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Me and my ex bought a house in 09 I got $8000 tax credit, but now I moved.?

Sun, 26 Jun 2011 14:40:25 +0000

Question by Sugar Magnolia: Me and my ex bought a house in 09 I got 00 tax credit, but now I moved.?
My ex-husband and I bought a house in Mar 09. The mortgage and everything was in HIS name only. Then he left me. I lived in the house. In the divorce he took me to court and tried to get me to pay the mortgage but was denied b/c he wrote a statement the week after he left that he would pay the mortgage until June 10. He stopped paying it in March 10. I claimed the full 00 tax credit for the purchase since I was the one who still lived there. I called the mortgage company at the end of May to find out the status of the loan. It was already in foreclosure status before my first payment would have been due so I didn’t pay anything in June or after. I figured that he broke the contract first by not paying the mortgage up to June. The house went into foreclosure with Sheriff Sale date of December 6, 2010. I had nowhere to go so I bought my own house. I closed on the new house on December 17, 2010. Meanwhile there was a delay in the foreclosure and they extended the Sheriff’s Sale until March 7, 2011. I moved out of the house partially. I still have furniture and other things there and my mail still goes there. So I get a letter from his lawyer stating that he is going to try to refinance the house and bring it out of foreclosure. I am figuring that I will have to pay back the 00 since neither of us, currently, live there. I got a letter from the IRS about the foreclosure “reminding” me that if I do not live there that I would have to pay it back.
Now, I am trying to file my 2010 taxes. I am eligible for a return of about 00. My friend is telling me that if I don’t pay back the 00 when I file my 2010 taxes that I can go to jail for fraud. But that doesn’t make any sense to me b/c the home has only been vacant for two weeks and I am not completely moved out yet. Plus I am not sure if my ex will be moving in.
My ex and I are not on good terms, in fact, the last time we spoke to each other was in January 10 and then all communications were through our lawyers. However, I would rather pay him 00 then pay back the IRS all 00. What would you do? Do you think I will get in trouble with the IRS if I don’t pay them my 2010 refund?
I KNOW THAT I OWE BACK THE 00 BUT DO I HAVE TO GIVE THE IRS MY ENTIRE 2010 REFUND THIS YEAR TO PAY IT BACK? WILL I GET IN TROUBLE IF I DON’T USE MY 2010 REFUND TO PAY IT BACK? IF HE MOVES BACK IN, CAN I JUST GIVE HIM HIS PART OF IT? WE ARE STILL MARRIED!!!! AND WITH THE EXCEPTION OF THE LAST 2-3 WEEKS ONE OF US HAVE LIVED THERE SINCE IT WAS PURCHASED!!!!!
THE 00 WAS NOT A LOAN!!!!!!! IT WAS AFTER OBAMA CHANGED IT FROM A LOAN TO A TAX CREDIT!!!
Ok, so if the last night that I stayed at the other house as my primary residence was January 1, 2011, then I don’t have to pay it back until taxes are due for 2011 and I have to pay it all back at once instead of on a payment schedule? Do I understand that correctly?

Best answer:

Answer by tro
it would appear that since you actually bought another principal residence in 2010 you essentially abandoned the one you got the FTHB credit for and you are liable for your half of that credit
your possessions might be there but you bought another house which is your principal residence–that’s the key

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Q&A: How do we pay back first time home buyer tax credit?

Mon, 07 Mar 2011 15:08:11 +0000

Question by Dead: How do we pay back first time home buyer tax credit?
My wife and I purchased a home in Nov. 2009 and began financing it through the owners. In March of 2010, we received the 00 First time home buyer tax credit. Since then, we had to relocate to the opposite side of the state for my job in September 2010. We offered the option to sell the house, but the people we were financing the house through decided it would be best to do a “Deed in lieu of foreclosure” instead. Since the house stopped being our primary residence, I am aware that we will have to pay back the 00 tax credit, but how should we do this? Will we be allowed to pay it back over time? According to Turbo Tax, we were supposed to have received a 1099-C from the people that we were financing the house through, but we never received one and they do not think that they owe us one. Since this was an owner financing, do the same rules apply had we financed traditionally through a bank? Any help is greatly appreciated!!
For more specific detail…. we purchased the home for 9,000 in November 2009. When it came time to relocate, we received three different market analysis’ on the house. The selling price ranged from ,000 to ,000. The maximum list price cap would have been ,425. Therefore, a loss of ,575 and the reason for the Deed in lieu of foreclosure. Our AGI for this year is approx. ,000. Thanks again for your help!

Best answer:

Answer by the tax lady
1. Yes, you have to acknowledge this. Use 1040 and form 5405.

2. You have to calculate the “sales price” of the home. Since this was seller financed and you were foreclosed on, your seller needs to tell you the fair market value he used when he took the house back. Since he’s not a bank, he won’t issue the 1099-A or a 1099-C.

If you bought at 0,000 and he uses 0,000 (or more) as the value, you owe the entire 00 back to the IRS and won’t owe him anything.

If you bought at 0,000 and he uses ,000 (or less) as the value, you won’t owe anything to the IRS, but could still owe him the difference, depending on the contract and state law.

If you bought at 0,000 and he uses something between ,000 and 0,000 you will owe some money to the IRS.

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Whch should I stop paying: the mortgage or the credit cards?

Mon, 22 Nov 2010 14:40:42 +0000

Question by JustMe: Whch should I stop paying: the mortgage or the credit cards?
I’ve been divorced for 1 1/2 years, our house remains on the market and I’ve paid most of the mortgage since then. It was 2 months behind then went in “reduced payment” for the past 3 months. The lender now wants the regular full payment plus installments on the overdue amount. At this point I must either stop paying my personal debts, all currently in perfect standing, including credit cards w/,000+ balance and 0 in minimums, or give up on the mortgage.

This may seem like a no-brainer (“avoid foreclosure”) but then there is the matter of my ex having obligated herself in our divorce agreement to fully pay the mortgage in exchange for what she expected would be “full proceeds” on our home’s sale. Obviously that backfired, but since my name is on the mortgage, I’m still on the hook. So, which way do I benefit most or suffer least? Give up on personal debts or let the mortgage go? I’ve already had a couple lenders extend courtesies to me after documenting that agreemen
My ex has nothing to recuperate in court. She can’t even afford to pay for food and heat. My only benefit to taking her to court is an order that will effectively change nothing, and I’m out 0+ in filing fees, etc.

Best answer:

Answer by C N
Since your house is already over 2 months behind, your credit rating is already affected. Therefore, I would say keep the house and pay the credit cards last. In addition, you can call the credit card companies and negotiate your payments, they may or may not knock off interest or any fees that you have incurred.

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Foreclosure Credit Report Question?

Fri, 29 Oct 2010 15:27:57 +0000

Question by My Bad: Foreclosure Credit Report Question?
Hi,
I had a foreclosure about 2 years ago. The process was completed about a year after it started and I received documentation from a lawyer that it had been put up for auction. Every month I am still getting new postings of RF “Repossession/Foreclosure” on my credit report for the current month. Shouldn’t this have stopped when the foreclosure process was completed and if so how do I stop them/remove the new posts on my credit report?

Thanks.

Best answer:

Answer by SPIFIMAN1
Per the Fair Credit Reporting Act Derogatory accounts show for 7-years from the date of first delinquency which works out to 7-years and 180-days so since this information is correct it will continue to show until this time line expires.

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Fri, 17 Sep 2010 14:41:08 +0000

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Stop Foreclosures for Blemish Free Credit Reports

Tue, 03 Aug 2010 20:13:58 +0000

Stop Foreclosures for Blemish Free Credit Reports

Yet another compelling reason to stop foreclosures.

If you have made your first offer on a home in pre foreclosure, knowing that the owner stands to lose equity he has gained through both price appreciation and renovations undertaken with pride in happier times, you may be confronted with “I may as well walk away and let the lender foreclose!” By this stage after receiving the notice of default, this owner is facing facts; he can no longer afford to keep his home. He has exhausted all avenues known to him for refinancing and presented a mountain of data to the lender in the hope that he might get a mortgage modification. Neither the option of extending the loan term nor that of adding the payments in arrears to the end of the existing loan balance has been attractive to the lender. And now the borrower has no cash reserves.

You have couple of matters you can address in persuading the seller to consider your offer seriously. First up, help the owner understand what the foreclosure blemish on his credit record will mean.

A good credit report is important for many reasons. Apart from the ability to get credit for day to day needs, its necessary when purchasing bigger ticket items, and sometimes to be able to rent. It’s important for job seekers; many employers will check applicants out to see if they have filed for or been declared bankrupt, whether they have trouble paying their bills. With your offer, the mortgage is repaid and the foreclosure stops within the time-to-cure period.

Beware you are not accused of equity skimming, and be transparent, what was your intention with the house, surely you didn’t ask for the Deed to be signed over so you could sell the property? What special needs of the seller have you addressed in your offer? Have you structured your deal to bring some much needed cash at closing? Did you explain in detail how you reached your offer price, presenting all the comps and outlining all the repairs necessary to bring the home to market value? Have you room for flexibility in time frames for the seller to move out after the deal is done? If this is a purchase that really fits your criteria, then keeping the seller talking, making your points always with the seller’s very grave concerns in mind, maybe making several visits to address his concerns (not yours) will win the day.

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Tue, 03 Aug 2010 14:41:46 +0000

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Real Estate News: Home-Buyer Tax Credit Extension Unlikely

Mon, 28 Jun 2010 14:45:46 +0000

Real Estate News: Home-Buyer Tax Credit Extension Unlikely
A daily roundup of real estate news from the Wall Street Journal.
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Real Estate News: Prisoners Cashed In on Home Buyer Tax Credit
Here is a look at today’s real-estate news:
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Real Estate News: New Home Sales Plunge; Home Price Outlook Darkens
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Q&A: What does “insufficient loans secured by real estate” mean when you are rejected for a credit card?

Sat, 19 Jun 2010 16:09:43 +0000

Question by Celeste or DevonZ: What does “insufficient loans secured by real estate” mean when you are rejected for a credit card?
I was rejected a credit card for that specific reason. I don’t own real estate, nor does the credit reporting agency who’s information was used by the bank to see if my credit was good enough have anything about “real estate” in their report. Please let me know if anyone has any insight. Thanks.

Best answer:

Answer by Judy
Just in case you are under 21 – no one under 21 will be able to get a credit card unless they have an outstanding credit report.
Real estate loans may mean mortages.
Try applying for easier to get credit cards such as Kohl’s, Jcpenny, target, or a gas card.
To get top credit, pay in full each month.
Carrying balances not only destroys your credit – it can easily destroy your life.

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/

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Tax credit deadline boosts Valley home sales

Mon, 03 May 2010 05:09:43 +0000

Tax credit deadline boosts Valley home sales
Some Fresno homebuyers played “Beat the Clock” on Friday, signing sales deals on the last day to qualify for a federal tax credit.