Saturday, December 31, 2011

Anyone else find the 'first time /long time homebuyer credit' unfair?

I can't understand why long term homeowners IF they lived in their home for at least five years out of the last 8, then sold it (They might have even earned a huge profit.. who knows?) can get the new credit, but those of us who struggled to keep our mortgages paid don't qualify for anything! We bought our first home a few years back after saving for many years. We have a mortgage and through all that time and struggle, we have sacrificed enough to be one of the fortunate few to have never be late. Where is OUR reward for keeping our home out of the mortgage/foreclosure mess? What bothers me is, we could have sold our home for a huge profit, since we saved so long to buy it and have paid so much on it already. Used some of the money for a downpayment on another place, pocketed the rest of the profit, and viola, we'd have gotten up to an extra $8000 back on our taxes. But because we chose to stay fast to our first choice, stuck through the downs as well as the ups, we get nothing. =( I wonder if next year they'll rethink this decision and let those of us who bought our home anytime after 2000, and are still holding fast to that first mortgage dream house, get a few credits too.

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