Dear Deborah
We purchased our home in 2010 in Nampa Idaho....we were fortunate enough that we qualified for the $8000 tax credit. Now my husband has lost his job and has been unable to find any work.
We think we better sell our home rather than let the bank take it in foreclosure....but we have a problem....
What do we do about the tax credit? We know that we have to pay it back if we live there less than 3 years....we don't have $8000 to pay it back. We know we can't sell our home for what we bought it for.
Please help....
Desperate!
Dear Desperate
I am so sorry to hear about your troubles....
I have done a little bit of research for you ......Talking to an accountant we have discovered that it will depend on the tax credit you received. The document that we found states that if you do not make anything on the sell of your home then you will not have to pay back your Tax Credit.
What i recommend is talking to your accountant to verify that this is true for the Tax Credit that you received as there were several that folks received.
We should be able to sell your home and negotiate with your lender to do a short sale on your home. Many times the banks will take less than what you owe and wipe out the rest of the loan....or at the very least only require you to pay back a portion of the balance.
Lets schedule a time to meet and go over your options!
Deborah....The BzyBee Real Estate Lady
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