Eligible first time homebuyers in 2008 (From April 9, 2008-Dec 31 2008) are eligible to receive up to $7500 (or 10% of the home value) tax credit, that must be repaid in equal payments over a 15 year period, interest free.
This acts as an interest free loan.
As of right now it can not be paid back early. Only paid through your tax refund or at tax time.

In the past couple weeks a bill was passed where all eligible first time homebuyers for the year of 2009 are able to receive an $8000 "gift" from the government. This gift would be seen on their tax return and would not have to be repaid, unlike 2008 homebuyers.

With all this said- there are plenty of 2008 homebuyers who are struggling to make ends meet in this economy, why should they (we) have to repay the money and the 2009 buyers get to walk free?

If you are eligible for the 2008 homebuyers credit but feel it is unfair to have to repay over 15 years while 2009 buyers get a 8000 dollars as a gift, please sign this petition, and also I encourage you to write a letter to your local congressman and senator regarding this issue.

If enough people get through to senators and congressmen around the country, we may be able to get this bill looked at again, and possible have it changed.

To find your senator:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
For congressman:
https://writerep.house.gov/writerep/welcome.shtml

After a few months I will see how many signatures I receive for this- if it's a good amount I am going to email it to every senator I possible can along with a formal letter.

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