Nevada Association of Realtors has put out a booklet called "The Face of Foreclosure - Nevada" There is a great deal of information in this writing. One I will discuss today are the Obama Administration's plan.
What they are saying it will do:
- Release 75$ billion from the bank bailout fund to help lenders and homeowners reach new terms on their mortgages.
- Help nearly 4 million homeowners who are currently behind on their mortgage payments or are in serious danger of losing their homes.
- help nearly 5 million homeowners who are not yet facing foreclosure but are struggling to make payments and need help.
- Will reduce a borrower's monthly payments to as little as 31% of their current income and these payments can last up to 5 years.
- Give first-time home buyers and $8,000 tax credit for purchasing a home.
Also from The Face of Foreclosure, Nevada published by NVAR we are made aware of a bill passed (AB164) in the assembly on March 11th that 1% of Nevada's revenue is to be put into a stabilization fund that will be used for future economic crisis.
(A.B. 165) is suppose to go into law July 1st which is meant to insure that lenders during loan modification hearings conducted during court-mediated hearings put forth a "good faith effort". Speaker Barbara Buckley estimates that this bill will keep nearly 17,000 homeowners from going into foreclosure.
This is a great time to purchase a home in Las Vegas. To do a property search please go to my web site www.lvhms.com. The prices are way down bringing a great deal of affordability into the picture. Don't forget the first time home buyer's tax credit.
I would love to hear from you on how this economy is affecting your home ownership and how you feel about our lawmakers efforts.
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