Mortgage Foreclosure & Refinance Resource

The two biggest sources of mortgages for American home buyers plan to raise their base fees to counter what they see as continuing “adverse conditions” in the real estate marketplace. At the same time, however, Fannie Mae and Freddie Mac — which currently fund more than three-quarters of all new home loans — also plan [...]

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In addition to the foreclosure prevention provisions, the new law offers a one-time tax credit of up to $7,500 for first- time homebuyers. It’s not exactly free money, rather an interest-free, 15-year loan. The homeowner would repay 1/15th of the amount to the government each year, $500 if they qualify for the full $7,500. No [...]

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First-time homebuyers, veterans, senior citizens and delinquent mortgage holders may benefit from the newly enacted housing bill. How well it will work may depend on regulators and your bank. The Housing and Economic Recovery Act, intended to stem home foreclosures and spark sales, offers first-time buyers a tax credit of up to $7,500. It also [...]

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