Help with Foreclosure?
by: willbuyanyhouse
Total views: 88
Word Count: 318
President Bush today announced the feds will help some homeowners who have adjustable and or high or otherwise unfordable payments. Its called FHASecure. He said “there have been some excesses in the lending industry” uh, duh, you think?
The program is to help folks who are 90 days late, yet still in there house. It will help them refinance at better rates so they avoid foreclosure. We know if several foreclosures continue to happen, then the home improvement industry like Lowe’s Home Depo etc will lay off folks etc, etc, and the hits would just keep coming.
Bush also will ask Congress to suspend, for a limited period, an Internal Revenue Service provision that penalizes borrowers who refinance the terms of their mortgage to reduce the size of the loan or who lose their homes to foreclosure.
His thought is also to identify people who are in danger of defaulting over the next two years and work with lenders, insurers and others to develop more favorable loan products for those borrowers. Many homeowners believed they could refinance their loans, but that has become much harder as lenders tighten their standards in the face of defaults and foreclosures. Sound familiar???
In another move, Mr. Paulson and HUD Secretary Alphonso Jackson have instructed their staffs to begin working with mortgage lenders and others to identify borrowers who are in danger of defaulting. They also are trying to work with private lenders and mortgage giants Fannie Mae and Freddie Mac to develop loans for borrowers who will likely face default if they can’t get more flexible terms.
So, all that said, help could be on the horizon, Bush said he is not looking for a bail out of our problem, but a way to assist people who are facing these crisis. I will keep the blog updated as this unfolds.
For more information visit Las Vsgas flipping real estate blog or our flipping real estate website
About the Author
Bill Guerra resides and invests in Las Vegas, Nevada. He’s been a part of the real estate market in both up times and down, and has proven he knows how to make a profit even when “the cheese moves.”
When Bill began his life-altering path into real estate investing, he was dead broke and steeped in debt. The very idea of buying houses costing thousands of dollars seemed absurd and unrealistic.
But after a lot of personal research and a good bit of soul searching (not to mention some good old trial and error) Bill invested in his education, by purchasing some real estate investing courses. But rather than just letting them collect dust on the shelf as many do, Bill actually applied them in his own local market.
Amazingly, Bill has Bird-dogged, wholesaled, partnered, rehabbed, or purchased a total of 133 hours in 36 months - in a sellers market!
Rating: Not yet rated
Login to vote