Florida Home Buyers and Investors Blog

For those in  adjustable rate mortgages that are either about the adjust, or have already adjusted and behind, the Federal Government is coming to the rescue.  Although this program is not for everyone, it may provide some needed relief to strapped homeowners who feel they are forced to sell, get foreclosed on, or just walk away from their homes.

Back in the early 90's then prices were depressed, I was one of those people who purchased a home.  As the market continued to decline, loss of jobs and other pressures, it became hard to make payments, but we bob and weave, make sacrifices, and ensure we have a roof over our heads.  Never once did we give in, try to sell, or even consider giving the bank the keys.

Responsible homeowners will find a way to get through the rough times.  But the government wants to make it a bit easier.

The new FHA Secure program may be the answer for those who still have decent credit, some equity, and way to pay the bills.

Over the next few weeks we get a clearer picture of what the government has in store for us.

Legislation is also in place to relieve homeowners who are foreclosed on and the bank does a short sale (Selling for less than what is owed).  Typically that amount was considered income and taxable.  Sounds crazy, but that is the FED for you.

So if you owe $400,000 and the bank sells the house for $350,000, you don't have to pay taxes on the $50,000.  How nice!

As I receive more information, I'll pass it along.