Comments on: The Housing and Economic Recovery Act of 2008: What Does it Mean for You?

By: Grace

Grace — Wed, 15 Apr 2009 13:08:30 +0000

Hi,Thanks for sharing this nice information .

Thanks a lot.

By: Dabert

Dabert — Wed, 11 Mar 2009 08:21:39 +0000

Is there a way to become a content writer for the site?

By: Alex G.

Alex G. — Sat, 13 Dec 2008 03:55:26 +0000

I closeed on my home on April 1, 2008. Is there any way I can still quilify for the credit?? Why was April 8 selected as the starting point??

By: John

John — Wed, 13 Aug 2008 14:02:20 +0000

This is the second time that a tax credit has been used to correct an over supply of homes for sale. It worked in 1975 when the tax credit was $2000.I believe the tax credit section of H.R.3221 can accomplish the intended result which is to reduce the supply of homes and stabilize pricing.

To Amiyrah who posted on Aug. 4th: First, thanks for your service to our great country. Are you aware that you can use your military status to obtain a 100% VA loan and receive the $7500 tax credit? Invest the intrest free money.

To jon who posted on Aug. 4th. I can’t disagree with much you said but the number one cuilprit was the federal reserve who left rates too low for too long. Greenspan has admitted that he didn’t see what was comming and should have raised rates sooner.

To Lisa who posted on Aug.5th. I agree with you 100%. I don’t like bailing out people who made poor choices. I don’t think this new law will help that many of them. I think the banks will dump their worst loans on the FHA but the borrower will still have to qualify for the loan. The banks have no incentive to take a 10% hit on a mortgage that isn’t delinquent and the stockholders, who really own those mortgages, probably won’t tolerate it. After all the program is voluntary. On the other hand if the tax credit does what it is intended to do which in part is to stabilize pricing the benefit will reach much further than those who made bad choices. It will help everyone whose home value has and is declining regardless of the type loan they have. I guess if we have to help a few people who made bad choices to benifit those who didn’t it is probably worth it.

By: Philip

Philip — Mon, 11 Aug 2008 13:32:09 +0000

I guess I purchased my house too soon! I purchased in January so I am not eligible for the $7500 loan. Not that I really need the loan, and I purchased what I could afford, it would be nice to hold in an account earn interest and have available if something major happened to my house.
Also the part about the non-itemized tax deduction, why is it more for a joint filer? I wonder about many of the joint filer benefits. Why am I not able to get the $1000 on mine if my house is of the same value and I earn under $75k than a married couple, what difference is there?

Thanks for posting this, and making it clear, I will be looking closer into it.

By: G.I. JANE2

G.I. JANE2 — Sun, 10 Aug 2008 04:33:49 +0000

I AM ALSO A DISABLED VET THAT GAVE 15 YEARS OF MY LIFE TO OUR COUNTRY….AND AT THE FLASH IT WAS ALL GONE BECAUSE I GOT HURT IN IRAQ WAS MEDICALLY DISCHARGED AND BECAUSE OF THAT I HAVE FALLEN BEHIND AND THERE SEEMS TO BE NO END IN SITE…NOT ONLY THAT I RENT A PLACE AND NOW THE OWNER SAYS WE HAVE TO MOVE SHE HAS TO SELL BECAUSE SHE CANT AFFORD HER HOME ANY LONGER…BUT I CANT GET QUALIFIED FOR A HOME BECAUSE GUESS WHAT….NO ONE WANTS TO HIRE A BEAT UP VET SO THERE IS NO JOB JUST THE DISABILITY CHECK COMING…I WILL THANKFUL FOR ANY HELP THAT COMES ALONG

By: Staci

Staci — Wed, 06 Aug 2008 17:39:44 +0000

This is a great job of summarizing — thanks!

By: Lynnae

Lynnae — Wed, 06 Aug 2008 04:35:45 +0000

@SaintMary – I totally missed mentioning that I’m in favor of helping our veterans out! Thanks for bringing that to my attention. Especially in a situation where you were medically discharged. I’m all for helping people who paid attention, but due to circumstances beyond their control are having trouble. I just don’t think the legislation as a whole does that very well. There are pieces of it that help, but I don’t like the overall package.

Thank you for serving our country, and I hope that part of this legislation is able to help you keep your home. It’s a sad thing when we don’t take care of those who put their lives on the line for our country.

By: SaintMary

SaintMary — Wed, 06 Aug 2008 04:14:55 +0000

I am a veteran medically discharged within this last year. I am a single parent and on the verge of losing my home to foreclosure. Itemizing taxes has nothing to do with loosing your home to forclosure. The issue is to save someones home and making homeownership available to new homebuyers and assist those who have lost there homes. Some of us did pay attention and if you cann’t be supportive to the situation save your comments.

By: Brian (St. Louis)

Brian (St. Louis) — Tue, 05 Aug 2008 20:43:07 +0000

I just can’t wait to see everyone default on the $7500 loan. Who was the idiot who came up with that one….lets loan more money to delenquent consumers.