Home Buyer Tax Credit Deadline is Approaching
The deadline to used the home buyer tax credit is fast approaching. The $8,000 tax credit has been an incentive for people to purchase real estate. However, with the upcoming April 30th deadline, more and more new homebuyers are getting anxious about whether they will be able to benefit from the tax credit.
This has real estate agents split about the home buyer tax credit. Some agents have expressed concern about new homeowners rushing to buy homes they normally wouldn’t buy; while other agents hate to see the tax credit incentive expire.
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Homeowners Walking Away from Mortgages
More and more homeowners are walking away from their homes due to plummeting property values. It can take Florida homeowners years (or decades) to recover the equity lost during the real estate market crash.
This is a sad truth that is compelling people to cut their losses and leave their homes behind by way of strategic default. Although the consequences can be severe, some homeowners believe the risks are worth leaving behind this financial burden.
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Condo Associations Are Thrown a Lifeline
Reverse foreclosures are helping homeowner associations collect overdue maintenance fees. This is a topic that has been in the news a lot lately. Some homeowners have been refusing to meet their obligations to the condo associations.
Now, reverse foreclosures are being used as a tool to help them collect. How does this work? After a homeowner refuses to pay their maintenance fees, the association can file a foreclosure notice and secure the home’s title. While the association is unable to sell the property due to the bank’s lien, it can later collect from the bank.
Tags: In the News, South Florida
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