Real Estate Industry News - November 2008 Vol 8 issue 11
Wednesday, 29 October 2008 09:25 | Written by Administrator | 
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Stock Market Up and Down. $700 bil Bailout. State Budget Deficit.
What does this mean to us?
It means investors are still making a bunch of money manipulating the stock market, and we, the general public, pay for it. Investors are buying residential investment property cheap, and we have to rent. Lenders are scrutinizing bowwers more than ever, and it becomes more difficult to buy. But that does not mean there is no hope. There are still deals out there to be bought, and lending packages to help. FHA and FHA lookalikes, VA, and convential lenders are still there but you need a 680 now and no BKs for seven years.
What about those in trouble now? I still say the best option is talk. Contact your current lender and ask if your loan qualifies for a restructure, or modification, or ????. Just keep asking. Even if you are upside down. With rentals becoming scarce, the rent could be as much as your payments, and you will loose the current tax credits for interest, etc., costing more in the long run.
Do not loose hope, we will survive.
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