Fewer Homebuyers Look To Foreclosures - 12/23/10 05:18 PM
U.S. homebuyers are less likely to purchase a foreclosed property today than they were a year ago, according to a recent survey by Trulia & Realty Trac.  Some 45% of U.S. homebuyers say they are at least somewhat likely to purchase a foreclosure today, compared with 55% who said that same a year ago.
Only 1% of homeowners who carry a mortgage say walking away from their home would be their first option if they are unable to pay it, while 59% say they would not consider walking away no matter how much their mortgage was underwater.  More than 2/3 of … (0 comments)

Penalties Increase for Borrowers Who Walk Away - 12/17/10 12:41 PM
Borrowers who consider walking away from their mortgages have yet another reason to think twice.  Fannie Mae has implemented a new policy that penalizes borrowers who walk away even though they had the ability to pay, or who did not complete a workout arrangement.  Such borrowers now will be ineligible to obtain a Fannie Mae-backed mortgage loan for seven years.  However, borrowers who experience extenuating circumstances may be eligible for a new mortgage loan within two to three years, depending on the situation.
Fannie Mae is also considering legal action to recoup the outstanding mortgage debt from borrowers who strategically default … (20 comments)

The Cost of a "No-Cost" Loan - 12/02/10 06:18 PM
Some home buyers who may be concerned about paying high closing costs might be tempted by a "zero-cost" or "no-cost" loan option, which requires no cash outlay, but typically adds a half percentage point to the rate. However, some financial consultants say these loans tend to be most beneficial to buyers planning to have the loan for less than five years.
KEEP THIS IN MIND
• One of the primary differences between a no-cost loan and similar loans is that no-cost loans do not tack on closing costs to the balance, but instead increase the rate.
• With no-cost loans, third-party … (0 comments)

 

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