Here is an email that I got from Pam Herrington of Prospect Mortgage. This is exciting info and we just have to wait for it to become law, and I hope that is soon.
It is tied into the NFIP Insurance program bill that is waiting to be passed .
Bob Stephens
This is good, but the key is that they needed to be under contract since April 30 and if they are having to wait five
Months to close! Wow! BUT it is a good move…too bad they didn't just bring back the actual Tax Credit. Oh well.
This will help those that are having challenges getting their deals signed off from sellers and selling banks.
Pamela Herrington, CRMS
Senior Loan Officer
NMLS# 209227
480-294-4989 Direct
877-455-4179 Fax
Pamela.Herrington@prospectmtg.com
www.MyProspectMortgage.com/PHerrington
From: Chief Operating Officer
Sent: Friday, June 18, 2010 10:26 AM
To: Chief Operating Officer
Subject: Senate Approves Closing Date Extension until September 30 for Home Buyer Tax Credit Program
**Distributed To: All Staff/All Locations**
| | | 
| | | For Internal Distribution Only | June 18, 2010 | | | Senate Approves Closing/Funding Date Extension until September 30th for Home Buyer Tax Credit Program On Wednesday afternoon, the Senate OK'd a proposal to add three more months to the closing schedule of the tax credit program, extending the deadline until September 30, 2010. The extension applies only to sales that went to contract by April 30. The amendment has been strongly supported by the National Association of Realtors, who estimates that 180,000 buyers who had a contract in place by April 30 still would be unable to close on their home by the end of this month. For the amendment to become law, the House and Senate must reconcile their bills. With the housing market still teetering, any move that may help sales numbers is likely to get Congress' attention. We will notify our customers and business referral partners about this exciting news through special editions of Mind Your Money, which distributes today to all consumers, and Industry Insider, which distributes tomorrow to all business partners. All regular recipients of Mind Your Money and Industry Insider automatic emails will receive the special edition emails. We will send further updates on this important issue as further information becomes available. Tom Fiddler Chief Operating Officer Prospect Mortgage | | | | | For Internal Distribution Only | | | | |
Confidentiality Statement: This email may contain attorney-client privileged or confidential information. It is for the sole use of the intended recipient(s). If you have received this transmission in error, immediately notify us by telephone at 818-981-0606 and return the original message to us at Prospect Mortgage, 15301 Ventura Blvd.,Suite D300,Sherman Oaks, CA 91403 via the United States Postal Service.
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