The Government and Mortgage Backed Securities
The Federal Reserve is no longer buying mortgage backed securities from Fannie Mae and Freddie Mac. Some people worry mortgage rates could rise as a result. This video explains why home mortgage rates could increase.
Los Angeles attorneys
First-Time Homebuyer Tax Credit
First-time homebuyers … You still have time!
- First-time homebuyers have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
- The income limit for claiming the full tax credit for single taxpayers is %125,000 and $225,000 for married taxpayers filing a joint return. The tax credit does not have to be repaid.
- Homes purchased for up to $800,000 are eligible.
- A first-time buyer is defined as a buyer who has not owner a principal resident during the three-year period prior to the purchase. For married taxpayers, this includes the home ownership history of both spouses.
San Diego real estate articles
New Home Short Sale Rules
The new short sale rules from the Treasury Department took effect this month, now troubled homeowners may be able to qualify if they meet the following conditions:
- The property is their principal residence;
- They are delinquent on their mortgage or close to it;
- The loan was made before Jan. 1, 2009, and is less than $729,750;
- The homeowner’s total payment exceeds 31 percent or before tax income.
- The loan is now a Fannie Mae or Freddie Mac loan. Fannie Mae and Freddie Mac are expected to release their own separate foreclosure avoidance guidelines. Read more
Homeowners – ‘Strategic Defaulters’ Skip Mortgage Payments
As part of his continuing series of reports making sense of economic news, Paul Solman tells the story of some homeowners who have stopped paying their mortgages even though they can still afford them.
San Diego real estate attorneys
The New Wave of Home Foreclosures
This 60-Minutes special features experts that say 2010 is going to be worse. Millions more Americans are going to face foreclosure with their homes underwater, even prime mortgages. Home values are going to decrease another 30-50% in the most inflated markets. Get out now and go into safer assets.
In 2007 the Real Estate Bubble began to deflate with Subprime mortgages busting the loudest. The stock market collapse in half in 2008. Deflation, then more bailouts/stimulus, then serious inflation.
Commercial Property Foreclosure
Homeowners Who Don’t Pay Mortgages Create A Substantial Boost To Consumer Spending
California home mortgage defaults
It appears the economy has received a boost from practices that let some homeowners stop paying their mortgages and use the ‘extra’ money elsewhere.
Almost everyone is aware of, or knows, someone living rent-free in their home for an extended period of time, having stopped paying their mortgage. Many of these free boarders are spending lavishly on non-essentials. Read more