1st Time Homebuyers May Be Out Thousand$ In Tax Credits Due To Stalled Closings Resulting From Recent 'Robo-Signer' Mess

HousingWire reports:

• Homebuyers who were set to close on the purchase of a foreclosed home may not qualify now for the homebuyer tax credit after lenders suspended those sales in 23 states, real estate agents tell HousingWire. The closing deadline for the homebuyer tax credit was extended earlier in the year from July 30 to Sept. 30 in order to make sure more first-time buyers received the $8,000 credit. Existing homeowners were set to get $6,500.

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• "There are brokers who were at the closing table, with their buyers, and GMAC (Ally) pulled the carpet out from underneath them. Can you imagine the lawsuits they are going to have, for the people expecting the tax credit, which had to transfer title by Sept. 30?" one REO broker told HousingWire.

For more, see Foreclosure robo-signers put homebuyers' tax credit at risk.