Yes, if you move within 36 months you will owe the money back but it is paid back bits at a time through taxes. This stimulus is not new to the Obama administration. There was a 7500 refund for first time homebuyers the year before but you had to pay it back in taxes over the next (I think) 15 years. I believe this is how you have to pay it back if you move.
Having bought a house last year and received the money, I was thankful for it but had a hard time deciding if I really wanted it. What I didn't want free money?!?! No, I don't like that there is no provision to replace the money as before. Having bought a brand new house, it was great to have the money for things like a yard, blinds, and all the little stuff that adds up. However, we both feel that the downsize is the massive burden to the taxpayer that is being created in Washington. And, we are taxpayers but I would feel better if they still had a provision to pay it back.
Yes, if you move within 36 months you will owe the money back but it is paid back bits at a time through taxes. This stimulus is not new to the Obama administration. There was a 7500 refund for first time homebuyers the year before but you had to pay it back in taxes over the next (I think) 15 years. I believe this is how you have to pay it back if you move.
Having bought a house last year and received the money, I was thankful for it but had a hard time deciding if I really wanted it. What I didn't want free money?!?! No, I don't like that there is no provision to replace the money as before. Having bought a brand new house, it was great to have the money for things like a yard, blinds, and all the little stuff that adds up. However, we both feel that the downsize is the massive burden to the taxpayer that is being created in Washington. And, we are taxpayers but I would feel better if they still had a provision to pay it back.
all this credit does is continue a path of welfare for all (which really is a giant ponzi scheme, sooner or later you run out of taxpayers to pay in) people who really need a place to stay cannot afford a house to get this credit, the people who are getting it are laughing all the way to the bank knowing that other taxpayers are paying for thier down payment. the author here says they paid the down payment out of savings and will now replenish those savings, but they tsk tsk those who just apply it directly. ouch. better than them , eh/
When reading through your article, it occurred to me that you were giving us the facts (which are all quite good), while trying to dismiss the bill as worthless at the same time. ??? Why can we not give kudos where kudos are due? Granted, more reforms are needed, but can we not say 'thank you' for what we are given rather than lament what we are yet to get?
I am facing FEDERAL PRISON time. You read that right. I'm headed to one of the roughest prisons in the United States, all because of unpaid debt. I thought not paying was NOT a criminal offense. What happened to that? The collectors and the judge are on the same side and are both "fed up with people thinking they can stop paying their bills and get away with it". Listen to me, the LAWS about debt are changing. It's getting so that they can send you to prison. And when you come out, you still owe. My lawyer is busting his butt trying to keep me out of the federal penn. Heed my warning. They are getting tougher on people who don't pay up. Get a job flipping burgers if you have to, but don't fail to pay, because I'm only 38, and my life stops here. I will never see the outside world again, all because I didn't pay my bills. Now, I'm not completely innocent. I do not work. I am always unemployed. that's my fault. But, who issued me 10 different cards when I had no income? Yea, see my point? They didn't even bother to check my background. To see that all my life, I have never held a job longer than a month, never made more than minnimum wage. Once again, that's my fault. But,I think 25-life in prison is, well, over-the-top. I am not a murderer, for crying out loud. But, I made my bed, so time to lie in it.
I bought a house last fall and qualified for the $8,000. One of the frequently overlooked caveats is that if you move within 36 months, you owe the entire $8,000 back to the IRS!
I just can't justify spending it on new living room furniture knowing that if I needed to move for whatever reason within those three years I'd have to come up with $8,000 at tax time. I can't see my house appreciating enough in order to recoup the tax credit plus other seller's costs (real estate commissions, recording taxes in my state, etc. plus any concessions I'd be required to make).
Maybe my situation is individualized because of the low value of my house, but it's certainly an exercise people should go through before they spring for the fancy leather sofa.
I think you and Questionable Logic hit the nail on the head: this credit is great if you have the money and are already in the market for a new house. It is NOT a reason to go out and buy a house you would not have bought otherwise. If you cannot afford the down payment on your own, that is probably a good sign that this house is not the house for you. This credit is nice, but it should not be the reason for going and spending this sort of money.
I filed in Oct 2005. My BR lawyer was recommended by a friend, but I regret choosing him -- we would meet with all my documentation, discuss things and reach agreed-up decisions; then he would present me with having changed his mind (unilaterally) about many of the things we'd agreed upon, such as whether we needed to notify an ex with whom I had no joint finances and no remaining communication. And worst, my car. I was steadfast and sure that I didn't want to include my car in the BR and he said OK; then on the day my case went to court, he informed me breezily that he had decided to include it anyway. And there's my question. I continued to pay on my car anyway, until it was paid off. When I look at my credit reports, they say the car loan was included in the BR and I don't see any recognition of the fact that I actually made every payment for 6 years, all on time. Is there a way I can get this mentioned & would it help my credit rating? The debts I defaulted on were all major credit cards which raised their interest rates and said "no" to working with me when I called them knowing I was heading into trouble. Very cold and unhelpful even when I called in advance of my not being able to keep up with the payments, seeking ways I could avoid looking into bankruptcy.
J.-
I have heard this before, but did not look into it with my first baby. A friend of mine had, even doing a diaper service, and found it to be too much of a hassle. I like free, which these were, and they are for me on a regular basis through couponing. However, you sound like you have some good information and just might need to write a guest post, too.
I have a hard time with this - depending on your house, your mortgage (with interest) will cost $300,000-$400,000. So essentially you're spending $300K to get $8,000? Is that a great reason to rush out and buy a house?
If you're already buying a house, that's great and you should definitely take advantage of the credit. But writing articles that promote the credit are going to inspire a lot of people to rush out and get houses before they are financially ready to - and we all know plenty of people are doing that already without the encouragement!
It's not a bad article - and I'm happy for you by the way! - but for skimmers, there are no caveats in the bolded sections, which there absolutely should be.
sucks when you buy a house one year before they say "hey heres free money" I would have loved to take advantage of this...Since they seem to have extended the program and opened it up to others, ive contemplated selling my place and getting in on this deal...
@Will Chen - so you weren't talking about all lawyers - but you still posted an inflammatory, unhelpful and unsupported article. Just tell me - what is the point of this post? To make people never trust attorneys?
The comments here, both from attorneys and those who have had trouble with attorneys, have provided more fact-based warnings and useful information that your post. I hope you are a better attorney than you are a blogger, but somehow, I doubt it.
It's nice that people are emerging from bankruptcy reasonably intact. Sadly the people who were left holding the bag, the creditors who didn't get paid, are still on the hook. Big companies just charge the fiscally responsible higher prices and higher rates, so they're OK, they recoup their losses by gouging those who pay their bills. It's the little creditor who is wounded and will never recover from being legally cheated by a person who didn't want to pay his/her debts. As a small business person, FROM TODAY ON, rewrite any credit agreement to include the fact that the debt can NOT be discharged by bankruptcy, and that the creditor will accrue one percent interest per month on the unpaid balance forever until all owed is paid in full. Then when someone who went bankrupt recoveres, inherits, wins the lottery, gets a great paying job, buys a house, YOU CAN STEP IN AND COLLECT.
The statistic that women control over 80% of U.S. consumer spending doesn't say anything about where the income comes from. In most cases, women and men or whoever has the paycheck contributes part or all of the money to a household account to pay for basic expenses. As you mentioned, women are usually the ones buying food, medicines, clothing for children, household goods, etc. That is certainly a big reason for the all of the above statistics.
I'm glad to see that the credit score is damaged because of things before the bankruptcy and not only because of the bankruptcy itself.
I've never missed a (minimum) payment, been late, etc. I've got lots of "paid as agreed" on my credit report going back about 11 years.
It's good to know I might have an easier time rebuilding since I do have decent credit. The only "negative" right now is that I have several cards maxed out and that really affects it.
My main concern is the amount that my insurance (car and health) may go up in the future. I've read that because a lower FICO means a higher risk that my payments may increase quite a bit. Yikes!
My tax return is going straight to my emergency savings fund. I was thinking of using it to pay down my student loan debt, but with the economy, I think it would be better used building my emergency fund.
Some states are taking action to ensure that prospective clients can verify whether an attorney has been subject to disciplinary action. In Nevada, where I practice, this now has to be included in the attorney biographies that we have available in accordance with Supreme Court guidelines.
I strongly discourage people from doing their own legal forms. I won't look over legal forms for family members who reside in different states and I urge them to seek licensed counsel. I have a CPA or a tax specialist do my taxes for a reason. It is critical to have someone with expert knowledge assisting you. I have seen so many clients who have missed one step trying to process their own mechanic's lien and then they have lost their lien rights. Then it is three times the cost during litigation to try and remedy that mistake.
In addition, the practices that most frequently use form-based work and paralegals for the majority of the work, in my experience, are those cases that are taken on a contingency, like personal injury cases. That's how the PI firms compete to keep their contingency rates competitive with one another.
I had hired 3 different attorneys to help me get child support for my daughter who was still in high school when she turned 18. My original attorney dropped my case right before the hearing because my ex was not paying child support and I couldn't pay him any more at the time, so I went to court in front of a first time divorce court judge (that I heard played tennis with my ex's attorney) on my own. I worked for the school system for 10 yrs but due to my ex's lies the judge told me I had a certain number of days to quit that job as he said I was working below my capacity, and go to work for the employer my ex said would hire me for 20.00 an hr (now this was over 10 yrs ago.) Of course it was a lie and I never got the job so I had to scurry to find something else. So I was left with no child support for my oldest daughter and ended up with 88.00 a month for both girls for the next couple of years until my youngest daughter turned 18. My ex was in real estate at the time and claimed he wasn't making anything-even though he was the top listing agent, the top salesman and in the multi million dollar club at the time. He had hacked into my computer, after he sent us on vacation, and got my password. So, he new everything going on and was always a step ahead of me. He found out I was taking him to court for back child support through the Legal Assistance program so he paid enough of the back child support to get the major amount dropped. He also discarded all papers, articles, and records of his income and awards that would prove he was lying about his income. And even though the court ordered his past employers to verify his income, they never did and no one would enforce the order without hiring another attorney. So, I hired a second attorney to help with this and help get the child support. This attorney went in front of the judge unprepared saying he thought that was the hearing to file an extension (even though the day before I tried to update all information with him telling him that I was told that was the final hearing.) So nothing was done there. The third attorney I paid 300.00 to write a letter to help and he said he would also help do something about the other attorneys but he was never at his office for appointments, never answered calls, and of course I never got the letter. So do I have a bad taste in my mouth for attorneys-yes. That is not the only bad story I could share. I should've gone to the bar with complaints-but by the time I figured that out it was too late.
It's so incredibly important to have savings in your own name. Even if you wind up inheriting your spouse's savings, or winning part of them in a divorce settlement, those legal processes take time. In the mean time, what will you live off of if you can't work, need to re-locate, etc?
"Ross polled 5,000 attorneys from various walks of life throughout the country, and 251 responded. He worked with Reed Business Information to generate a random sampling of lawyers who work at law firms.
Two-thirds said they had “specific knowledge” of bill padding a finding virtually identical to one reached by Ross in a 1995 billing survey. Also, 54.6% of the respondents (as compared with 40.3% in 1995) admitted that they had sometimes performed unnecessary tasks just to bump up their billable output.
Ross says that bill padding involves invoicing a client for work never performed — or exaggerating the amount of time spent on a matter—- while unnecessary work is that which “exceeds any marginal utility” to a client."
Yes, if you move within 36 months you will owe the money back but it is paid back bits at a time through taxes. This stimulus is not new to the Obama administration. There was a 7500 refund for first time homebuyers the year before but you had to pay it back in taxes over the next (I think) 15 years. I believe this is how you have to pay it back if you move.
Having bought a house last year and received the money, I was thankful for it but had a hard time deciding if I really wanted it. What I didn't want free money?!?! No, I don't like that there is no provision to replace the money as before. Having bought a brand new house, it was great to have the money for things like a yard, blinds, and all the little stuff that adds up. However, we both feel that the downsize is the massive burden to the taxpayer that is being created in Washington. And, we are taxpayers but I would feel better if they still had a provision to pay it back.
Yes, if you move within 36 months you will owe the money back but it is paid back bits at a time through taxes. This stimulus is not new to the Obama administration. There was a 7500 refund for first time homebuyers the year before but you had to pay it back in taxes over the next (I think) 15 years. I believe this is how you have to pay it back if you move.
Having bought a house last year and received the money, I was thankful for it but had a hard time deciding if I really wanted it. What I didn't want free money?!?! No, I don't like that there is no provision to replace the money as before. Having bought a brand new house, it was great to have the money for things like a yard, blinds, and all the little stuff that adds up. However, we both feel that the downsize is the massive burden to the taxpayer that is being created in Washington. And, we are taxpayers but I would feel better if they still had a provision to pay it back.
all this credit does is continue a path of welfare for all (which really is a giant ponzi scheme, sooner or later you run out of taxpayers to pay in) people who really need a place to stay cannot afford a house to get this credit, the people who are getting it are laughing all the way to the bank knowing that other taxpayers are paying for thier down payment. the author here says they paid the down payment out of savings and will now replenish those savings, but they tsk tsk those who just apply it directly. ouch. better than them , eh/
When reading through your article, it occurred to me that you were giving us the facts (which are all quite good), while trying to dismiss the bill as worthless at the same time. ??? Why can we not give kudos where kudos are due? Granted, more reforms are needed, but can we not say 'thank you' for what we are given rather than lament what we are yet to get?
Gratitude goes a long way.
I am facing FEDERAL PRISON time. You read that right. I'm headed to one of the roughest prisons in the United States, all because of unpaid debt. I thought not paying was NOT a criminal offense. What happened to that? The collectors and the judge are on the same side and are both "fed up with people thinking they can stop paying their bills and get away with it". Listen to me, the LAWS about debt are changing. It's getting so that they can send you to prison. And when you come out, you still owe. My lawyer is busting his butt trying to keep me out of the federal penn. Heed my warning. They are getting tougher on people who don't pay up. Get a job flipping burgers if you have to, but don't fail to pay, because I'm only 38, and my life stops here. I will never see the outside world again, all because I didn't pay my bills. Now, I'm not completely innocent. I do not work. I am always unemployed. that's my fault. But, who issued me 10 different cards when I had no income? Yea, see my point? They didn't even bother to check my background. To see that all my life, I have never held a job longer than a month, never made more than minnimum wage. Once again, that's my fault. But,I think 25-life in prison is, well, over-the-top. I am not a murderer, for crying out loud. But, I made my bed, so time to lie in it.
I bought a house last fall and qualified for the $8,000. One of the frequently overlooked caveats is that if you move within 36 months, you owe the entire $8,000 back to the IRS!
I just can't justify spending it on new living room furniture knowing that if I needed to move for whatever reason within those three years I'd have to come up with $8,000 at tax time. I can't see my house appreciating enough in order to recoup the tax credit plus other seller's costs (real estate commissions, recording taxes in my state, etc. plus any concessions I'd be required to make).
Maybe my situation is individualized because of the low value of my house, but it's certainly an exercise people should go through before they spring for the fancy leather sofa.
I think you and Questionable Logic hit the nail on the head: this credit is great if you have the money and are already in the market for a new house. It is NOT a reason to go out and buy a house you would not have bought otherwise. If you cannot afford the down payment on your own, that is probably a good sign that this house is not the house for you. This credit is nice, but it should not be the reason for going and spending this sort of money.
I filed in Oct 2005. My BR lawyer was recommended by a friend, but I regret choosing him -- we would meet with all my documentation, discuss things and reach agreed-up decisions; then he would present me with having changed his mind (unilaterally) about many of the things we'd agreed upon, such as whether we needed to notify an ex with whom I had no joint finances and no remaining communication. And worst, my car. I was steadfast and sure that I didn't want to include my car in the BR and he said OK; then on the day my case went to court, he informed me breezily that he had decided to include it anyway. And there's my question. I continued to pay on my car anyway, until it was paid off. When I look at my credit reports, they say the car loan was included in the BR and I don't see any recognition of the fact that I actually made every payment for 6 years, all on time. Is there a way I can get this mentioned & would it help my credit rating? The debts I defaulted on were all major credit cards which raised their interest rates and said "no" to working with me when I called them knowing I was heading into trouble. Very cold and unhelpful even when I called in advance of my not being able to keep up with the payments, seeking ways I could avoid looking into bankruptcy.
J.-
I have heard this before, but did not look into it with my first baby. A friend of mine had, even doing a diaper service, and found it to be too much of a hassle. I like free, which these were, and they are for me on a regular basis through couponing. However, you sound like you have some good information and just might need to write a guest post, too.
Blessings,
I have a hard time with this - depending on your house, your mortgage (with interest) will cost $300,000-$400,000. So essentially you're spending $300K to get $8,000? Is that a great reason to rush out and buy a house?
If you're already buying a house, that's great and you should definitely take advantage of the credit. But writing articles that promote the credit are going to inspire a lot of people to rush out and get houses before they are financially ready to - and we all know plenty of people are doing that already without the encouragement!
It's not a bad article - and I'm happy for you by the way! - but for skimmers, there are no caveats in the bolded sections, which there absolutely should be.
sucks when you buy a house one year before they say "hey heres free money" I would have loved to take advantage of this...Since they seem to have extended the program and opened it up to others, ive contemplated selling my place and getting in on this deal...
@Will Chen - so you weren't talking about all lawyers - but you still posted an inflammatory, unhelpful and unsupported article. Just tell me - what is the point of this post? To make people never trust attorneys?
The comments here, both from attorneys and those who have had trouble with attorneys, have provided more fact-based warnings and useful information that your post. I hope you are a better attorney than you are a blogger, but somehow, I doubt it.
It's nice that people are emerging from bankruptcy reasonably intact. Sadly the people who were left holding the bag, the creditors who didn't get paid, are still on the hook. Big companies just charge the fiscally responsible higher prices and higher rates, so they're OK, they recoup their losses by gouging those who pay their bills. It's the little creditor who is wounded and will never recover from being legally cheated by a person who didn't want to pay his/her debts. As a small business person, FROM TODAY ON, rewrite any credit agreement to include the fact that the debt can NOT be discharged by bankruptcy, and that the creditor will accrue one percent interest per month on the unpaid balance forever until all owed is paid in full. Then when someone who went bankrupt recoveres, inherits, wins the lottery, gets a great paying job, buys a house, YOU CAN STEP IN AND COLLECT.
The statistic that women control over 80% of U.S. consumer spending doesn't say anything about where the income comes from. In most cases, women and men or whoever has the paycheck contributes part or all of the money to a household account to pay for basic expenses. As you mentioned, women are usually the ones buying food, medicines, clothing for children, household goods, etc. That is certainly a big reason for the all of the above statistics.
I'm glad to see that the credit score is damaged because of things before the bankruptcy and not only because of the bankruptcy itself.
I've never missed a (minimum) payment, been late, etc. I've got lots of "paid as agreed" on my credit report going back about 11 years.
It's good to know I might have an easier time rebuilding since I do have decent credit. The only "negative" right now is that I have several cards maxed out and that really affects it.
My main concern is the amount that my insurance (car and health) may go up in the future. I've read that because a lower FICO means a higher risk that my payments may increase quite a bit. Yikes!
~GulfCoastMom (ResearchMode on bkforum)
A mom on the Gulf Coast of FL in the process of filing CH7 and blogging about it.
Experience the Seeds of Prosperity, you will see the greatest days of your life while Havin Fun Makin Money.
Experience the Seeds of Prosperity, you will see the greatest days of your life while Havin Fun Makin Money.
My tax return is going straight to my emergency savings fund. I was thinking of using it to pay down my student loan debt, but with the economy, I think it would be better used building my emergency fund.
It's great not just fun to get paid by doing what you love. Here is another way of HavinFunMakinMoney.
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Some states are taking action to ensure that prospective clients can verify whether an attorney has been subject to disciplinary action. In Nevada, where I practice, this now has to be included in the attorney biographies that we have available in accordance with Supreme Court guidelines.
I strongly discourage people from doing their own legal forms. I won't look over legal forms for family members who reside in different states and I urge them to seek licensed counsel. I have a CPA or a tax specialist do my taxes for a reason. It is critical to have someone with expert knowledge assisting you. I have seen so many clients who have missed one step trying to process their own mechanic's lien and then they have lost their lien rights. Then it is three times the cost during litigation to try and remedy that mistake.
In addition, the practices that most frequently use form-based work and paralegals for the majority of the work, in my experience, are those cases that are taken on a contingency, like personal injury cases. That's how the PI firms compete to keep their contingency rates competitive with one another.
Because I live in the desert, I'm also very interested in building my own solar panels. Guess I should check it out, huh?
I had hired 3 different attorneys to help me get child support for my daughter who was still in high school when she turned 18. My original attorney dropped my case right before the hearing because my ex was not paying child support and I couldn't pay him any more at the time, so I went to court in front of a first time divorce court judge (that I heard played tennis with my ex's attorney) on my own. I worked for the school system for 10 yrs but due to my ex's lies the judge told me I had a certain number of days to quit that job as he said I was working below my capacity, and go to work for the employer my ex said would hire me for 20.00 an hr (now this was over 10 yrs ago.) Of course it was a lie and I never got the job so I had to scurry to find something else. So I was left with no child support for my oldest daughter and ended up with 88.00 a month for both girls for the next couple of years until my youngest daughter turned 18. My ex was in real estate at the time and claimed he wasn't making anything-even though he was the top listing agent, the top salesman and in the multi million dollar club at the time. He had hacked into my computer, after he sent us on vacation, and got my password. So, he new everything going on and was always a step ahead of me. He found out I was taking him to court for back child support through the Legal Assistance program so he paid enough of the back child support to get the major amount dropped. He also discarded all papers, articles, and records of his income and awards that would prove he was lying about his income. And even though the court ordered his past employers to verify his income, they never did and no one would enforce the order without hiring another attorney. So, I hired a second attorney to help with this and help get the child support. This attorney went in front of the judge unprepared saying he thought that was the hearing to file an extension (even though the day before I tried to update all information with him telling him that I was told that was the final hearing.) So nothing was done there. The third attorney I paid 300.00 to write a letter to help and he said he would also help do something about the other attorneys but he was never at his office for appointments, never answered calls, and of course I never got the letter. So do I have a bad taste in my mouth for attorneys-yes. That is not the only bad story I could share. I should've gone to the bar with complaints-but by the time I figured that out it was too late.
It's so incredibly important to have savings in your own name. Even if you wind up inheriting your spouse's savings, or winning part of them in a divorce settlement, those legal processes take time. In the mean time, what will you live off of if you can't work, need to re-locate, etc?
Here's another report on a similar survey by the same law professor conducted in 2007:
http://blogs.wsj.com/law/2007/05/01/study-suggests-significant-billing-a...
"Ross polled 5,000 attorneys from various walks of life throughout the country, and 251 responded. He worked with Reed Business Information to generate a random sampling of lawyers who work at law firms.
Two-thirds said they had “specific knowledge” of bill padding a finding virtually identical to one reached by Ross in a 1995 billing survey. Also, 54.6% of the respondents (as compared with 40.3% in 1995) admitted that they had sometimes performed unnecessary tasks just to bump up their billable output.
Ross says that bill padding involves invoicing a client for work never performed — or exaggerating the amount of time spent on a matter—- while unnecessary work is that which “exceeds any marginal utility” to a client."