Real Estate News
Home Buyer Tax Credit Extended!
Congress has extended the home buyer tax credit to September 30th for those home buyers who signed contracts by April 30 of this year. The Senate unanimously passed the bill, and there was almost no opposition in the House. The president is expected to sign the bill shortly. Once enacted into law, this means that [...]
Mortgage Modification Programs (Useful Program Links)
Here’s a link to the National Consumer Law Center website which lists current loan modification programs. NCLC is a top notch group, and I subscribe to their publications. The website, in turn, has links to all program websites. http://www.consumerlaw.org/issues/financial_distress/loan_modification.shtml –Russ DeMott
Mortgage Modification Article from The Nation (“More Mortgage Madness”)
This article is fascinating and explains why mortgage modification is so difficult. It also illustrates the need for the Bankruptcy Code to provide for “cram down” of mortgages to the value of the home. As counsel for Ocwen states, modification is actually good for lenders. Far less costly than foreclosure. But the system is engineered for [...]
