The key here is you have to have been in contract by April 30 of this year. If you were, they are giving you until September 30 of this year to close and take advantage of the $8000 tax credit for first time home buyers and $6500 credit for homebuyers who are buying a new primary residence.

The first tax credit that was to expire June 30 of this year has caused some back log with buyers trying to meet that deadline. This new deadline to September 30 should give everyone some breathing room.

Read the Reuters Article lining out the details of the extention.

Posted by David Hughes on


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I am a first time home buyer who has been in contract since April 22,2010 and was hoping to get the tax credit but now Bank of America says they will ONLY put through the loan offer if :
A.) I pay 8,000 more than my offer ~or~ B.) they say I can forfeit my tax credit and wait until Oct 9th to resubmit my offer again at 8,000 lower.So basically, they are saying they CAN get the paperwork pushed through by Sept 30th but, only if I pay a higher amount for the home.
IS THIS EVEN LEGAL?? If anyone has any advise please help

Posted by cindiwilliams on Sunday, September 12th, 2010 at 12:42am

Hi Cindy:
I've been trying to do a bit of research on this question for you. While I can't say for sure if this is exactly illegal, it definitely doesn't sound right. I'm assuming B of A hasn't put these options in writing for you. If they have, you could always try getting a response from the State Attorney General's office. The only problem is, you're really running out of time to be able to even close a loan by the 30th.
What is your real estate agent's take on this situation? I'm sure he or she is fighting for you and has told the listing agent that you're not willing to accept these options. I would have to believe the listing agent is fighting for this to go through as well. Perhaps the listing agent needs to escalate this within B of A and continue to ask for a supervisor until they can get someone who sees the wrong in this situation.
You could also try going directly to B of A's management team to make them aware of this. I've looked online and some of the contact names/numbers/emails I've found are:

Brian Moynihan, President, CEO and Chairman
Bank of America

Matthew Task, Executive Relations
Office of the CEO

The website from where I found these had a similarly bad short sale situation and they continued to call and email these people until they got the issue resolved. They said it was actually handled very promptly.

Bank of America also has a Home Ownership Team in Reno. They usually help homeowners but may be able to point you in the right direction internally. Their number is (877) 345-6416 and the address is 695 Sierra Rose Dr, though I'm told they're not set up to handle walk-ins.

I've got some emails out to try and get some additional contacts for you as well. I'll share them when I get them.

Good luck,
Stephanie Hanna
Academy Mortgage

Posted by Stephanie Hanna on Sunday, September 12th, 2010 at 5:42pm

I'd love to hear how things are going for you. I've found out that about 3 weeks ago, there was a gentleman in town by the name of Matt Vernon from Bank of America. He heads up their short sale department. He didn't provide anyone his contact information (doesn't surprise me), but by everyone's best guess, his email would be or No one knows for sure, but he may be a possible resource if you can get in touch with him. He made promises about how smooth their transactions would be.
Best of luck.

Posted by Stephanie Hanna on Wednesday, September 15th, 2010 at 2:24pm

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