I need to sell my home very fast. How long after bailout is passed will banks lend money for mortgages?
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 24-04-2010-05-2008
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I am in the process of buying a house but I need to sell mine ASAP. I am worried that the lenders are not lending out money which would make my house very difficult to sell. My question is When the Bailout Bill is passed how long will it take before banks start lending money again and people with decent to good credit can get a mortgage? Days, weeks, months, years?
I know that my house is priced for a quick sale but if mortgages are frozen I will be stuck paying 2 mortgages.
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The bailout doesn’t have anything to do with banks lending money for mortgages. Right now, people with good credit scores and down payments can get mortgages but anyone with problems with their credit will not be able to get loans for a pretty long time.
Lenders are STILL giving mortgages.
There is FHA with 3.5% down and other loans available. If your buyer has no money or very bad credit, forget it.
MORTGAGES ARE NOT FROZEN!!!!!!!!!!!!
When the Democratically controlled Congress decides to get off its butt and do something for its constituents that is when the bailout will take place. The ” change ” they always refer to is changing from doing something to one of doing nothing. Can you imagine that of 294 bills passed 94 were postal appointments ? Pelosi should be real proud of that accomplishment as she is of energy policy not to be effective until 2013.