This month has been wet and going by quickly. It’s almost February. I hope this year be better for all. It’s seems to be better. Last week FHA has announced that they have guidelines for lenders to help homeowners who are having a hard time with their payments, due to unemployment, loss wages, etc., and are not behind on their payments. This is part of President Obama’s new law “The Helping Families Save Their Home Act of 2009″. In the past, many home owners had to be late before the banks would assist them with their problem.
Where did the year go!!!! The holidays are just around the corner and it’s time to look back and think about next year. This year has been better then last year in terms of the market. Property values have gone down so low that it has spurred a lot of buyers to purchase instead of renting. Some areas have decreased in price to what it use to be 10 years ago. The market seems to be stabilizing and the government is trying a bunch of stuff to help.
The home buyers
tax credit has been extended to April of 2010 and it has expanded the credit to existing owners too.
There is a HUD credit counseling
website, that is designed to help people that are having a hard time with their payments.
Our government is trying to assist more homeowners that are facing foreclosure with senate bill S1731 . The bill’s intent is to force the lenders to do a loan modification analysis on loans that are in trouble or going to be in trouble, to see if it is possible to lower their payments. By keeping people in their homes and not going into foreclosure, property values should not decline and will help hold the prices up for the area. If more foreclosures hit the market place, it would drag all of the other homes for sale in the area down.
The economic conditions of today is making it hard for home owners through out the nation. I have been working with a number of home owners that are having trouble paying their bills due to the times and I can tell you it is no fun. Most of the owners never had any problems until now. They are usually shocked and are scrambling to make ends meet. If you or somebody you know is having problems, there is help. For example, you can work with the lender or the government to lower your payments. You can also seek counseling to help you with your situation. What ever the problem is, it is best to find a solution quickly. Your problem becomes very stressful as time passes.
For more helpful information, please click on the following link:
http://rismedia.com/2009-09-10/lose-your-job-keep-your-home-ask-for-help-before-its-too-late/
