Dennis Norman
Fannie Mae is offering 3.5 percent in closing cost assistance and a $1,500 bonus to buyers’ real estate agent or broker for people purchasing a Fannie Mae-owned HomePath® property.
Fannie Mae is trying to entice buyers to buy one of their HomePath® homes by offering to pay up to 3.5 percent in closing cost assistance as well as a $1,500 bonus to the buyers agent for owner-occupants who close on the purchase of a property listed on HomePath.com before December 31, 2010. The incentive is for new purchases only, for contracts entered into after September 23, 2010 and closed within 60 days, but in no event later than December 31, 2010.
According to Fannie Mae, more than eighty-seven thousand families have purchased a HomePath property in the first of of 2010 – nearly double from the same period in 2009.
A long Wall Avenue Journal piece a couple of days ago involved one of the “victims” whose paperwork was mishandled in the foreclosure. The man’s business went bust and he may not pay his $four hundred,00 mortgage, so he employed a lawyer when the proceedings began. Sure sufficient, the lawyer found sufficient glitches that Financial institution of America had to pay the man’s $20,000 legal charges, but the foreclosure wasn’t stopped. Now, he’s in negotiations with BoA to cut back the $four hundred,000 to $200,000. He says that was the point all alongside, to get the mortgage reduced. This isn’t victimhood, this is theft.