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Sending Out An S.O.S.

The federal government has launched a new website with online tools that will allow a homeowner to determine if they are eligible to participate in the "Making Home Affordable" loan modification and refinancing program.

The site is http://makinghomeaffordable.gov and shares information about how this program works and who is eligible for assistance.  This is the same $75 billion program you may have heard of recently in the media.

Before visiting the site you should gather:

  • Information about your first mortgage, such as your monthly mortgage statement.
  • Information about any second mortgage or home equity line of credit on the house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • Your most recent income tax return.
  • ...

One Trillion Dollars

Here's the plan...we get the toxic assets...and we hold the taxpayer ransom for...(cue dramatic music and close up)...one trillion dollars (cut to dismayed taxpayer).

Seriously though... 

What the Fed just announced is huge – basically...you and I (aka taxpayers at large) just bought another $750B in Mortgage Backed Securities ("toxic assets"), and $300B in U.S. treasuries. 

What Does This Mean For You?

This should provide for increased demand for Mortgage Backed Securities, which should - in turn - keep mortgage rates low for the foreseeable future.

Good news if you're a buyer looking to take advantage of current market and all the homes being offered at a deep discount. 

Also good news if you're a currently own a home and have the necessary equity position to refinance at a lower rate.

...

Atlanta Foreclosures

The Atlanta foreclosure problem continues to get worse.  According to EquityDepot.com, which tracks foreclosures, more than 10,000 bank-owned properties are scheduled to be sold on courthouse steps next month.  The 13 county Metro Atlanta area shows 10,138 foreclosures scheduled this month.  That's nearly 1,700 homes more than the previous record at 8,425.

...

Nobody's Happy

Everything is amazing right now...and nobody is happy.

A Nation of Ingrates?

It's true...we do take for granted the miracle of the world we live in. And maybe he's right. Maybe this current economic situation is just what is needed to have us, as a Nation, show more gratitude for the luxuries our lives afford us.

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