Great post on the facts! I've had emails from mortgage professionals and attorneys saying it has been extended and emails from some saying it hasn't. It's hard to find the facts.
Tax Credit Extension of Closing Date: Did it pass or not?
There seems to be a lot of confusion whether or not this this bill was passed into law.
I hope this will clear things up for so many wanting a definitive answer.
Becoming Law Requires more than just passing the Senate.
The Tax Extenders Bill was amended and this amendment was passed by the Senate allowing an extension of time to close until September 30, 2010.
So what happens next?
In order for this extension to become law the entire "Reconstructed Tax Extenders Bill" needs to be approved by the "House of Representatives".
Where does that leave all the First Time Homebuyers currently under contract and scurrying to close by June 30th? A bit up in the air but with a little more hope that it will all work out!
The Senate Finance Committee, chaired by Senator Max Baucus, was forced by a "Point of Order" vote to reconstruct the overall proposal before another vote can be taken. Providing the amendments are constructed properly, there is hope of the Senates approval and for the bill to move forward to the House of Representatives to become law extending the Closing Date Deadline to September 30, 2010.
I will be keeping a close eye on the progress and update as more information becomes available.
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