind schedule and thus we will not make the June 30, 2010 occupancy deadline. We will however meet a deadline by August 1st or later. We feel if you were in contract to buy or build as of 4/30/2010 then June is virtually an impossible deadline to meet in real world time and scenarios. An extention would greatly help a middle class family like ours to help furnish our new home or purchase odds and ends that do not get added in to a mortgage. We are grateful for any extension the government will give.

  8. Tim Manni Says: June 23rd, 2010 at 4:54 pm

    Kristie G,

    Thanks for commenting. Well the tax credit closing period is being extended until September pending the prez’s signature), so it sounds like you should be OK under the new extension.

    “We feel if you were in contract to buy or build as of 4/30/2010 then June is virtually an impossible deadline to meet in real world time and scenarios”: couldn’t agree more, that’s extremely tough.

    Best of luck, keep us posted,
    Tim

  9. Morticia Says: June 25th, 2010 at 7:05 am

    Extend the deadline to September 30. I work in mortgage banking and have been working nights and week-ends since April to try and get the loans done so customers can get the tax credit. We are slap-dashing through the files and are exhausted. There is pressure to approve loans that we shouldn’t from customers and realtors and that makes things harder. Would like to be able to spend more time and make sure that only people who can really afford a house are getting a loan.

  10. Tim Manni Says: June 25th, 2010 at 12:52 pm

    Morticia,

    What a great perspective from the professional world. We’d love to hear more about it!

    How about writing a guest post?

    Thanks for commenting,
    Tim

  11. josh Says: June 25th, 2010 at 8:19 pm

    My wife and I have had a contact on a house since 04/14.
    Being self employed, the underwriter requires 2 years of income verification from the IRS. The IRS has had my return since 04/05. Heck, they even cashed my check on 04/08.
    They have still NOT processed my return. They are saying it could take up to 12 weeks to process.

    So here are 2 qualified individuals who want to buy a house well within their means. Who were looking forward to the tax credit to help furnish the new house and buy some nice extras for our 5 month old daughter. Bit instead are getting screwed by the same organination that is trying to help them. The government.

    What’s the one thing you don’t want to hear? “Hi, we are the government, and we’re here to help”. :-\

  12. jeremy j Says: June 26th, 2010 at 8:23 am

    Just to clear some things up, the deadline for the tax credit has not been extended. The measure was attachted to a larger bill that included extenisons to unemployment benifits etc. the bill was defeated on thursday. This is not to say someting wont happen before the june 30th but as of right now that is all the time you have.

  13. rickie Says: June 28th, 2010 at 11:52 am

    it is so hard to qualify, that if you truly do not have the means to purchase a home, you can’t. We have been searching since January for a home that fits us and we have finally found and now we will not qualify for the tax credit because we are going to close on our short sale after the deadline. Home sales have dropped 53% since May because of the deadline. I think it is everyones best interest that we continue the tax credit.

  14. Tiffany Says: June 28th, 2010 at 1:04 pm

    I think the extension is a good thing. It would personally help me and many others. I do not need the $8000 to be able to afford my new home but it would be helpful in purchasing needed things and to do some updating in the home, all of which would stimulate other businesses. I have had a signed contract since the end of January and as of today am still waiting on the seller’s bank to ok the short sale. I did not wait until the last minute to put in an offer on a home so I dont feel I should be penalized in missing the tax credit because the banks cant get their act together.

  15. Tax Credit Extension Unlikely|Boise Idaho Real Estate|Boise Homes For Sale : Boise Idaho Real Estate|Boise Homes For Sale Says: June 28th, 2010 at 1:17 pm

    [...] According to our poll (as of 11:50 a.m., 06/28/10), 74% of respondents said they support the extension because they wouldn’t qualify without it.  Another 12% said that while they didn’t need the extension, they still supported it.  Eleven percent felt as though borrowers have had long enough. [...]

  16. Dotti Says: June 28th, 2010 at 1:53 pm

    The homebuyer credit worked as it was supposed to. People buying homes need a mortgages, furniture, bedding, household goods, landscape supplies and the list goes on and on it had to have done its small part in stimulating the economy and keeping at least some people in their jobs why would they not extend it???

  17. Mark Says: June 28th, 2010 at 2:23 pm

    Send this link to everyone you know!

    The bill passed the Senate, but just last week the bill it was attached to didnt pass the house. If there is any hope of this being extended now it needs to try again as an attachment on another bill and pass the house in the next few days.

    The housing market needs this support! and citizens who depended on this credit shouldnt be left with false and failed hope

  18. Paula Says: June 28th, 2010 at 2:29 pm

    I wholeheartedly support the extension. The extension does not affect me personally, however, I do not see why the buyers of properties that have been under agreement since April 30, 2010 should be penalized by the understaffed lenders.

  19. Mark Says: June 28th, 2010 at 2:36 pm

    Here is another updated Poll to vote on this!

    Send this link to everyone you know!

    http://weblogs.baltimoresun.com/business/realestate/blog/2010/06/poll_home_buyer_tax_credit_extension_yes_or_no.html

  20. John Says: June 28th, 2010 at 2:37 pm

    Support the bill!

  21. Linda Says: June 28th, 2010 at 3:03 pm

    I don’t think some people, even after reading the article, understand it’s not the buyer’s who haven’t done what needs to be done it’s the lenders and the government agencies that don’t have enough time to process all these loans. I’m a Realtor, and I had a HUD loan that took 7 months due to HUD not having the personnel to do the loans in a timely manner. My client started last Dec. The lenders are in the same situation. They don’t have the personnel available.

  22. Janell Says: June 28th, 2010 at 3:17 pm

    I support the extension, and they should not be penalized it’s not like we are saying oh come contract now…these people are already under contract. Trust me if they could have processed their own loans in time this would be a done deal, but unfortunately with all the new guidelines and lenders being afraid to give out loans it’s just not a slam dunk like it used to be and with good reason to ensure that the people who are getting the loans do qualify for them. However, why start the fire if you are going to put out the flame…give the people the extension!!!!!

  23. David Says: June 28th, 2010 at 3:37 pm

    Unbelievable. I need it.
    I have been under contract since April and ready to go (approved) for over a month but due to a legal document lost in the shuffle and then dealing with temperamental people, I just received the go ahead just today. Now due to the banking process, I won’t be able to close until July 2nd.
    Is it fair, that I lose this additional tax credit because of others?

    I need this extension!!!!!!!

  24. Tim Manni Says: June 28th, 2010 at 3:59 pm

    Josh,

    I think you really hit the nail on the head here. By not granting the extension, two things happen: 1) Qualified borrowers may decide to forfeit their deals and the market could be worse off, 2) It widdles down the already fleeting trust people have in their govt.

    Thanks for commenting,
    Tim

  25. Tim Manni Says: June 28th, 2010 at 4:12 pm

    Rickie,

    I agree though that you shouldn’t qualify if you do not truly have the means to purchase, don’t you?

    Thanks,
    Tim

  26. Tim Manni Says: June 28th, 2010 at 4:13 pm

    Tiffany,

    Wow, you really got started on the process early and the bank still isn’t ready for you??? I know many lenders are working around the clock as this deadline rapidly approaches. Are they busy or did they forget about you?

    Thanks,
    Tim

  27. Tim Manni Says: June 28th, 2010 at 4:17 pm

    Dotti,

    The idea of idea is that we need to get a sense sooner or later what the real market looks like. Economic indicators such as home sales have been inflated, or at least altered b/c of incentives like the tax credit.

    It’s just a shame b/c this extension was for people that have done everything on time but b/c of logistics couldn’t close on time.

    Thanks for commenting,
    Tim

  28. Tim Manni Says: June 28th, 2010 at 4:34 pm

    Thanks for commenting Mark and passing along that link to Jamie’s blog.

  29. Tim Manni Says: June 28th, 2010 at 4:35 pm

    Thanks for commenting Paula; hope you got a chance to vote on our poll as well!

  30. Tim Manni Says: June 28th, 2010 at 4:36 pm

    Thanks John! Did you vote on the poll?

  31. Tim Manni Says: June 28th, 2010 at 4:37 pm

    Linda,

    We’ve tried to make that point clear…We know many lenders are working around the clock to get these deals done, but many just don’t have the staff to get it done. That’s why so many are pulling for the extension.

    Thanks for commenting,
    Tim

  32. Tim Manni Says: June 28th, 2010 at 4:38 pm

    Thanks Janell!

  33. Tim Manni Says: June 28th, 2010 at 4:40 pm

    David,

    Is it fair, probably not. Let your local lawmakers know how you feel.

    Thanks for commenting,
    Tim

  34. Karl Klimko Says: June 28th, 2010 at 5:59 pm

    Just another example of our do nothing Congress bowing down to the Party of No.

  35. Mark Says: June 28th, 2010 at 6:31 pm

    What else can be done to try and get this to pass?

    Are there any other polls that can be signed or voted on by the people that could make a difference in time?

  36. Mark Says: June 28th, 2010 at 7:51 pm

    Tim,
    Do you know what will be done with the results from this?

    How can it be sent to lawmakers?

  37. Becky Says: June 28th, 2010 at 9:00 pm

    I’ve been under contract since March and yet am not ready to close. Mine is also a short sale issue. I am going to buy the house regardless of the loss of the tax credit. I believe that it is definitely not right that us buyers are being penalized for the slowness of the banks. I could of used the credit, as I also was going to do some improvements not to mention necessities such as lawn mowers, etc. that come with home ownership. I feel for the buyers who need this credit just to be able to purchase a home. To all the people out there criticizing people that need the credit, isn’t home ownership the American dream? And who are you to judge simply because you don’t have to struggle like most of America does.

  38. Single Mom Says: June 28th, 2010 at 9:59 pm

    I’m completely for it. In my situation, buying the property that I’m currently renting will save me $350/mo. Extended this deadline will help me be able to fix up the place a little and get some things done. Plus start a realistic savings for emergency situations as I’m a single parent of one. I also would have had things in order if my landlord wasn’t going thru a divorce and his soon to be exwife refused to sign for a month and half. Why not put myself in a better place? Plus, some people were borrowing against that tax credit as part of their downpayment. How many of those deals are now gonna fall thru?

  39. Barbara Says: June 29th, 2010 at 1:47 am

    I don’t know why they didn’t attach it to another bill that was not so “iffy.” We truly need the tax credit and it is a shame to miss the deadline by 15-30 days which will be our case. Maybe the could use the money they are collecting back from the inmates that got our tax credit.

  40. Dave Says: June 29th, 2010 at 6:11 am

    It is extremely frustrating to have signed a contract in February and then watch it languish for months through interminable paperwork reviews and process. We don’t need the $8K to buy the house, since we wouldn’t see it until next spring anyway, but it would have helped revamp a short sale home that has been left uncared for over the past year. When you add in that it would have been easier to get the credit if you were on deathrow some where, it just gets worse. The whole process feels like a scam, another clever marketing campaign that screws you with the fine print in the end.

  41. Mom Says: June 29th, 2010 at 7:24 am

    My son has met all the requirements ALONE. Put offer in on short-sale house in February, Bank of America FINALLY agreed to offer in mid-April. He was under contract by April 2010 deadline . . . Bank of America has been DRAGGING THEIR FEET and not processing the paperwork in a timely fashion (left hand doesn’t know what the right hand is doing). My son is buying totally within his means and can afford this $84,000 home on his own salary which means any other income his future wife brings to the table will ensure no foreclosure down the road. Now the banks are not being granted an extension to process all the paperwork; he is now having to look at renting (throwing money away IMO). This extension should have been approved to complete all the paperwork that is in the process. Shame, it appears the Senate and Bank of America want to see more struggles and more foreclosures.

  42. Dave Says: June 29th, 2010 at 8:33 am

    While some people want to make comments about “marginally qualified”, etc., the point is that of all the money the govt has spent for stimulus purposes, this has the most immediate effect. Yes, $8K won’t make or break anyone, but it is almost instantly spent on some of the needs mentioned here, it goes into circulation NOW. There are no TARP restrictions, no restocking banker’s portfolios, no repadding depleted accounts in the Caymans, etc., this is making cash registers at HomeDepot or Lowes ring today. This is getting into the pockets of local contractors and supply houses. This helps cover moving costs or pay down other debts so the home buyers are even better qualified in the long run. But some 180,000 people that took the chance and made the decision to play fair and try to make a positive move get the short end. Again

  43. Tim Manni Says: June 29th, 2010 at 9:40 am

    Mark,

    If it gains enough interest, which we hope it will, hopefully lawmakers will catch wind. We will also try to pitch it to other media outlets to give it a better chance of more and more people to see it.

    Thanks,
    Tim

  44. Tim Manni Says: June 29th, 2010 at 9:52 am

    Becky,

    You make the same great point as one of our other readers about buyers using this credit to stimulate the economy. You make another great point: “who are you to judge simply because you don’t have to struggle like most of America does.”

    Well said, thanks for commenting,
    Tim

  45. Tim Manni Says: June 29th, 2010 at 9:56 am

    Single Mom,

    Thanks for commenting. As far as I’m aware. only FHA borrowers could use the tax credit as a downpayment (i’m not sure if that’s still the case).

    Again, you’re another borrower would be using the money to stimulate the economy. It seems like not only would this stimulate the housing market, it could give a jolt to retail as well.

    -Tim

  46. Tim Manni Says: June 29th, 2010 at 9:57 am

    Barbara,

    Is that inmate story not despicable or what?

    Thanks,
    Tim

  47. Brianne Says: June 29th, 2010 at 9:58 am

    I am unfortunately right in the middle of this debate. I signed a contract in May, not basing my home purchase on the credit, but having in mind some projects that need to be done in the house. The purchase price of the home is $40k, but I’m getting a 203K loan which brings its own set of problems. I’ve had numerous set backs due to a severely picky underwriter and now the latest is we can’t close because FHA spelled my name wrong on my loan number papers. There have been so many things that have cost me way too much time. The worry alone can have serious mental effects as those involved can agree.

    By the time my deal closes with the 203K repairs (some I chose, some the underwriter forced me to add) my loan will be over $71K. It’s ridiculous that I can’t buy a home for $71K that would be perfectly fine and livable, but I can buy a home for $50K and jack up my payment to the tune of $71K with the 203K. Keep in mind I make just over $21K/year.

  48. Tim Manni Says: June 29th, 2010 at 9:58 am

    Dave,

    Wow February, that’s a long time…While I don’t think it’s a scam b/c borrowers never had this money to begin with — remembering it’s a credit, but it does seem unfair.

    Thanks,
    Tim

  49. Brianne Says: June 29th, 2010 at 10:00 am

    Sorry I meant to say I was “under contract in March” not May.

  50. Brianne Says: June 29th, 2010 at 10:03 am

    I want to add that I am buying the home on my own and will have no problem paying the mortgage. My fiancee will be living with me and we’ll be fine, My point is the hassle of a 203K loan and the fractured means of getting to the closing table. I can attest to the “dragging their feet” comments.

  51. Tim Manni Says: June 29th, 2010 at 10:11 am

    Mom,

    I understand your frustrations, but you have to remember that BofA doesn’t stand to gain anything by not allowing your son to close in time. If he’s as qualified as you say, they would love to have him on their books.

    Thanks,
    Tim

  52. Tim Manni Says: June 29th, 2010 at 10:14 am

    Dave,

    Your point is well taken and I think many would agree. “This is making cash registers at Home Depot or Lowes ring today. This is getting into the pockets of local contractors and supply houses”: well said.

    -Tim

  53. Tim Manni Says: June 29th, 2010 at 10:26 am

    Brianne,

    Wow, they spelled your name wrong?! It sounds like everything is going wrong. What market are you in — a home for $40K?

    You’re the first borrower I’ve heard in this situation with a 203K loan. How much do you think that slowed the process down, if any?

    Good luck,
    Tim

  54. Dave Says: June 29th, 2010 at 11:07 am

    Tim, I know it’s not a scam, but it has that same feel in some ways, like some clever little wonk with an MBA packaged it, “Now is the time to buy a home! Prices are down, rates are low and you can get an $8K credit to boot!! Disclaimer: The process will take an ungodly length of time so rates will rise, you won’t get the credit and someone may step in at the last moment and cut you off at the knees by offering another $5K” It has just been frustrating, excuse me for venting here.

  55. Tim Manni Says: June 29th, 2010 at 11:55 am

    Hey Dave,

    No need to apologize for venting, this is the place to do it and we welcome everyone’s commentary and feedback. I do hear what you’re saying, and in a sense you’re right. Think of all the frustrated borrowers wrapped up in the HAMP and HARP programs. They’ve already bought a house but are at risk of losing it, and yet these desperate borrowers can’t get accepted into two different programs the government has set up for them. Granted, some borrowers fail to meet the qualifications, but it’s the same thing: there are these programs in place, but what good are they going if such a sizable portions can’t benefit from them?

    Hope to hear from you again soon, thanks for all your comments, keep ‘em coming!
    -Tim

  56. linda conrad B. Says: June 29th, 2010 at 10:37 pm

    I NEVER OWN A HOME I;AM 53YRS OLD LIVE WITH MY DAUGHTER FOR 2 YRS IN ORDER TO CLEAR MY DEBT OUT CREDIT BUEAU I AM TIRE OF RENTING FOR THE SAME NOTE AS A HOME; I ASK THAT ( PLEASE)GIVE ME AND MANY OTHER A CHANCE I AM RIGHT AT THE END ALL MY INFORMATION IS IN AS OF JUNS 29TH 2010 WAS READY TO CLOSE ,AND THE INSPECTER NEEDED A FEW THINGS DONE TO THE HOUSE.ONLY NEED TWO MORE DAYS.

  57. Tim Manni Says: June 30th, 2010 at 10:51 am

    Linda Conrad,

    Check out this link: http://blog.hsh.com/index.php/2010/06/lawmakers-move-to-extend-tax-credit-closing-deadline/

    Lawmakers are working hard today to pass the bill last minute. There still may be hope.

    Thanks for commenting,
    Tim

  58. Mark Says: June 30th, 2010 at 11:52 am

    Tim,

    How many people have voted on this?

    Was this info sent to any lawmakers pushing for this?

  59. Mark Says: June 30th, 2010 at 11:53 am
  60. Tim Manni Says: June 30th, 2010 at 12:01 pm

    Mark,

    Thanks for all your interest. Did you hear the Senate is meeting again today to get the bill passed? Whether that happens or not we’ll have to wait and see. Also, thanks for linking to our poll in the comments section of the WSJ, much appreciated!

    Our poll currently has 847 votes.

    No, we haven’t sent it to lawmakers yet.

    Thanks,
    Tim

  61. Tim Manni Says: June 30th, 2010 at 12:06 pm
  62. RJ Says: June 30th, 2010 at 3:59 pm

    I really need this bill to be passed.
    I have a contract on a short sale from Oct. 2009.
    It is not my fault that the bank who owns the house is taking forever to settle issues. They had some problems with the deed which is getting resolved now. Still I cannot close till June 30th 2010. This extra time would allow buyers like me to close with ease and avail the much deserved $8000 tax credit.

  63. Brian Says: June 30th, 2010 at 7:43 pm

    screw a measly 8k credit. i think the government should just buy us houses!! we should socialize the housing industry. houses for all! and the debt be damned. in fact we should just do what the commies did and guarantee a house for everyone. yeahhhhh commies rule!

  64. Rica Says: July 1st, 2010 at 12:06 am

    Vote to extend! Just like most of the people, I’m a qualified borrower. I dont need the 8k credit to qualify for a mortgage loan. From what I understand, borrowers need to qualify for a loan and close to qualify for 8k credit and not get 8k to qualify for a loan.

    There’s only so much buyers can do to speed up the process like providing the necessary docs required in time. But unfortunately, delays in getting it done and the flow of home purchase deals are beyond buyers control. 3 months is not too much to ask. It’s not like it will start all over again. It’s for buyers who did meet the contract deadline in 04/30/10. Giving us extension for all the things that we already went through will be a big help. Homebuyers play a big role in boosting the economy.

  65. Dave Says: July 1st, 2010 at 6:31 am

    Gee, thanks for sharing there Brian :eyeroll:

    So, barring a Presidential veto, it looks like we will get the extension to finish the process, my innate cynicism about govt is at war with my relief that this got passed.

    Looks like I won’t have to go to that smaller Plan B reno come springtime afterall.

    And people, get in there and insulate! Save some $$ over the winter, do some upgrading on your new castle inexpensively for that feel good dopamine rush and add that Fed Energy Savings rebate to your house buyer credit when you file taxes come spring. That is when we will see the effect of this on local economies, when we’re settled in and ready to upgrade once the weather breaks. Spend the winter honing your DIY skills.

  66. Tim Manni Says: July 1st, 2010 at 9:54 am

    Good luck RJ, thanks for commenting

  67. Tim Manni Says: July 1st, 2010 at 9:59 am

    Brian,

    Well…not sure anyone else is going to agree with you (however, I guessing you’re being sarcastic).

    I take it you’re really going to be ticked when the government does start writing down borrowers’ principal…but that’s another post for another day.

    Thanks,
    Tim

  68. Tim Manni Says: July 1st, 2010 at 10:03 am

    Rica,

    You’re right, borrowers must be qualified regardless, the $8,000 (or $6,500) doesn’t qualify someone.

    Thanks for your comment,
    Tim

  69. Tim Manni Says: July 1st, 2010 at 10:05 am

    Dave,

    Good ideas about the renovations — why not use this money (when you get it next year) to do energy-efficient repairs (save even more money!).

    Thanks for all your input Dave, much appreciated!

    -Tim

  70. Dave Says: July 1st, 2010 at 6:12 pm

    Tim,

    Unless I am mistaken the general tax credit for energy efficiency (30% up to $1500) expires on Dec 31 this year. That’s why I plan on doing what I can for energy savings this year, get that credit + home buyer credit + income tax refund, rake it all into a pile big enough to do something bigger in the spring. Our plans already include more energy savings just for pragmatic reasons (cut my bills!) even without any other tax credits. But this was our point in going the short sale route in the first place, fixer-upper it to our tastes and have a low enough mortgage payment to do so.

  71. Tim Manni Says: July 2nd, 2010 at 12:50 pm

    Dave,

    Off the top of my head, I’m not sure when or if they end. Sounds like you got quite the plan in place — way to take advantage of all that’s being offered.

    Keep in touch,
    Tim

  72. Marion Says: July 6th, 2010 at 12:36 pm

    Stop spending my money. If these people aren’t capable of buying homes without the $8,000 bailout, then they don’t deserve it.

  73. Tim Manni Says: July 6th, 2010 at 12:54 pm

    Marion,

    Thanks for commenting!

    -Tim

  74. karen Says: July 29th, 2010 at 2:46 am

    I have not heard if this bill has passed. Would be great if it did. I saved for along time and also used my W/C settlement to buy my home out right. We had a grand total of 31k 22k for the house and alot of work. We are both disabled and still we work on the house everyday. At times we are able to afford to pay a few extra hands for their help. So yes WE NEED this $$$. Not to put a little into the house and use the rest as a nest egg, but to completely finish this house and work on some debts. Heck for all we care some sort of credit would be great. let it be 8k 7k 6k 5k 4k 3k 2k 1k, but to not give some sort of credit to people who missed the deadline by 15-45 days is crazy. We signed may 25th and closed june 11. Everything that has been bought for this house has been onsale / rebates / clearance/ competetors pricing, ect, and my partner who is part owner is a disabled Vet and that 10% off at certain places helps. So any thing extra to help make this house a home would be a blessing. Just my 2cents.

  75. Tim Manni Says: August 1st, 2010 at 6:03 pm

    Karen,

    The closing deadline was extended, that’s it. You still had to have signed your contract by April 30.

    Your “2cents” is always welcomed!

    Thanks,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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