Upcoming Foreclosures

Does anyone know about the $7000 US Government Foreclosure Tax Credit, or when it will be passed?

Public Comments

1. It's nothing more than a proposal, with little real chance of passage.
2. Experts are concerned that rather than helping with the current foreclosure situation, that it will cause more foreclosures to occur. If it becomes too easy to buy foreclosed homes, banks might be more inclined to foreclose on a house rather than renegotiating new terms with a homeowner behind on their payments. Another potential issues is that it makes foreclosed homes owned by lenders more attractive to buy than other homes (because of the credit). That has the effect of lowering the value of homes occupied by people who are up to date with their mortgages. Of course, the other side rejects those ideas and has their own arguments for it. That's why this bill's future is questionable.
3. Go to crystalball.com