Ot: mortgages and foreclosures
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Ot: mortgages and foreclosures
Submitted by Anonymous on April 21, 2010 - 12:39amThis goes against the common perception, but I think it's interesting. No bulldog connection, though. Some of you may be going through this, but I hope not.
http://southsidepride.com/2010/03/articles/Walking_away_mortgage.html
Woof!
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Thanks Stephanie
Yes it's a little complicated.
I don't know about your exact situation, but...
You aren't buying from a person, you are buying from an estate, so that shouldn't make that much difference. You need to have an accepted purchase agreement by the end of April and need to close by the end of July. There are also some income restrictions, but they are pretty high.
If there's something complicated about the estate and the probate, you should consult a lawyer. The estate lawyer handling this may be able to answer any specific questions.
It's not always an $8000 tax credit, it's a 10 percent tax credit. If you are buying the place for $60,000, you'd only get $6,000. $8,000 is the most you can get, so if you're buying for $450,000 you'd only get $8,000.
Good luck and contrats on the new home.
Woof!
Hey Stephanie I have a question
I hope you know the answer. My brother and I are essentially buying my Mother's house and property after we all the probate stuff is finished, which it almost is. We are first time home buyers and I was wondering if we qualify for the $8,000 tax credit since the relative we are buying from is dead.
Thanks!