The Senate is trying to “fix” the foreclosure mess and, as usual, offers ideas that will probably make things worse for homeowners. But if you’re investing in distressed real estate, this legislation could launch a whole new generation of late night TV infomercials telling you how you can get rich in real estate.
Check out this article at Breitbart: Critics Blast Senate Housing Bill
At issue is a proposal to award a $7,000 tax credit to people who buy foreclosed homes or homes on which foreclosure has been filed, one piece of a broader measure that awards tax breaks to homebuilders and banks yet offers little for families in foreclosure.
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