Freddie Mac has just released a news item regarding Short Payoff Fraud. Plainly stated, if you purchase a property at a discount and the lender must accept a short payoff, but you already have a new purchaser under contract and do not disclose that purchase transaction to the shorted lender, they consider that fraud.
Here is a link to the news on the Freddie Mac website:
http://www.freddiemac.com/singlefamily/news/2010/0412_payoff_fraud.html
Thursday, April 22, 2010
Monday, April 12, 2010
First-Time Homebuyer Credit for Members of the Military
While the First-Time Homebuyer's Tax Credit is set to expire soon, there is a special exception to these deadlines for the military. In summary, if you were a member of the military and/or certain other federal employees that served outside the US, you have an extra year to buy a principal residence and qualify for the credit.
To be eligible, you must have served outside the US for at least 90 days during the time of January 1, 2009 and April 30, 2010. You must be in contract to purchase a principle residence by April 20, 2011 and close on the transaction by June 30, 2011. There are provisions for eligibility of you had to return to the US for medical reasons prior to the 90 period.
For complete details, follow this link to the IRS.gov website:
http://www.irs.gov/newsroom/article/0,,id=215594,00.html
Thank you, and check back often. Cody
To be eligible, you must have served outside the US for at least 90 days during the time of January 1, 2009 and April 30, 2010. You must be in contract to purchase a principle residence by April 20, 2011 and close on the transaction by June 30, 2011. There are provisions for eligibility of you had to return to the US for medical reasons prior to the 90 period.
For complete details, follow this link to the IRS.gov website:
http://www.irs.gov/newsroom/article/0,,id=215594,00.html
Thank you, and check back often. Cody
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