Welcome Back Readers! I put up a post the yesterday about how FHA has recently changed their policies to allow loan modifications for qualifying borrowers before they miss a payment . This is a great policy and I sincerely hope it will help more people stay in their homes. The problem though is that in many cases it won’t. Loan modifications nationwide are failing to help avoid foreclosures. Why is that? What does it have to do with Tribbles again? Read on after the jump to find out!
Welcome Back Readers! It was a busy week last week in the real estate world, the Lancaster County PA Real Estate Market is moving quickly. I apologize for the shortage of posts recently due to this but you can expect a little more consistency in the coming weeks. I wanted to start of this week with a nice change announced by HUD last Friday.
Until HUD made this change to the rules for FHA loans, in order to qualify for a loan modification, struggling homeowners had to actually MISS payments. So, if you knew you were going to be in torouble, you had to let it happen before you were eligible for loss mitigation. Check out the release from HUD on the details of the program.
The complete press release from HUD is after the jump
Welcome Back Readers!
I apologize in advance for the negative tone of this post, but it is information that people who plan on buying this year need to have. Let me start with this: There are many solutions available to FHA’s problems, and there are other programs that allow cash poor buyers to still purchase homes. It is not the end of the world, FHA is still a fine program, but I have an issue with their changes not offering a solution to their problem.
Call me if you want to find out how low money down programs can still benefit you, in the meantime please be aware of the following info.
FHA has announced policy changes today that will potentially have a negative impact on the housing market. Read on after the jump to see excerpts from a release by NAR:
Waiting. Sometimes a wise strategy, sometimes a foolish one. When it comes to home buying, waiting will surely cost you. There are a number of reasons why, but before I go into that, let’s get one thing clear…. if you aren’t in a positions to buy, if you truly can’t afford it, don’t do it. But if you are unsure, if you are “thinking about it”, if you are planning to “start looking” in a few months, you need to hop off the fence and start now. Waiting is a mistake. Here’s why:
… and he plans to use it to take out the US Housing Market!
I know, very dramatic. Maybe even a little uncalled for. On the other hand, there is really no other way to describe how potentially dangerous the policy changes that HUD Secretary Donovan is proposing this week. What are those changes?
I know, I know, not the most inspiring title but seriously, when we look at market statistics in today’s ecnomy not that bad is pretty darn good! Read on to find out more!
This past Friday, President Obama signed into law H.R. 3548. This bill, at it’s heart a bill to extend unemployment 
benefits {which, by the way, is being completely overlooked as the critical step it was to help the unemployed workers in this country, but that’s a topic for another day (see, I’m overlooking it too!)} contained a roundly supported amendment to Extend and Expand the First Time Home Buyer Tax Credit that was set to expire this month. Unless you were hiding under a rock, by now you’ve no doubt heard countless talking heads telling you that this bill will either (A) Save the US Economy or (B) Lead the US Economy into a head on Collision with the ever growing Mountain of National Debt.
Well, if you were looking for someone to support Choice (B), you should probably look elsewhere. But if you were looking for someone to explain just why this bill is critical to the recovery of the nation’s housing market and just may save our entire economy, then keep on reading!
With a quick and resounding “Yes” vote, the House today passed HR3548, extending and expanding the Home Buyer Tax Credit! All we need now is for President Obama to sign the bill into law!
The Senate voted today 98-0 to pass the HR 3548. HR 3548 is a bill that extends unemployment benefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!
