Tuesday, October 28, 2008

HOPE:A Provision Of The Housing & Recovery Act 2008

There are other notable provisions to The Housing And Economic Recovery Act of 2008 that many taxpayers will benefit from in 2009.

The Home Ownership Preservation Entity (HOPE) section establishes a fund to assist distreessed borrowers in obtaining 30-year refinance loans.

To qualify, the lender must voluntarily agree to write down the loan to 90% of current appraised home value, and borrowers must give 50% of future home appreciation to the FHA.

If you have questions about this Recovery Act and what it entails (come tax time), contact a tax professional versus attempting to prepare your returns on your own. When preparing your own return, one might forget to factor in this opportunity.

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