Normally I will updating this blog on Friday's but today's news is huge. Bush has signed the bill that he once opposed that is supposed to give relief to over 400,000 homeowners who are near foreclosure. The measure includes $15 billion in tax cuts, including a significant expansion of the low-income tax credit and a credit of up to $7,500 for first-time home buyers for houses purchased between April 9, 2008, and July 1, 2009. Read that again. What is already a great time to buy got even better. The legislation overhauls the Depression-era FHA. It requires lenders to show how high a borrower's payment could get under the terms of his mortgage. It provides $180 million in pre-foreclosure counseling for struggling homeowners.
In short, if you're behind on your mortgage and possibly facing foreclosure we can finally help you. PLEASE NOTE, your current bank must reduce your pay off for you to fit into this plan.
This is called a short-sale, or short sale. We can help you negotiate a short-sale. Banks are very, very willing to sign off on short-sale pay offs due to the sagging economy, depreciating housing market, and increase in foreclosures.
As always, MMC Mortgage is here to help.
Call us at 615.403.0103 for a free consultation.
Thank you,
Chris Gray
How to Get an FHA Loan
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