More stimulus and loan modification information!
Jermey sent over an update today that I thought you might like to see. It’s good to have a good resource for this type of information and I’ll continue to pass along info as it comes!
There is some new news on what the “new” tax credit for buyers will look like and there are some interesting developments related to the Mortgage Modification Plan we mentioned yesterday.
TAX CREDIT
First, the homebuyer tax credit is structured a bit differently in the $789 billion version of the Stimulus Bill. The latest version has the credit at 10% of purchase price up to a maximum of $8,000. It is set up for first time homebuyers that purchase between January 1, 2009 and November 30, 2009. Buyers will only have to repay the credit if they sell within the first 3 years. The income limits where “phase-out” starts to occur are at - $75,000 for single filer and $150,000 for married filers. I don’t have the “phase-out” details yet.
MORTGAGE MOD PLAN
One major mortgage servicer just announced that they will put the brakes on all new foreclosures for the next 3 weeks. The reasoning behind this is that they feel that the Treasury will be able to produce the new mortgage modification plan within that 3 week period and hopefully some of their troubled homeowners can be spared.
I’ll be sure to keep you posted as this all develops.
Your Trusted Advisor, Jeremy House, C.M.P.S.
