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Follow on Google News | Foreclosure Cleanup News: Why the $15,000 Tax Credit for Home Buyers Won’t Stop ForeclosuresThe Senate is proposing a $15,000 tax credit for home buyers. This is a blessing for some and no help at all for others. As it's unlikely to stop foreclosures, this spells opportunity for those who want to start a business cleaning foreclosures.
By: Yuwanda Black Following is why it’s unlikely to stop foreclosures. This spells an evergreen opportunity for those who want to start businesses cleaning foreclosures. Who the 15,000 Tax Credit for Home Buyers Helps Like most things in life that seem too good to be true, this proposed credit helps those who ostensibly don’t need the help. If the following applies to you, then you’ll be happy if it passes: You’re Looking at Buying a Home that Costs $150,000 or More. And, there are many of these on the market thanks to the ever-increasing home foreclosure rate. According to the 2/9/09 LA Times article, $15,000 tax credit won't help low-income home buyers, experts say, “. . . to take full advantage of the credit, buyers would have to earn enough to use it and spend at least $150,000 on a home.” Who the 15,000 Tax Credit for Home Buyers Won’t Help There’s just no other way to say it – if you’re poor and facing foreclosure, this tax credit does nothing to help you. There’s nothing in the bill to address things like loan modification and interest rate reductions. This is what homeowners who are facing foreclosure need to be able to stay in their homes. Unless and until help comes for homeowners who are not looking to capitalize on the foreclosure crisis – but who are looking to prevent it from happening to them – home foreclosures will continue to rise. In essence, this bill is a golden opportunity for those with good credit and stable jobs who are looking to buy a primary residence. But the reason foreclosures continue to mount is because people are losing their jobs, have dings on their credit because of said job loss, and who are struggling to make payments on homes that have lost 10%, 15% or 20% or more of their market value. The authors of the aforementioned article said it best, ie: “Until you stabilize house values, you won't be able to stabilize -- let alone stimulate -- the economy." A Bright Spot for Foreclosure Cleanup Business Owners As long as the powers in Washington refuse to address the real home foreclosure problem – ie, the working class who are in bad loans (eg, adjustable rate mortgages (ARMS)) – foreclosures will continue to mount. And, this presents an evergreen business opportunity for those who want to start a business cleaning foreclosures. For someone has to be there to, literally, clean up the mess. # # # To learn everything you need on how to start a foreclosure cleanup business, log on to Start-a-Foreclosure- End
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