Most first-time homeowners were finally able to fulfill their dream of owning a home when the government offered the $8,000 tax credit for homebuyers. Unfortunately, time is running out and this reprieve is about to expire come November 30, 2009 and people are becoming antsy about whether they’re going to be approved or not. Most people, especially groups like the National Association of Realtors, Mortgage Bankers Association of America and the National Association of Home Builders, want an extension of this period and for the government to approve its increase to $15,000 even. With the new $15,000 tax credit, they also want it to be available for existing homeowners too.
Firstly, this is the first post on this new blog. It’s an old website taking a new direction. Hopefully the information we provide will be helpful to you or someone you know. Our goal is that National Loan Source becomes your true source for honest and balanced loan information.
In an effort to stem the so-called foreclosure crisis that has been plaguing the nation, President Obama unveiled a $75 Billion bailout for as much as 9 million families. This bailout is more tailored for homeowners who are in danger of getting their homes foreclosed or at the very least not being able to pay their mortgages on schedule. What happens with this bailout is that homeowners who are eligible for the program may get a reduction on their mortgage payments during a trial period. During this time, they need to consistently keep to schedule so that after the trial period (which is 3 months) they will get a higher chance of having their mortgages refinanced and reworked. However, since the unveiling, only 12% of the expected 9 million families have applied for the so-called modifications.