The value of a home is dependent on a number of factors. Homes in a good neighborhood or those with attractive landscaping or a well maintained backyard and pool, typically sell for good prices even if the housing market is subdued. There is another factor which indirectly influences the value of your home adversely – the state of mortgage balances of homes in your neighborhood. This factor, which is often ignored, can push down home values significantly. [Read more…]
Is it Unethical to Walk Away from Your Mortgage?
Voluntary foreclosure, often referred to as walking away from the mortgage, has been called unethical and ruthless by some people in the financial industry. What the industry does not seem to realize is that most people who have to walk away from the mortgage do not have a choice as they are in severe financial distress. [Read more…]
Fed Prepares to Pull Out Housing Support
Back in January 2009, the Federal Reserve stepped in to steady the declining housing markets by investing in mortgage bonds. The move helped stabilize the housing segment, which was spiraling down under the onslaught of the recessive economy and bolstered the hopes of many home owners and developers alike. [Read more…]
Bank of America Announces Loan Forgiveness Plan
Bank of America has announced that it will start forgiving some portion of home loans of borrowers who have underwater mortgages. The company said that the scheme would allow borrowers to save their home from going into foreclosure. [Read more…]
Expected Homeowners to Get Relief under the Loan Modification Program
In a Treasury report released on Tuesday, the initial estimate of homeowners getting relief under the Obama administration’s Loan Modification Program has been slashed down by more than half. The initial estimate of helping 4 million homeowners is now expected to go down to 1.5 to 2 million homeowners likely to receive aid under the program. [Read more…]
Walking Away from Your Underwater Mortgage is Not the Solution
A large number of American homeowners now have an ‘underwater’ mortgage, which means that their home is valued lower than the remaining amount due on the mortgage. The problem has resulted from the massive declines in house prices throughout the country, by as much as a third in many places. [Read more…]
Home Construction Rates Fall But Still Exceed Expectations
Although home construction rates declined in the month of February, they still exceeded the expectation of analysts and economists. The government published the home construction statistics recently, which revealed this trend. [Read more…]
If You’re Facing Foreclosure Learn How to Use a Mortgage Audit to Reduce Debt
Borrowers facing foreclosure because of default on payments can use mortgage audit as a means of getting their mortgage terms softened. However, there are drastically differing views on whether this tactic will actually work. [Read more…]
170,000 Get Mortgage Modifications Under Foreclosure Prevention Program
Government’s foreclosure prevention program has been successful in providing permanent aid in the form of mortgage modifications to 170,000 distressed home owners. Another 91,800 homeowners’ permanent modification applications have been approved by lenders and will come in effect upon the borrower’s acceptance. This will up the tally of total number of people receiving permanent aids under the program to more than 250,000. [Read more…]
Pennsylvania Housing Finance Agency Offers Financial Assistance
The economic crisis has affected a large number of people, leaving many unemployed and unable to pay back their mortgage. But the Pennsylvania Housing Finance Agency (PHFA) is showing that with the right assistance, most people can back on their feet and get rid of their liabilities. [Read more…]
Rise in Mortgage Applications Hints at Housing Market Recovery
The Mortgage Bankers Association (MBA) has reported a rise in mortgage applications in the US for the second straight week. Real estate analysts believe this could be a sign that the housing market demand is beginning to recover from the lows that it has hit since the subprime crisis. [Read more…]
Is This the Right Time to Buy a House?
Property prices have been falling for a long time now and interest rates too are at extremely low levels. In addition, the government is offering a one time tax incentive to home buyers. Is this historically the best time to buy a house? Many industry insiders believe so. [Read more…]
The Fed Hit Another All Time Low
In a move to stave off potential impediments to recovery The Fed last week moved to continue lending at an all time low. Bernanke in his high-handedness and roll as senior jackass gave a rousing speech outlining the fact that The Fed will do what he says until he deems that as silly as it sounds. While the average American still feels the dry mouth of someone going to a dry well, the lending industry, a voice of reason has chimed in on the subject. [Read more…]
Mortgage Loans with no Down Payment
Banks and financial institutions sell mortgage loans in the open market. Mortgage loans are available for individuals as well as for companies. Mortgage loan is considered to be highly secured form of loan and it is given for a longer period of time. Interest rates are also based upon several factors other than the total amount of loan and the time taken for repayment. [Read more…]
20% Down on a House May Not be Your Best Option
For years financial experts have played up the importance of putting down a 20% deposit when purchasing a house. It has become mainstream and simply accepted by most people that are in the market for a new home, but the truth is that there are arguments that can be made against this strategy. Here are a few reasons why you might want to consider opting out of the 20% down method. [Read more…]
Should You Refinance if You Have Bad Credit?
People with bad credit got into trouble for many different reasons. What ever the reason is the person becomes entangled in a very serious financial situation. There is still hope but sometimes the solution will put you into more trouble than get you out of it. When faced with this problem it is good to think it out first before doing any drastic action. [Read more…]
Find Bad Credit Mortgage Lenders Online
Need to file a house loan? There are many options out there, and there are many banks granting bad credit loans that may be beneficial for you. Well, given that you have a good credit standing. If you have bad credits, banks may actually hesitate in giving you the loan, so as with other major lending institutions. [Read more…]
