President Obama’s Homeowner Affordability and Stability Plan

Posted by freetaxadvisor

March 9, 2009

What is the tax benefit that you might have from this plan?

This Stability Plan is part of the President’s comprehensive strategy to get the economy back on track. The plan will help many home owners restructure their home mortgages and avoid foreclosure or help save money on their mortgage. Every MORTGAGEE should try and see if this act helps them reduce payment. Every reduction in payment will help the economy.

As a second piece of the Home price stablization plan, government is offering $8000 tax credit for the first time home buyers. First time home buyer is defined as one who has not owned a home for last three years. This is HUGE, imagine your price from the purchase cut down $8,000; in other words, it is like uncle sam is paying $8,000 towards your new house. One should not lose this golden opportunity, once in a life time opportunity.

This is differnt than one from 2008, in 2008 tax credit of $7,500 was offered, but that was to be paid back to the government over five year. This $8,000 creadit for year 2009 does not have to be re-paid to the government. This a true $8K credit to your tax bill, and not to be re-paid to the givernment. Your openion is importatnt please share with the other readers. Good luck with the credit, go out and buy a HOME!