US Treasury announces 2nd loan help program - 04/28/09 06:13 PM
The Treasury today announced details of the "Second Lien Program," which will work in tandem with the existing Home Affordable Modification Program to ensure more borrowers receive the assistance they need.
"Up to 50 percent of at-risk mortgages have second liens, and many properties in foreclosure have more than one lien," the Treasury said in a statement.
"Under the Second Lien Program, when a Home Affordable Modification is initiated on a first lien, servicers participating in the Second Lien Program will automatically reduce payments on the associated second lien according to a pre-set protocol."
Alternatively, loan servicers can extinguish the second … (1 comments)

First Time Homebuyer Tax Credit Explained - 04/15/09 11:51 PM
Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers in its efforts to stimulate the economy and revive the housing market,Time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use this link below to find out more about the tax credit.
www.GregZaccagni.com & www.MortgageAdvisor.info
 
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Reverse Mortgage Loan Volumes Reach Record High Levels! - 04/15/09 11:47 PM
Reverse Mortgage volume hit a new record high last month, according to the Department of Housing and Urban Development (HUD).
Home Equity Conversion Mortgages (HECM), allow homeowners aged 62 and older to pull equity out of their homes without making mortgage payments, increased 24% from February, setting a new record of 11,261 endorsements.
Recently, the maximum loan amount for reverse mortgages was increased to $625,500 from $417,000, and the loans can now be used to PURCHASE a new primary residence.
New legislation capped reverse mortgage fees and counseling fees can no longer be paid for by lenders or brokers in an effort … (0 comments)

Reverse Mortgage Loan Volume Surge to All Time High's - 04/15/09 10:06 PM
Reverse Mortgage volume hit a new record high last month, according to the Department of Housing and Urban Development (HUD).
Home Equity Conversion Mortgages (HECM), allow homeowners aged 62 and older to pull equity out of their homes without making mortgage payments, increased 24% from February, setting a new record of 11,261 endorsements.
Recently, the maximum loan amount for reverse mortgages was increased to $625,500 from $417,000, and the loans can now be used to PURCHASE a new primary residence.
New legislation capped reverse mortgage fees and counseling fees can no longer be paid for by lenders or brokers in an effort … (1 comments)

Leading Cause of Mortgage Loan Defaults identified as Depreciating Home Values - 04/13/09 10:26 PM
A report released by the Boston Fed last week challenges the common arguments that attribute rising delinquencies to unaffordable mortgage payments.
"We find that the DTI ratio at the time of origination is not a strong predictor of future mortgage default," the report said.   "A simple theoretical model explains this result."
The economists estimated that a 10 percentage-point increase in the debt-to-income ratio increases the probability of 90-day delinquency by just seven to 11 percent.
Conversely, a one percentage-point increase in unemployment rate raises this probability by 10-20 percent, and a 10 percent fall in house prices raises it by more than … (0 comments)

 

Illinois Mortgage Lender Greg Zaccagni

Wheaton, IL

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