November 2009
Extension And Expansion Of Home Buyer Credit-4/30/2010
November 18, 2009 by Financemyhome · Leave a Comment
A Big WOW!! The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer. The dollar limit is $8000 for first time buyers and $6500 for move up buyers. This GREAT news. Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move. If you feel secure in your job, think hard about buying home at this time. We can help you make the right move. Visit this site-which is from the National Association Of Home Builders http://www.federalhousingtaxcredit.com/faq2.php This site give you all the rules and regulations as they now apply.
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Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification
November 12, 2009 by Financemyhome · Leave a Comment
Have you ever wondered why a foreclosure occurs when a better solution might have been a modification? Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced? You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better. That being said, you can probably guess why-it’s about the money. It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today. Once you understand how all the pieces go together, you can see that something “different” needs to be done. I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes. Left to current industry solutions, the mortgage mess will continue to play out and get worse. If you click on the link below, you will find the free report from the National Consumer Law Center.
http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf
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Home Buyer Tax Credit Information Update
November 10, 2009 by Financemyhome · Leave a Comment
It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!!
NAR FAQ: Homebuyer Tax Credit Changes
NAR Issue Brief: Homebuyer Tax Credit Changes
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