First time homebuyers tax credit - Who is frauding who?? - Possible extension?

 

 

A lot of chatter about the First Time Homebuyers Tax Credit

 

 

Let's start with the basics about the First Time Homebuyer's Tax Credit....

•    Yes, it has helped some that might not have bought.
  

•    It has given people money after buying to help fix up their homes, pay off debt, or save for emergencies.

•    And ___________. ...  wait, I really can't think of anything else.

 

Has the Tax Credit been a mechanism that has artificially stimulated the economy?  Some will say yes and some will say no. I will be one of those yes people.

 

 

People, we are printing money at record paces that our checkbooks will never be able to pay off.  The ATM has crashed…..

 

 

 

From day one, I have been against the tax credit for the most part. I have had my reasons, several of which are starting to show now than later. Yes, it has helped home buyers and it has helped the economy some. But is the damage greater than the good that it was suppose to have done?  Yes and there are now news reports giving startling facts. Here is an excellent article from USA Today.. - Home buyer tax credit fraud called 'disturbing'   Here are 3 disturbing facts mentioned in the article....

 

 

 

 

 

 

**Costing the government $10 billion.  I don't think the government are the ones that write the checks from their own bank accounts. Shouldn't it say, this will cost the American Public $10 billion?***

 

 

 

 

 

 

***Gee, an additional $17 billion.  I thought the first time homebuyers tax credit was suppose to stimulate the economy, not weaken it. People, who pays for this?  We the tax payer.***

 

 

 

 

 

 

***Apparently our kids haven't learned much in school about fraud. Could these be are next wave of harden criminals?  And a 4 year old?  I would have to assume that a parent filed that on behalf of their child.***

 

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Here is another article by Jackie Calmes with similar answers, but that she also shares some more cold facts that seem scary to me. Home tax credit audit shows abuses -

 

 

 

 

 

 

 

***Claimed the tax credit, yet didn't buy a house yet.  I wrote about this in May of 2009. Fraud Alert on the First Time Homebuyer Tax Credit - Do you chance it? - There have been some realtors that basically told me that nobody would commit fraud on this. I even had one realtor tell me that they had a woman that worked for the IRS that got her money before she bought her house. I truly respect this realtor also. But he was very protecting of his buyer, stating that she would never commit fraud because she worked for the IRS. People, I don't care who you work for, greed will get the best of you at times.***

 

 

 

 

 

 

 

 

***Now the government is saying that we still have a weakness in the housing market.  Yet they will go on and get the media to state that the recession is over?  Jim Crawford brought this to our attention in his blog post, I'm so happy the recession is over! Aren't you? - I am tired of misinformation and politics. Will we ever get the truth?  People, I think we don't need to hear it, because the writing is on the wall. Have we forgotten how to read?  Or do we need people to tell us what we want to hear?  hhhhmmmm***

 

 

 

 

 

 

 

 

***Imagine that, a politician needing to be re-elected again and possible trying to push something that might actually hurt our economy instead of helping it.  now, this is based on my opinion, but I didn't see this tax credit getting us out of the mess or even truly helping the housing market for the most part.***

 

 

 

Conclusion : What crawls under my skin is not only do the lawmakers on Capital Hill want to extend the Tax Credit, but that they want to increase it to $15,000.  Why?  What is really wrong with $8,000??? And why can't we go back to the re-payment schedule that was applied in the very first tax credit, when the $7,500 first time homebuyers tax credit was introduced.  Seriously, what is so wrong with this? Free is not free.  One way or another, we will be paying for this anyhow.  Some of you scream about people having skin in the game, when buying a home.  Yet some of those same people don't seem to be screaming about having skin in paying back the tax credit.

What about those politicians that just want to sign bills and pass them, just for the sake of getting votes for when re-election time comes around. Yet these same people don't take the time to do proper studies to see if this is actually working as planned. Is this all smoke and mirrors for the most part?  Do many of you actually pay attention to this? Or do we just go along with the crowd, because it seems better than what we currently have?  We need to think about this and not just roll over in our graves, which could be sooner than later. What say thee?

 

 

 

 

                    

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For more information on FHA loans, please go to this link. The FHA Expert

For more information about the 2009 Tax Credit for First Time Homebuyers : 2009 Tax Credit

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags!

 

 

Copyright © 2009 by Jeff Belonger of Infinity Home Mortgage Company, Inc