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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: Five ways to avoid foreclosure and sometimes save your home and credit - 10/20/08 12:36 PM
If you, or someone you know, is behind or going to get behind on the mortgage payments, there may be a way to keep your home and maintain your credit rating if you confron the problem early. The most common mistake people make when they get behind on their mortgage payments is to ignore the problem. I know that there are some people that don't even open the foreclosure warning they get from the lender. Not all of the following methods will result in saving your credit and two will not save your home but will keep you out of foreclosure.
Forbearance … (13 comments)
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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: Hope for Home Owners vs. Negotiated Payment Reduction...which will work? - 10/13/08 01:43 PM
OK, I am going to make some assumptions as to what may happen in relation to the Hope for Homeowners (H4H) vs. a negotiated adjustment in a current mortgage.
For this exercise, let's assume the following:
•1. Home was purchased in October 2006 on a 2 year ARM
•2. Price of home was $200,000
•3. No Down Payment - Current balance is $196,850
•4. Initial Interest rate is 8.5%
•5. P&I is $1,537.83
•6. Index is 6 month Libor - Currently at 4.02%
•7. Margin is 6.7%
•8. Current value of home is $180,000 (10% decrease in value)
•9. Current FHA … (0 comments)
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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: Hope for Homeowners or H4H outlined by HUD - 10/12/08 05:43 PM
HUD had delivered the basic brushstrokes for the new Hope for Homeowners program that came into effect Oct. 1 with the Housing Bill of 2008. Interestingly, apparently there is no list of lenders available yet as to who will be doing these loans. However, the following is very interesting:
List of participating lenders COMING SOON The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes.
The program is effective from October 1, 2008 … (17 comments)
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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: Open Letter to Bill O'Reilly, Fox New Channel, the O'Reilly Factor on the Mortgage Meltdown - 09/18/08 01:12 AM
I watched the O'Reilly Factor tonight and watched him argue with Neal Cavuto about several things, but when he again espoused more government regulation on mortgage lenders, I had to respond. I will be very surprised if he actually reads my e-mail, afterall, it won't work as a sound bite and it definitely isn't pithy. Hi Bill, I know I am supposed to keep it pithy, but there is no way to address this issue in a sound bite. You keep saying that we need government oversight to keep things like the mortgage melt down from happening in the future. In … (55 comments)
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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: If You Have An ARM, Pull Out Your Note - 09/17/08 07:22 PM
Steve & Eleanor Thorne are friends from across the country. This is a very well thought out and articulated article on what the recent news has and is doing to adjustible rate mortgages. If you have an ARM, pay close attention.
Thanks to Steve and Eleanor. Please leave your comments on this excellent post on their original post: http://activerain.com/blogsview/696203/If-You-Have-An.
Via Eleanor Thorne, Cary Mortgage Loans:
LIBOR is on the rise. In fact, according to Bloomberg:
"The overnight Libor rate in U.S. dollars soared 3.33 percentage points to 6.44 percent today, its biggest jump in at least seven years, according to the … (0 comments)
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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: New FHA Downpayment guidelines released by HUD/FHA real estate loans require more downpayment - 09/12/08 04:47 PM
The U.S. Department of Housing and Urban Development released Mortgagee Letter 2009-23 Sept. 5, 2008, (that means it is the 23rd this year) regarding the revised downpayment requirements of the Housing and Economic Recovery Act of 2008.
This change will take place Jan. 1, 2009 and will require a borrower "shall have paid, in cash or its equivalent...an amount equal to not less than 3.5% of the appraised value of the property..." What this means is that were an FHA buyer had to have a minimum of 3% contribution into the purchase of a home, it could be a combination of down payment … (0 comments)
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hud fha 203b 203b real estate loan eugene springfield mortgage foreclosure secure hope lender fred chamberlin eugeneloanguys purchase refi: HUD FHA Real Estate Loans for the Eugene/Springfield are available and usable - 09/04/08 02:03 PM
I saw someone else do this recently and decided it was probably a good idea. What I am doing is bringing to the front some of the blog posts I did earlier about a particular subject, in this case FHA loans.
I really want to spend days and days explaining the intriquite workings of FHA loans, but I don't have the time and you don't want to spend that much time reading. So, I have decided to point you toward some of my past blogs that will explain part of the programs. More will be coming later.
To understand the FHA … (4 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
More about me…
Guild Mortgage Co - Oak Harbor WA
Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
Office Phone: (360) 675-6106
Cell Phone: (541) 221-3455
Email Me
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