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October, 2008 Bailout: Help for Homeowners?
The recent announcement of the Fed's bailout of financial institutions will not be a cure-all, and we have seen that as the stock market has plunged since the announcement. However, the bailout package does give some hope to strapped homeowners who are overmortgaged on their homes.
If you owe more on your home than it's worth, now is the time to call you lender to try to negotiate a "modification." A modification means that ...
posted by admin October 08, 2008 8:15 | permalink | comments(0) | Housing BubbleSeptember, 2008 Rates down on Fannie/Freddie News
The big news over the weekend was the government bailout of Fannie Mae and Freddie Mac, the mortgage giants who back over 50% of the nation's mortgages. The bailout is likely to have a positive effect on the housing market, but how is it affecting mortgage rates?
Well, the short answer is- rates are down, and sharply. We have not seen rates at this level since this past spring, when 30 year fixed rates ...
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You may have heard about the new $7500 tax credit available to first time homebuyers under the new Hope For Homeowners plan that the government recently passed.
On the surface, this seems like a great program, and it is as long as consumers understand it. The $7500 is a credit, not a deduction, which means you file for the credit as part of your 2008 tax returns, and will receive a check for ...
