Both Homebuyer Federal Tax Credits are set to expire later this Spring. Homes must open escrow on 4/30/10 or earlier and close on 6/30/10 or earlier. The question then becomes (especially with short sales), what constitutes the opening of escrow? I would submit that an executed contract received by the escrow company and the producing of escrow instructions. Is this accurate? Leinholder approval should not be necessary becasue that is a contingency, not a party of the contract. Does the Good Faith Deposit need to be in escrow? It would probably look better under scrutiny, but may not be necessary? Any thoughts or a clear link on this “escrow” definition for these purposes by the IRS?
khseallen Miscellaneous
One of my clients was just told by BofA on his Fannie loan for his investment property that it is a blanket policy that Fannie won’t mod. for an investment home, is this true? Are there any verifyable accounts in which this has happened? Thanks.
khseallen Miscellaneous
I live in my home that I have been in for 7 years as my primary residence. This is the only home I own. If I sell my home first, then purchase another home on the heels of the sale, but afterward, am I eligible to claim the $6500 tax credit (assuming eligibility for time periods, income, etc.)?
If no, then would the above scenario change if I owned two homes to begin with and kept the non-owner occcupied, selling just the primary? How about if I moved into the non-owner occupied in the interim time before purchasing the next primary residence?
khseallen Tax Issues
I am a realtor. A homeowner I know has been working on a mod. through a lawyer for 8+ months. First loan is through EMC. Lawyer claims original loan was illegal & grounds for modification. Home is a non-owner occupied rental. Homeowner is unemployed, but is living off of retirement account disbursements over $100K/year. Mortgages on rental has not been paid for nine months. NOD was filed 9/09. Reason to believe NOTS was just filed. I want to help the homeowner, please advise.
khseallen Miscellaneous
