By Amanda Okker, RE/MAX Times Online Editor
U.S. homebuyers who are eligible for a Homebuyer Tax Credit now have until Sept. 30 to close the transaction and receive the credit. The action affects an estimated 180,000 homebuyers who were under contract by April 30, but because of circumstances beyond their control, had been unable to close on their purchase by June 30. Short Sale and REO transactions are holding up many of these closings. Read a Reuter's news article for more informaton about the extension. Qualified first-time buyers can receive a credit of 10 percent of the home price up to $8,000. Repeat buyers are eligible for a credit of up to $6,500. The National Association of Realtors estimates that 4.4 million people have received the credit since it was made nonrefundable in 2009. That includes 2.9 million first-time buyers and 1.5 million repeat buyers.
Congress has extended the closing deadline, which had been June 30, by an additional three months. President Barack Obama signed the legislation July 2.
NEW YORK (CNNMoney.com) -- First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law.
As it stands now, homebuyers must have signed contracts by April 30 and must close the deal by June 30. They could be eligible for an $8,000 tax credit if they are first-time buyers or a $6,500 credit if they owned and lived in their previous home for five of the last eight years.
The closing deadline, however, could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure banks have time to process the transactions -- especially short-sales, which is a more involved process.
"By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home, Reid said.
It remains to be seen, however, whether the amendment will go anywhere. It's part of a controversial jobs and tax bill that may be radically changed before the Senate approves it. Lawmakers are not scheduled to vote on the bill until next week at the earliest. 
Source: http://money.cnn.com
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The New Lenox Village Board has passed an ordinance which would require the registration and inspection of properties that are vacant and/or foreclosed. The draft ordinance requires any foreclosed property and/or a declared vacant property - unoccupied for six (6) consecutive months or greater or unoccupied for ninety (90) days to be registered with the village. The Association had met with Village officials prior to the passing of the ordiance to try to better clarify and minimize these items. Click here to read the ordinance.
The Village of Mokena is requiring all foreclosures to be registered with the village at a cost of $100. No inspections are required. (Ref MORE)
You may have heard or read in the news about ‘strategic defaults' as a possible foreclosure-avoidance option. However, of the millions of homeowners in distress, more than 70% of homeowners proceed without seeking assistance or getting the facts about their situation.
At our Foreclosure Help web site I've prepared a free report to explain the consequences of strategic defaults and foreclosure-and the benefits of a short sale-when underwater on your mortgage. You will learn the advantages and disadvantages to all your options.
I sincerely hope you'll take advantage of this information and feel free to pass it along to anyone you know in need. Getting the right information is the key to getting back on track.
Please contact me any time with your questions or concerns.
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