April 18th, 2010
All the Real Estate News That’s Fit to Print
Well, maybe not all of it, but there are two noteworthy articles in The Seattle Times real estate section this weekend.
Homebuyer Tax Credits
An AP article giving details regarding the first-time and repeat-buyer tax credits summarizes the details of the credit program that is coming to an end. For first-time homebuyers, credits go back to 2008 but eligibility, amount of the credit and terms under which it is given vary. For details, click here.
Mortgage Help and Credit Scores
Kenneth Harney, a syndicated real estate columnist, wrote an excellent article summarizing the impact on consumer credit scores of getting help when mortgage debt becomes overwhelming. His piece discusses loan modifications, principal, write-downs, short sales, bankruptcies and foreclosures and what the impact is on credit scores. An interesting side note is that he also writes about how credit scores are affected when different debts are paid: credit cards, auto loans, home loans.
If someone is in the position of making decisions between paying the mortgage and paying credit card bills or other unsecured debt, it is likely time to seek some help. Credit counseling may be available free or for a low cost. HUD-approved credit counselors can be found via a web site I discovered. There is a way to search by factors such as location, type of assistance needed. and language.
One Comment
New news on the home buyer tax credit!
Some in the Senate have proposed an amendment pushing the deadline back to September 30. It remains to be seen, however, whether the amendment will go anywhere. It’s part of a controversial jobs and tax bill that may be radically changed before the Senate approves it. Lawmakers are not scheduled to vote on the bill until next week at the earliest.
Share Your Thoughts