Shortly before I had my car accident my sister and I were talking about how many credit cards of mine had outstanding balances on them. At the time I also had loans on some of my equipment – my tractor and mower for example. She convinced me that I should get a mortgage on my house and use it for debt consolidation. She reasoned that at least that way the interest would be tax deductible!
Well, doing that debt consolidationthrough a mortgage made a lot of sense to me because it also lowered my monthly payments. But now since I’ve had that accident I’ve had to rely on my credit cards for survival and now I’m having trouble paying my mortgage and my credit cards! My wife has suggested that we go get some professional credit counseling to figure out what we should do. With the current housing market, the house is barely worth what we paid for it! I’ve heard that a lot of people are just walking away from their homes in situations like ours. But I sure would hate to do that – we have no place to go, and we don’t want to have to turn our pets over to the shelter; that would just break our hearts!
The Internet has made it easy to find all the information that you need in order to take advantage of the buying first home tax credit that our Federal government has decided to extend once again. It’s the first time that I’ve agreed with something the Feds have done, how scary is that!
Homes sales are picking up more and more, and there are still plenty of great deals on the market. The amount of “For Sale” signs lining the neighborhoods all around town are totally outrageous. We will really know that things have turned around when we don’t see every 3rd of 4th house with a “For Sale” sign in the front yard.
Anyway, this extension is also helping people that have lived in their current home for 5 of the last 8 years. If so you can receive up to $6,500 in a tax credit as well. Something definitely worth looking into folks. I found a good overview of the tax credit extension at Coldwell Banker’s web site. They have a short video embedded there as well to assist as well. I’ve posted it below with the thought in mind that someone might learn something from it as well. Share the wealth…………..
Today was a great day to get the much needed yard work started. There is always so much to do this time of the year, but it’s all good. It feels good to outside with the sun shining, along with a nice breeze and absolutely no humidity to deal with even though we hit the 80′s. You just can’t beat that!
