Mortgage relief comes to West Palm Beach

The mortgage relief came to West Palm Beach. A new office was opened some days ago offering thousand of people some help to modify their loans and to remain their property with them. The office said that about 20 000 residents had been registered asking for assistance. The head says that they have come back again as the number of people who needs help in West Palm Beach home buying. During the few past days the crowd was so huge, but not everybody managed to see the advisors. So now they have about 10 000 modifications from people. Those who addressed for help say that they are very happy to get modifications to stay with the property they once bought. The program appeared in the area just on the time, as the number of foreclosures was at peak. There were few people who wanted to get a house, but there were too many of them who wanted to sell their property. The program has saved really many houses in the area.

Condos in Florida

Fannie Mae has developed a new program for providing more mortgage money for stimulating sales of properties throughout Florida. Investors and condo sellers in Florida, for example, houses in West Palm Beach, can get most benefits from this new policy.

Fannie Mae said that the main idea of the program is to provide liquidity to the stagnant condo market due to many problems, such as falling prices, excessive offers, condos abandoned by buyers. According to this program, second time buyers will get the $6,500 tax credit, first time buyers will get $8,000 credit.

But some Miami area condo experts are not so sure that Fannie's new program will boost the real estate market because about 85% of condo’s owners are foreign people who are not influenced too much by the crisis.