2009 Stimulas Package How will it pass

Last week at this time, there was much conversation about the fact that the Senate had announced an approval of a $15,000 tax credit for all individuals purchasing new homes (first time buyers and previous homeowners) in 2009, and that it would be a credit. This created excitement in the industry as we thought this would add fuel to a sluggish market and anyone considering a move would now have a great incentive to move forward...except for one thing...the House did not see eye to eye with the senate on this proposal.

Last week, the subcommittees from the House and the Senate did some trading, and ironed out a version that they could all agree on.

The new bill, which will be voted on in both sectors in the coming days, increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It will not be applicable for non-first time home buyers, but it also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. So if a fist time home buyer purchases a home prior to Dec. 1, 2009 they will be eligible for this tax credit. This bill will still create a great incentive for first time home buyers to put themselves into a home and get money back at the end of the year.

The Obama administration is also working on a plan to subsidize mortgage payments for troubled homeowners. Numerous reports indicate that the administration will work with mortgagors to re-write and subsidize mortgage payments for those who are having difficulty, paying their existing mortgages.

I suggest that we the people of the United States must make a conscience effort to stay in touch with our senators and house representatives. If we do not speak up we allow them to make these decisions based their personal positions. Please make sure you visit your states web-sites, e-mail your representatives on how you want them to vote on the important matters that are in front of them. Your opinion is important and if they know where you stand on the issues then they have to consider "We the People" when voting.

Here is a wonderful link Find Your Representative And the way he or she voted

http://www.njleg.state.nj.us/districts/municipalities.asp

Speak up and let your voices be heard