Tax Credit Hoped to Entice First-Time Home Buyers

February 21, 2009

Featured on WKRN.TV News – Tax Credit to First Time Home Buyers

Thusday, February 19, 2009

Another interview with Brian Short (Tennessee Association of Mortgage Brokers Executive Director) by News 2 WKRN TV regarding President Obama’s announcement about the $8,000 tax credit being offered to  first-time home buyers for those who buy a house before December 1, 2009.

(Click on image above to see the video.)

Tax credit hoped to entice first-time home buyers

Posted: Feb 19, 2009 08:46 PM CST

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In an effort to rebuild the real estate industry, first time home buyers or buyers who haven’t owned a home in three years are eligible for a tax credit under President Barack Obama’s newly unveiled housing plan.

“It’s a great incentive to get somebody either back into the market or to enter into market for first time,”  Brian Short, Executive Director for the Tennessee Association of Mortgage Brokers, told News 2.

The tax credit is worth 10% of the value of the home up to $8,000 from now until December 1.

“Those who have been waiting to buy a home, this is an ideal time to buy a home,” Short said.  “You’ve got motivated sellers out there right now and realtors and mortgage professionals have time to help you.”

The tax credit combined with lower home prices, lower interest rates and more houses to choose from makes it a great time to buy.

“It allows people to buy a good quality home at a price they may not have been able to afford in years past,” said Andy Voyles, Director of Operations for Elite Mortgage Services.

Individuals do not qualify for the credit if they make more than $75,000 a year and homebuyers would have to repay the credit if they sold their homes within three years.

Current homeowners can also get a tax credit of up to $1,500 by making their homes more energy efficient this or next year.

 

 

 

 

 

 

 

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Featured on WKRN.TV News – Foreclosure Story

February 19, 2009

Nashville woman battles cancer, now foreclosure
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Click on photo

to view video.

 Brief interview with Brian Short (Tennessee

Association of Mortgage Brokers Executive

Director) by News 2 WKRN TV regarding

Pres. Obama’s announcement about the

new forclosure prevention initiative being

offered by his administration on

Wednesday, February 18, 2009. 
 

East Nashville woman faces foreclosure while battling cancer

Posted: Feb 18, 2009 10:19 PM CST

 

 
 

   
 
 

 

President Obama Wednesday unveiled a $75 billion plan to shore-up the housing market.

The plan aims to help nine million families keep their homes.

People who owe more than their homes are worth will be able to refinance.

While the plan should lower mortgage payments, the president warns it will not save every home.

Molly Secours lives in east Nashville and is self-employed.  She’s caught in the middle of the housing melt-down.

When Secours bought her house, she secured a subprime mortgage loan with a carefully laid out plan to earn stellar credit and refinance with a different bank.

Things didn’t go according to that plan.

Secours was diagnosed for uterine cancer and out of work for 11 months for chemotherapy and radiation.

Now, with a mortgage rate of 9.8%, she is on the verge of losing her home.

“I go into foreclosure on March 2 unless I take this deal, which is almost higher than what I have,” Secours said.  “It’s devastating, it’s demoralizing.  People aren’t going to put themselves in this situation on purpose.”

President Obama’s plan to help the housing market may help those facing foreclosure stay in their homes.

Some question the “fairness” of his plan.

“Is it fair that I pay my bills and my neighbor who doesn’t, we’re equal and they get the same opportunity to refinance as I do?” asked Andy Voyles, with Elite Mortgage Services.  “I don’t think its fair, but the goal is to keep people in their homes.”

“I don’t understand why people, who are in a good position aren’t supportive of helping those who aren’t.  When you support your community, you help everyone,” said Secours.

Brian Short is the executive director of the Tennessee Association of Mortgage Brokers.

He said neighbors should be supportive of keeping their neighbors in their homes.

“That’s good for you as a neighbor,” Short told News 2.  “You don’t want to see the value of your home go down.”

Secours doesn’t know if she’ll be helped by Obama’s plan but said she’s not losing her home without a fight.

“There’s embarrassment and shame surrounding this, and there shouldn’t be.  What’s shameful is taking advantage of people in hard times. That’s shameful,” she said.
 

The Tennessee Association of Mortgage Brokers said they’re still waiting on the details of Obama’s housing plan.

That plan will dictate how they can help their clients who are upside down in their homes.

 

 

 

 

 

 

 

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How ‘Bout a Billion Dollars?

February 16, 2009

 

Q: Is there such a thing as a billion-dollar property?stack-of-money

A: Not yet. Of course, there are some who remember when a million-dollar home was a big deal. Even with prices dropping, a million-dollar home is the norm in many areas.

But have you ever thought about how much a billion is?

A billion seconds ago it was 1959.

A billion minutes ago Roman centurions walked on earth.

A billion hours ago was the “Stone Age”.

A billion days ago no one walked on the earth.

A billion dollars ago was only 8 hours and 20 minutes at the rate our government is spending it.

I guess this makes me think…. Owning a house on a piece of land in the right location is still the best way to invest for your family.

Shall I give you a billion reasons why?

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