Keeping Home Affordable Only Works for a Select Few

Nine months ago, the Obama administration offered banks $75 billion in taxpayer money to rework troubled mortgages.

So far 650,994 homeowners nationwide have received temporary, trial modifications under the administration's foreclosure-prevention plan.

However the Congressional Oversight Panel reports less than 2,000 borrowers had successfully completed their trial period and received permanent loan modifications as of Sept. 1.

Now I'm no statistician, but those are some dismal results.

A moment on the soapbox

As an active Realtor in Utah, it is my desire to see people become homeowners. Homeownership creates pride and boosts self respect which in turn strengthens communities... Sadly, these are truisms the government and lenders are only giving lip service to.

The Constitution begins with the words: We the people. When are "we the people" truly going to come together on this issue?

What do you think about the Goldman Sachs / Fannie Mae Deal?

http://bit.ly/10V0HU

How Struggling Homeowners Can Stay in Their Homes as Renters - The Home Front (usnews.com)

How Struggling Homeowners Can Stay in Their Homes as Renters - The Home Front (usnews.com)

Posted using ShareThis

Homebuyer Tax Credit Extended and Expanded

So this past Friday, President Obama signed the bill extending the First-Time Homebuyers Tax Credit to June 30, 2010 making the new deadline for being under contract April 30, 2010 with a closing date no later than June 30, 2010.

Key improvements to the bill are the increase in income limits. For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.


For up to date information on eligibility and requirements, please take a look at these websites:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

http://www.federalhousingtaxcredit.com/glance.php

Important Information for Homeowners in Foreclosure!

Please take a moment to read this important information about the dangers of signing over your deed... In Foreclosure? Never Sign Over The Deed!

Also, read our previous post below: "Real Estate Investors - Friend or Foe?"

There is a lot to consider when working towards a short sale and this is a most serious aspect that should be reviewed with the greatest care. It is encouraging to know that there are ways to safeguard your position and ensure you are working with someone who truly has your best interests at heart.

Encouraging post from Loanworkout.org

“American families–12 million of them–are underwater on the mortgages on their homes,” he said. “The total amount of money that’s been lost by families out of their net worth due to home depreciation is probably $5 trillion. To me, (those figures) help explain why consumers aren’t buying cars, why they aren’t buying new clothes, why they aren’t taking big trips, why they aren’t eating out.”

Read more about Wilbur Ross and American Home Mortgage Servicing here:

http://bit.ly/PDL8