To: President Donald Trump
Relief for Underwater Home owners
We, the undersigned, strongly urge the President to use his authority to issue an executive order to offer a ten year one time tax write off in equal portions per year divided by the total amount of the underwater portion of a sale of a single family primary residence that is underwater.
Why is this important?
This is a proposal to extend relief to homeowners with underwater loans that may otherwise be qualified to purchase a new or different home. This program would include a one time tax write off deductible over a ten year period, in equal portions per year for the sale of a single family primary residence.
I have been stuck in a home far underwater for 7 years, but am otherwise qualified to purchase a different home if there were a way to write off the loss of the underwater amount in the event of a sale.
This order is an affront to the banks and the Congress who have empowered the banks to write off ALL of their costs for homes they hold in inventory that were once the homes of families that have not been able to write off any portion of their losses. The banks have ALL of the benefits that should belong to the victims of the Housing bubble debacle, in that the families cannot get one penny of relief for their losses. This will get the real estate market going by unleashing market forces allowing bank held inventory to rapidly adjust to mark-to-market pricing instead of mark-to-prior-sale pricing.
Real estate sales is a primary generator of economic strength and results in huge job creation. By unlocking the portion of the economy now being held by the Banks within the spread between their pricing and fair market pricing, billions of dollars will enter the economy and generate jobs.
Congress is dysfunctionally unable to enact something similar because of politically sectarian gridlock. The Banks will never willingly mark-to-market because the ability to write off the artificially higher prices gives them a greater benefit than doing the right thing.
I have been stuck in a home far underwater for 7 years, but am otherwise qualified to purchase a different home if there were a way to write off the loss of the underwater amount in the event of a sale.
This order is an affront to the banks and the Congress who have empowered the banks to write off ALL of their costs for homes they hold in inventory that were once the homes of families that have not been able to write off any portion of their losses. The banks have ALL of the benefits that should belong to the victims of the Housing bubble debacle, in that the families cannot get one penny of relief for their losses. This will get the real estate market going by unleashing market forces allowing bank held inventory to rapidly adjust to mark-to-market pricing instead of mark-to-prior-sale pricing.
Real estate sales is a primary generator of economic strength and results in huge job creation. By unlocking the portion of the economy now being held by the Banks within the spread between their pricing and fair market pricing, billions of dollars will enter the economy and generate jobs.
Congress is dysfunctionally unable to enact something similar because of politically sectarian gridlock. The Banks will never willingly mark-to-market because the ability to write off the artificially higher prices gives them a greater benefit than doing the right thing.