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| Eileen Scates Your Central Florida Specialist |
When Professionalism Counts ... Experience OUR Difference! |
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Don’t know what to do about your home ….
You DO have options - Don't just walk away! There are two options for avoiding foreclosure - Loan Modification or Short Sale. Tips for Avoiding Foreclosure
- Don't ignore the problem
- Contact your lender as soon as you realize you have a problem
- Speak to a Certified Short Sale & Foreclosure Resource Agent like myself
- Open & Respond to all mail
- Know your mortgage rights
- Understand foreclosure prevention options
- Contact a HUD approved house counselor
- Prioritize your spending
- Use your assets - No penalty from trusts if can show in a distressed property
- Avoid Foreclosure Prevention company
- Don't lose your home to foreclosure recovery scams!
Our Office is a Full Service Brokerage … and would be happy to provide you with FREE valuable information. Call me for a confidential appointment. Are you are looking to … Rent, Sell, Buy, or Receive information regarding Tenant Procurement, Property Management, Possible Foreclosure, Bank Owned, Short Sale, Loss Mitigation Consultation or Do you have questions with … * The home Buying, Selling or Rental process * Financing or Management alternatives
* Loss Mitigation Consultation * Current market conditions * IRS 1031 Tax Exchanges * New home listings – by neighborhoods * New Construction * Foreclosure or Possible Foreclosure * Short Sale Assistance *Please speak with a Certified Short Sale & Foreclosure Resouce Specialist before filing for bankruptcy* Save your home! Tax Credit Info Click for more information on saving your home, programs, & resources.
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The Basics: 2009 First-Time Home Buyer Tax Credit
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Bringing the Dream of Homeownership Within Reach ...
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Quick reference details and Who Qualifies: - First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
- To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
- The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
- The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
- The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
- The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
- The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit
- The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
What is a Short Sale: A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt. Why are short sales on the rise: Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially. Still have questions - call we can do our best to help . Eileen Scates
(321) 229-2265
Eileen@EileenScates.com |
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