Those who are struggling to pay the mortgage can now consider a program created by Fannie Mae called the Dead for Lease program which allow tenants to stay in their house for at least a year in return for rent and their Deed.
In addition, Congress has approved a few stimulus bills and was signed into law by President Obama, today. These stimulus measure include extending unemployment benefits for up to almost 2 years – the longest period of unemployment benefits ever and expanding popular tax breaks for home buyers and business owners.
First-time home buyers will receive an $8,000 tax credit on a home purchase until November 30 on residences up to $800,000 and up to $6,500 for existing homeowners that have lived in their current residence for more than 5 years of the last 8 years.
Business owners will be happy to hear that the bill lets them deduct losses for 2008 and 2009 from profits in not up to the two previous years, but up to five previous years, allowing them to get their much-needed refunds. This is an expansion from the previous provisions that only included small business deductions from 2008 and 2009.
Hopefully, these stimulus bills were designed to help struggling homeowners, homebuyers, the unemployed, and business owners get a boost to help re-jumpstart the economy – consider it a free payday from the government.