Bank of America, along with other lenders, report that a huge wave of new foreclosures will flood the market, once again.  The second wave in foreclosures is due to the slowing of the loan modification program and the new release of properties that the banks have been holding.

Currently, 1.5 million homes are in foreclosure.  More Worrisome…an additional 3.5 – 4 Million home loans are “Seriously” delinquent or are in default.   Many of these loans are newer, high quality loans that have fallen into trouble due to job losses.  Job losses mean no income, so modifying or saving the loan is not an option for these homeowners.

Buyer Alert:  The $8000 Tax Credit for Buying a Home Expires in Only 90 Days.  If your loan does not close on or before November 30, 2009, you lose $8000 Grand.  Period.   With loans currently taking 90 or more days to close, you must buy a home now, in order to qualify.

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