Once again the government is set to throw more taxpayer money right out the window in the name of bailing out homeowners facing foreclosure. Quite frankly, such a move no longer shocks us as much as it makes us just want to scream “stop this insanity.”
Here’s why. The government is going to make $3 billion available through a couple of different programs whereby so called hard hit homeowners facing foreclosure will be able to apply for up to $50,000 “deferred payment bridge loans” that are zero percent interest, non-recourse subordinate financing good for 24 months to help them pay for their mortgage principal, interest, mortgage insurance, taxes and hazard insurance payments. So, let’s see if we understand this right. They have no jobs or are facing some form of severe financial hardship and we are supposed to believe that within 24 months things are going to turn completely around and they will then be back on their feet and just fine? Well, if that’s the case, then why the non-recourse stipulation?
Continue Reading Will the Handouts Never End?
Tags: foreclosures, HUD, mortgages
The mid year 2010 
With all the short sales and foreclosures occurring in the Florida real estate marketplace, renters need to know their rights under the recently passed Distressed Condominium Relief Act. Otherwise, they might just find themselves at odds with their landlord and the units association.
Bankrate has released its annual survey on home closing costs again this week. In Florida, the news was actually better than expected. For 2010, the closing costs on a $200,000 home purchase averaged $3,987, a rise of $381 over last year’s cost of $3,368. And, while still expensive, Florida’s number dropped it from No. 3 on last year’s list to No. 12 this year.
