Obama is expected to sign today. The law will allow "repeat home buyers" (those we've been saying all along would be most likely to benefit from the credit) to take advantage of a tax credit of $6500.

Here is one article.

They'll be rushing out to get this in 2009, and you know what happens next. Get ready boys, it's going to be a wild ride!!

Don't count it until you have it. In the current environment only those with the most pristine credit will get approved for a mortgage, so you can count YOUR targets out.

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Visit the Credit Terrorist Training Camp - http://www.debtorboards.com

A telephone in the hands of a collector is like a crowbar - it can be used to pry a mouth open wide enough to insert a foot.

Tax,

As bad as I hate to admit that you are right about anything, you are right about a certain set. Those who have made "business decisions" to screw their banks out of money ($20K seems to have been the recent dollar amounts mentioned), will not likely be very interested in this development. This set of crooks is not typically where we find the power zone of collections.

For those who have smaller debts outstanding (and even for those offering settlements on larger debts) it might make much more sense to make a play for a home if there is a $6500 incentive and do what is necessary to take advantage of the program.

It's kind of a perfect storm with the glut of inventory (including foreclosures), historically low interest rates, and now a large tax credit incentive...Tighter lending requirements will include folks having to clean up their act by paying off some of their bad credit...which is where we will be happy to assist them.

They only way you will be able to help them get the house and the credit is through a PFD. the mortgage lending criteria these days is so strict that even the appearance of the collection account is grounds for rejection. In fact, even a Consumer statement is grounds for rejection now, was well as a "disputed" notation.

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Visit the Credit Terrorist Training Camp - http://www.debtorboards.com

A telephone in the hands of a collector is like a crowbar - it can be used to pry a mouth open wide enough to insert a foot.

Kind of a vulture, aren't you?

... said the armored-truck chaser.

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The FDCPA Litigant Alert
Until 12/31/2009, we are scrubbing collection agency databases 100% FREE! - Details at webrecon.com/free

You guys are hardly armored-trucks. But someone has to pay for the Porsche. It may as well be you.