HD Charlie
Junior Member
What is the name of your state (only U.S. law)? California
I originally contracted to buy my home on November 4th, 2009 as a short sale approved by Bank of America. An extension was filed on December 4th to complete the financing. On December 31st, 2009, Fannie Mae foreclosed on the property without notification. The property was in escrow with the title company at the time of foreclosure (on the original owner).
A new offer was submitted to Fannie Mae, identical to the previously approved offer that was made to BOA for $75,000. Fannie Mae did not respond to the offer for nearly 3 months. When they did respond, they raised the price to $99,900.
I immediately accepted the offer in writing prior to April 30th. Fannie Mae didn't respond until May 4th, which was four days beyond the cutoff date to qualify for the Tax Credit. The sale was completed on July 22nd (HUD 1 Date).
My question is; Since I had a valid, approved and accepted offer on the table in November, 2009, should I be able to qualify for the First Time Homeowners Tax credit based on that contract?
It was, after all, Fannie Mae that mucked the whole thing up to begin with.
Incidentally, I was approved for the California Tax Credit spread out over 3 years.
Any advice would be appreciated.What is the name of your state (only U.S. law)?
I originally contracted to buy my home on November 4th, 2009 as a short sale approved by Bank of America. An extension was filed on December 4th to complete the financing. On December 31st, 2009, Fannie Mae foreclosed on the property without notification. The property was in escrow with the title company at the time of foreclosure (on the original owner).
A new offer was submitted to Fannie Mae, identical to the previously approved offer that was made to BOA for $75,000. Fannie Mae did not respond to the offer for nearly 3 months. When they did respond, they raised the price to $99,900.
I immediately accepted the offer in writing prior to April 30th. Fannie Mae didn't respond until May 4th, which was four days beyond the cutoff date to qualify for the Tax Credit. The sale was completed on July 22nd (HUD 1 Date).
My question is; Since I had a valid, approved and accepted offer on the table in November, 2009, should I be able to qualify for the First Time Homeowners Tax credit based on that contract?
It was, after all, Fannie Mae that mucked the whole thing up to begin with.
Incidentally, I was approved for the California Tax Credit spread out over 3 years.
Any advice would be appreciated.What is the name of your state (only U.S. law)?
