Obama on Fighting Foreclosure

During his campaign for the presidency, Barack Obama explained where he stands on many of the economic issues that matter most to Americans.

On foreclosures, Obama wants the government to step in to help homeowners facing foreclosure.

· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.

· Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."

· Create a 10% tax credit for homeowners who do not itemize their taxes.

· Create a $10 billion fund to help victims of predatory loans.

· Authorize bankruptcy judges to reduce mortgage principal.

"…If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street." — Obama*

What do you think? Can the new President-Elect deliver on these campaign promises? We'd love to hear your opinion. Just use the "Comment" link below to sound off and tell us what you think.

Bad Insurance Buys

Modern life isn't cheap… so it pays to make sure you're not wasting money on anything. And that includes insurance. Are you paying for unnecessary insurance? Money Editor Stacy Johnson helps you find out in this short (1:26) video…

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Home Prices Expected to Fall Even More

Home prices are down 20% nationwide since their peak in July 2006, according to the S&P/Case-Shiller home price index. Economist Nouriel Roubini of New York University, who accurately predicted the housing slide and credit crisis, expects another 20% decline in home prices in the next year. Patrick Newport of economic forecasting firm Global Insight projects a 15% drop.

The damage will likely hit even areas that have so far escaped many problems.

The action plan if you're selling:

• Wait it out

In 2010, real estate should be stronger, with fewer homes clogging the market. So if you can wait until then to sell, do it.

• Make your place shine

In many markets, sellers will face the toughest competition not from fellow homeowners but from banks and builders. Both will be willing to cut prices dramatically to sell a foreclosed or new home.

To convince buyers that your house is worth paying up for, make sure that it's in move-in condition (foreclosures almost certainly won't be). Point out unusual qualities like wide-plank floors or stained glass that cookie-cutter new construction lacks.

• Price it below market

Find out how much nearby homes fetched recently. Once you've figured out what a buyer might pay, price your house 5% below that.

Sound painful?  A recent study by a New Jersey appraiser found that houses priced below market ended up selling for more than similar houses listed above market. That's because lower prices attract more buyers.

If you have any questions or comments about this article, please use the "comment" link below to contact us. Remember, your email address will never be published on this site to protect your privacy.

Great Jobs Without a Degree

With the economy reeling and unemployment on the rise, how can you find a great job if you don't have that college degree? It may be easier (and cheaper) than you think, as Money Editor Stacy Johnson explains in this short (1:16) video…

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Homeowner Insurance: Getting the Best Quote

Too many people will find the most obscure, no-name insurance companies in order to get the cheapest deal and find out later that the company doesn't pay on insurance claims!

Bottom Line: It's a great idea to apply for online quotes from different companies, but before you move forward make sure you look up consumer opinions to make sure the company is legit!

Don't worry if you find a company with a couple of bad reviews/complaints… any insurance company that's been around for a while will have a number of complaints. (They just won't be nearly as many as the truly "bad" ones!)

Tips To Help You Get The Best Possible Rate

Pay attention to the following when you're applying for quotes:

* Try to put enough money aside so you can get a higher deductible. This will decrease your yearly premium tremendously!

* Will they give you discounts for installing safety features in your home? (i.e. security systems, fire extinguishers, deadbolts, etc.)

* Don't make the mistake of buying more coverage than you need. Think about it: why would you want to pay your insurance company for more than your house is worth? At the same time, don't under-insure your home either. It pays to get an appraisal of just what it would cost to rebuild your home if disaster strikes.

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