Real Estate Update | Mortgage Principal Forgiveness
Life after April 30, 2010 The clock is ticking for first-time home buyers and move-up/repeat home buyers wishing to take advantage of the generous federal tax credit. April 30th is the drop-dead date to get a binding contract in place with June 30th being the date these deals must be closed by in order to qualify for these incredible tax benefits. As realtors rush to find that home for their buyers to purchase and lenders work to get those deals closed, many wonder what real estate life will be like after April 30, 2010. Will there be another wave of aid to come to the housing market? If so, what will it be? The Obama Administration continues in its efforts to stabilize the housing market, and there is much talk now of focusing the next round of aid on mortgage principal forgiveness. These efforts are both creative and somewhat controversial at the same time. According to NuWire Investor’s recent article Next Wave of Housing Aid Will Focus On Mortgage Principal Forgiveness , “As the...