Property Q&A in 83617>Question Details

Sue B., Home Buyer in 83617

We are going to lose our house to forclosure. We received the $8000.00 tax credit for first time home buyers, will we have to pay it back?

Asked by Sue B., 83617 Sat Oct 2, 2010

We have lived in the house for less then three years.

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Answers

3
Yes I had to pay mine back.
0 votes Thank Flag Link Mon Apr 16, 2012
I agree with George in that you should have a CPA that is familiar with government tax credits and this one specifically to address that question. I will do some checking since it is a great question that unfortunately, I will probably be asked again in this economy!

There are many options available to avoid foreclosure these days, so you should review them all to make an educated decision. I will post this question on a site I have access to via my Certification by the National Association of Realtor's as a Short Sale and Foreclosure Resource. I am very pleased that in my 19 years as a Realtor, I have only had 3 clients that I personally sold homes to lose them in Foreclosure or Short Sale (to my knowledge). I do everything I can to keep that from happening to my clients!

Another consideration is if you did lose your home, what would a similar home cost to rent per month and can you get a rental with your credit being shot if you have your home foreclosed?

If possible, try to find another alternative including possibly getting a roommate to cover some of the expenses till you get back on your feet.

Best of luck!
Jim
0 votes Thank Flag Link Sat Oct 2, 2010
Great question for a qualified CPA. Wouldn't rely on any other opinion and you will probably have to pay for a correct answer unless you have a friend that's qualified regarding tax law.

Have you looked at all your options versus accepting a foreclosure which will impact your credit for many years. A great website that has detailed information regarding your options was designed and maintained by Fannie Mae. Some verbiage from the site is "Quote":

- - - - - - -
Avoid foreclosure. Get the help you need.

If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply don’t know what to do or where to go for assistance, and they feel too helpless to take action.

We understand. Fannie Mae has created KnowYourOptions.com™ to help homeowners just like you. We’ve made it easy to find the information you need, so you can get help before it’s too late.

HOTLINK: http://www.knowyouroptions.com/

- - - - - - - - - - -

I encourage you to take the time and study this site before you throw in the towel.

Best of Luck! I hope you find this information of value.

George Martin, Jr.
Associate Broker, GRI
Windermere Real Estate, Sun Valley - Hailey, Idaho

http://www.GeorgeMartinJr.com

george@GeorgeMartinJr.com
0 votes Thank Flag Link Sat Oct 2, 2010
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