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If you bought your first home in 2008
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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If you bought your first home in 2008
And you received that $7500 government loan and are planning to sell your home, what happens? Since the repayments didn't start until 2010, we won't be done "paying" it through our taxes until 2020. If we sold our home before then, do we have to pay back the remainder in full or are the payments still stretched out until 2020?
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Posted 8/27/14 10:47 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: If you bought your first home in 2008
I would think it would either come out of the sale of the house, or you would just continue to re-pay it yearly until paid off.
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| Posted 8/27/14 1:48 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: If you bought your first home in 2008
link
looks like it'll come out of your taxes.
when i sold my house it was a short sale, so they saw it as a loss and i didnt have to pay it back.
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| Posted 8/27/14 3:10 PM |
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Sonervous
LIF Infant
Member since 1/13 184 total posts
Name:
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Re: If you bought your first home in 2008
I sold my house in 2012 regular sale.. Did not have to pay it back since I took a loss on the sale. They asked when I filed my taxes.
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| Posted 8/27/14 3:47 PM |
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