This entry was posted
on Wednesday, September 3rd, 2008 at 5:06 am and is filed under forecloser Foreclosure Homes.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
More Resources:
Dothan foreclosure listings, Buckeye foreclosures, Fayetteville foreclosure homes, Longmont forclosures, Murrieta foreclosure, Windsor foreclosed homes, Homestead foreclosure listings, Lawrenceville foreclosure properties, Terre haute foreclosure properties, Nicholasville foreclosure properties, Lafayette bank foreclosures, Brooklyn bank foreclosures, Lansing foreclosure, Saint joseph foreclosure listings, Farmington bank foreclosures, Rochester foreclosure, Neptune foreclosure, Monroe bank foreclosures, Tulsa foreclosure homes, Summerville foreclosure listings, Cleveland foreclosure, San Antonio foreclosures, Provo foreclosure list, Virginia beach forclosures Bank Foreclosure Foreclosure Homes Foreclosure Listings foreclosures in California foreclosures in indiana foreclosures in Michigan foreclosures in Texas foreclosures in Missouri foreclosures in North Carolina foreclosures in New York
One very important section of the bill that was signed on 07/03/2008 by President George W. Bush established a new set of regulations for originators of home loans. All loan originators will now need to go through screening, education, testing and a licensing process. A national registry of mortgage originators has also been created as a provision of the bill.
First time home owners are to receive up to $7,500 as tax credits. This would be an interest free loan which will have 15 years to be paid back in. The first payment due on this loan would be after two years.
With foreclosure houses generally selling for lesser than their market prices, they would provide to be an interesting option for first time home buyers.
Part of the bill has also allocated $4 billion to local communities in order for them to buy foreclosed houses, renovate them and eventually sell them.
If a lender agrees to reduce the principal amount on a loan down to 85%, the bill will also allow the Federal Housing Administration to place a guarantee on the loan. This move is to benefit around 400,000 home owners across the country.
With lenders having a choice in whether they wish to refinance loans, one would have to wait and see how many lenders will take part and what the implications of this step will be.
Government sponsored mortgage institutions Freddie Mac and Fannie Mae will also receive relief as part of the bill in the form of a momentary line of credit.
The $4 billion provision for local communities, the $7,500 loan for first time home buyers, the credit, etc. are aimed at controlling the crisis the housing industry is going through.
The registration and education of lenders and brokers, however, are aimed at preventing a similar situation in the future.
