Many people will be surprised to hear this, but city governments can use stimulus money to buy up foreclosed properties from lenders for low income housing. As astounding as this sounds, the principles behind it are logical, effective and helpful to the entire real estate market. Many of our tax dollars are gathered and labeled to help the indigent in our ranks. Cities have to buy up some kind of buildings, homes or apartments to help the poor people find places to live. The alternative is to pay people who own the properties a contracted rate, which is adjusted and guaranteed by the municipality.

Some of the occupants of this kind of housing are disabled and need special care, or they may just be people who are unemployed and need help getting back on their feet. Residence in this type of housing is typically short term so that people do not overstay their welcome, unless conditions demand a longer stay. The owners of the low income housing can qualify for special tax exemptions for agreeing to allow their property to be used to house the poor. This tax break is multiplied when you understand that the government also guarantees the rent for the properties so that property owners are not too afraid to participate in the low income housing programs.

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Are you in default on your home mortgage? Do you feel like it would take a miracle to save your house? Well, President Obama didn’t do a miracle, but he did sign a Home Stimulus Plan that will help millions of homeowners like you avoid foreclosure. Maybe you qualify.

The Treasury Department has 75 billion dollars set aside to operate this loan modification program. They have a list of banks and lenders who are approved to participate. They receive governmental incentives of $1000.00 each for rewriting existing mortgages for struggling homeowners very much like you. These modified loans will provide a lower house payment so that the homeowner can afford to stay in their homes. They also can forgive late fees, which can pile up and make a bad situation worse!

The home you live in must be your primary residence, where you live more than half the time. It can’t be a vacation home, a second home, or rental property. It must have been originally financed on or before January 1, 2009. And, the loan amount can’t be more than $729,750. The federal bail-out program only applies to loans that are backed or serviced by Fannie Mae or Freddie Mac.

The main burden of application is to prove two major points to the lender:

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