September 8, 2008

On Sunday, the United States government assumed a larger role in the mortgage industry when it has seized control of mortgage giants Fannie Mae and Freddie Mac.  This was done in an effort to reverse the current housing and credit crisis.  Many experts think this seizure will lead to lower interest rates and result in a stimulation of real estate industry.

Please click the link below for more information:

http://www.sun-sentinel.com/business/sns-ap-mortgage-giants-crisis,0,3180741.story

Please contact one of the attorneys at Khani & Auerbach to discuss impact of the government seizure of Fannie Mae and Freddie Mac on the real estate market and to learn how we can assit you when you purchase or refinance your home. 

July 31, 2008

President Bush signed a housing bill intended to rescue 15% of the cash strapped homeowners in fear of losing their homes to foreclosure.  An estimated 2.8 million homeowners can lose their homes by the end of 2009.  Here is what you need to know:

1.  Anyone purchasing their first home between April 9, 2008 and July 1, 2009, will receive up to $7,500 in tax credits (subject to certain limitations).

2.  Homeowners struggling to make payments on high-interest mortgages may contact their lender and transform their loans into government backed 30-year fixed rate mortgages.  To qualify, a borrower must have a mortgage debt to income ratio which exceeds 31%. The new loan cannot exceed 90% of the homes value and borrowers must prove th ablilty to repay the loan.

Please contact one of the attorneys at Khani & Auerbach to discuss this new legistation and to learn how we can assit you when you purchase or refinance your home.