Florida Real Estate and Mortgage News
Many homeowners have lost their homes or are on the verge of losing their homes due to job loss, illness, etc. The new trend though is homeowners that can afford their mortgages walking away because they may owe more than the home is worth. Not only is this irresponsible but will wreak havoc on your credit file for 7 years. Below is a story that covers this trend.
There is a new tax credit for First Time Home buyers purchasing in 2009 which is a much improved version of the 2008 tax credit. The biggest and most significant difference is that the tax credit does not have to be repaid like the 2008 tax credit as long as the property remains your primary residence for 3 years. Also, it allows a tax credit up to $8,000 versus the $7,500 for the 2008 tax credit. This tax credit might just be what First Time home buyers that are sitting on the sidelines needed to pull the trigger and purchase their very first home. Read all the details on the 2009 tax credit at http://approvedteamlending.com/1st-buyers/2009taxcredit.html.
Wow, how things have changed. What we used to think was normal is now completely different. I came across an article that I thought was fitting for this time that takes on different parts of having financial security. Read below.
The 7 New Rules of Financial Security
by Carolyn Bigda and Paul J. Lim
Tuesday, March 17, 2009 provided by CNNMoney.com
In a world turned upside down, you must re-examine some basic assumptions. A good place to start: understanding the true nature of risk.
Starting today March 4th, the Obama Administration came out with the Homeowner Affordability and Stability Plan to help homeowners stay in their homes. Their hopes are that by helping homeowners that are current or on the verge of becoming delinquent Refinance into a more affordable payment. This in turn will hopefully slow down the decline in Real estate values and foreclosures. We have the Executive Summary of the plan as well as questions and answers to your pressing questions. There are also 3 cases on our website to show examples of the plan in action. Visit now at approvedteamlending.com/obamaplan.html.
WASHINGTON – The Obama administration kicked off a new program Wednesday that’s designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
The Treasury Department released detailed guidelines designed to let the lending industry know how to enroll borrowers in the program announced last month.
