About Kent County, DE

Mr. Thomas Schoenbeck

Harbeson, DE 19951-2710

Dear Mr. Schoenbeck:

Thank you for your email regarding the first-time homebuyer tax credit. I appreciate hearing from you on this important issue.

The American Recovery and Reinvestment Act that was passed earlier this year included an $8,000 tax credit for first time homebuyers. In order to receive the tax credit, the home that is purchased must be the buyer's principle residence. As you know, first-time homebuyers are able to take advantage of the tax credit for purchases made between January 1, 2009 and December 1, 2009.

Our economy will not fully recover until our housing market is stable and healthy again. That is why I supported adding the homebuyer tax credit to our economic recovery plan earlier this year. I appreciate your suggestion to extend the tax credit. I believe that a well-designed extension of the homebuyer tax credit will continue to help our overall economic recovery and I will certainly keep it in mind as we continue to monitor the economy.

Again, thank you for contacting me. I hope you will continue to keep in touch on matters of importance to you.

Sincerely,

Edward E. Kaufman

United States Senator

COLLEAGUES, How about posting your Senator's replies. Let's see how many of our representatives are listening!

As reported in the Delaware Cape Gazette and as a follow-up from my previous post: Delaware Gov. Jack Markell signed legislation on Oct 6th to protect Delaware homeowners who are at risk of foreclosure. House Bill 232 clarifies that companies that offer to negotiate modifications of secured debts are subject to provisions of the Mortgage Rescue Fraud Protection Act. This Act prevents companies from charging exorbitant up-front fees to homeowners in foreclosure in order to negotiate with loan servicers or lenders.

"Homeownership is good for families' personal finances, and it's good for our economy," Markell said. "It is important that we help homeowners stay in their homes and protect their most important asset, especially during this downturn in the national economy."

Attorney General, Beau Biden added this legislation makes it very clear that vulnerable homeowners are protected under the law from unfair and often predatory practices.

I am so sick of hearing these stories about short sales and how the banks are refusing to cooperate and how they attempt to cut commissions, and how they drag their feet, how we lose clients over the frustration, how the government has put no enforceable guidelines in place, etc, etc, etc. It's for these very reasons I don't do short sales transactions.

One of my philosophies in life is this: If you can verablize a problem, you should also have a solution, otherwise you're just another complainer. So, here's my solution. Tell me what you think. Since we can't (or shouldn't) refuse to list short sales, since this would only hurt the general public, I think we should outright boycott ANY bank, ANY lender, that refuses to cooperate in short sales within our state. Let the lenders know, they we will not recommend their lending institution to anyone seeking a loan, unless they show greater effort in processing these short sales. I would also write your state representative and let them know what is happening and implore them to draft legislation that requires lenders to operate in good faith and get these properties sold.

Dear Colleagues, Time is running out for the first-time home buyer's tax credit. While it may not help some, it may help others. Let your representative know you care and this is an important issue for you and your clients, who also happen to be voting constituents. NAR has again put out a Call to Action. Here is the link, very easy to do. http://takeaction.realtoractioncenter.com/campaign/hbtc?rk=h13Dn7Mal5hHE.