Will Real Estate transactions, now, be delayed?

[question everything]

whatever there are?

Part of the stimulus package is $15,000 tax credit for first time home buyers for homes bought for a year after the bill takes effect. Now, if I were going to close on a house soon, I would halt all proceedings until after the bill has passed and signed by Obama.

[grasswire]

1. ya know, that doesn't seem quite fair

People are being evicted from homes they are renting, losing deposits. Others have lost homes and the equity paid in as homeowners.

So where are the breaks for those folks? Where are the regulations to stop landlords from skimming the rent and the equity and then letting the bank have the property back?

(This is happening to me and my family right now. Our landlady hasn't paid the mortgage since September and the house will be sold by the bank out from under us, despite the hefty rent we have paid to her.)

[question everything]

2. No, it is not fair, and I am really relly sorry for what

you are going thru.

What i don't understand, since mortgage rates have been going down, why can't the banks refinance all the default mortgages at the new rates? After all, they are paying less to borrow money.

OK, maybe not all mortgages, but certainly for the ones who have jobs and who can stay in their homes if their payments are brought down to be at a bit below market rates.

[2Design]

3. a lot of them have been living rent/mortgage free for some time

[2Design]

4. probably but concern that realtors and speculators will drive prices right up to take

in 15,000 right off the bat and there won't truly be a savings - homes are still so VERY overpriced compared to salaries

if they don't make it just first time buyers then all those who cash out by selling their over priced houses to the people losing them right now will again make out and buy up what is available - it does not seem there is a good system and if it is anything the republicans are proposing you know it is for those with money and the rest of the people