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loan modification: New Refinance Guidelines - 07/07/09 02:56 PM
The federal government's new eligibility requirements for its home-loan refinancing program should allow more Arizonans to reduce their monthly mortgage payments.
However, the program still doesn't solve the biggest problem for so many borrowers: owing much more than their homes are worth.
This week, the U.S. Department of Housing and Urban Development extended the Home Affordable Refinance Program to borrowers who are up to twenty-five percent upside-down on mortgages guaranteed by Fannie Mae and Freddie Mac.
The previous origin was 105 percent, or owing 5 percent more than the value of the home.
"As long as (the refinance loan) is at … (0 comments)
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loan modification: Foreclosures Ahead - 07/07/09 01:53 PM
Economic observers are forecasting another surge of foreclosures later this summer or in the fall. Those lenders that held off on foreclosures as part of President Obama's plan will now proceed vigorously to clear the backlog of troubled mortgages, causing the large amount of foreclosures.
Home values will depreciate with the foreclosures rising, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners, one in five of those with first mortgages, will be underwater.Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, has said that the government is "unlikely to implement another moratorium."However, Wheeler also said the government … (0 comments)
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loan modification: U.S. Has Offered Incentives To Modify Second Mortgages - 05/05/09 02:20 PM
The Obama administration announced on Tuesday, April 28 that they are offering incentives for mortgage servicers to modify second mortgages, including home equity loans.
The way the incentive works is like this: When the first mortgage has been modified, the second mortgage servicers must agree to modify their mortgage. The term of the second mortgage must be extended and the rate used will match the first mortgage rate. The government will then share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans. Under the program, the government will pay mortgage servicers … (0 comments)
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loan modification: Buyers Being Lured to 100% Loan Program - 12/23/08 12:37 PM
Home buyers are learning about available 100% financing loan programs offered by the United States Department of Agriculture. There are two 100% financing loans available, which are VA loans and the Rural Home Loan program.
The Rural Home Loan program allows no-money-down purchases. A borrower can seek up to 102 percent when a mortgage insurance policy is included. Eligibility requirements are that buyers' income can't exceed 115 percent of the median county income. The loan program is restricted to low-density areas. which generally include towns of no more than a population of 25,000. The loan program is offered by private lenders, then insured by the government.
While Maricopa County does not qualify for the 100% … (0 comments)
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loan modification: New plan seeks to streamline loan mods - 11/21/08 09:31 AM
Fannie, Freddie to lead the way
A new plan to streamline loan modifications for homeowners who have fallen behind on their mortgage payments could help "hundreds of thousands" of borrowers avoid foreclosure.
But the plan is far less ambitious than a competing proposal for the government to guarantee payments on as many 3 million loan modifications.
With Fannie Mae, Freddie Mac and the HOPE NOW alliance of 27 loan servicers standing behind it, the new streamlined modification program rolled out today by the Bush administration is expected to provide thousands of delinquent borrowers another alternative to foreclosure. In the past, much … (0 comments)
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Gina McKinley, ABR, CIAS, CDPE, CRS, SFR ~ Chandler, Gilbert, Mesa, & Scottsdale
Chandler,
AZ
More about me…
RE/MAX Masters
Address: 2390 W. Ray Rd, Suite 3, Chandler, AZ, 85224
Office Phone: (480) 821-5700
Cell Phone: (480) 600-1129
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