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news: Foreclosure-Prevention Scammers: How To Not Become A Victim - 09/21/09 03:56 PM
The most common foreclosure-prevention scams works like this: The despaired home owner gets a letter that says something like, "We know you're having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now."The poor home owners call the number and agree to pay an outrageous amount of up to $1,500 upfront for help with their mortgage. Then, nothing happens. Finally, the home goes into foreclosure and the home owner has no one to fall back on.Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says … (2 comments)
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news: 7 Valuable Tips For First-Time Home Buyers - 09/21/09 02:58 PM
The housing market has taken a drastic turn since the foreclosure crisis in 2008. Here are seven pieces of wisdom from economists and financial planners for anyone considering a home purchase today:
The smartest way to purchase a home is to put 20 percent down on a fixed-rate, 30-year (or less) mortgage. Do not depend on income growth. Even though buyers in their 20s and 30s will likely see their incomes increase more quickly than previous generations, it is important to always act sensibly when borrowing. Any family that is considering adding children to their family should calculate whether they could live on one … (0 comments)
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news: 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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news: 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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news: When Should Homeowners Walk Away? - 06/24/09 01:13 PM
In a complicated market like todays, it is hard to know whether you should keep your home or walk away from it. Many homeowners have watched their property values drop over 25 percent, sometimes more. Some say the market hasn't even hit the bottom yet.
Some homeowners are beginning to wonder if staying in their home is even worth it anymore. Some wonder, "If I owe more on the mortgage than the house is worth, why throw good money after bad?" When homeowners are thinking of walking away, they need to remind themselves of why they purchased the home, when they … (1 comments)
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news: Foreclosure Crisis Now Spreading To Prime Mortgages - 06/09/09 06:15 PM
The prime borrowers are rapidly going into foreclosure, especially in those states of mass unemployment or decreasing property values, all which saw a huge run-up during the housing boom.
It's a marked shift from earlier this year, when foreclosures were driven by defaults on subprime loans. It has major implications - ravaging the credit scores of those borrowers who once had impeccable records and dragging down property values in the more wealthy neighborhoods.
It also threatens to weaken the housing recovery.
"It's definitely a concern," says Brian Bethune at IHS Global Insight. "(Unemployment) is a major driver of foreclosures, and it will frustrate … (1 comments)
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news: Obama Signs Anti-Foreclosure Bill - 05/20/09 07:37 PM
President Obama signed a new legislation that entices the banks to help save homeowners facing foreclosure on Wednesday. President Obama states that it protects the homeowners and cracks down on lenders who try to take advantage of their situation.
The law expands on an existing program that entices the lenders to adjust the mortgage rate if the homeowner pays an insurance premium. The bill also extends a deposit insurance increase by the FDIC from $100,000 to $250,000 until 2013.
The House voted 367-54 to pass the Helping Families Save Their Homes Act on Tuesday, where it progresse to the Senate who had voted 91-5 in favor of the bill and approved the final … (0 comments)
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news: Perfect Time To Steal A Deal On Vacation Property - 05/05/09 02:31 PM
Although the market is at a record lows, right now is a fantastic time to purchase a second home in a vacation paradise at a great price, if you can afford it.
Since there are a significantly small amount of people that have the ability to spend money on this kind of luxury, sales as well as prices are down in many prime locations. Buyers with the desire and the funds can pick up a steal of a deal.BusinessWeek and Zillow.com took a look at the second-home markets where prices have decreased between the fourth quarter of 2007 and fourth quarter of 2008.Here is … (0 comments)
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news: Ocotillo MOMS club hosts open house April 22 - 04/21/09 03:27 PM
Stay-at-home moms looking for creative ways to get their children out of the house and score some social interaction time for themselves, are invited to check out the Moms Club of Chandler Ocotillo South during an open house from 9:30 a.m. to 11:30 a.m. Wed., April 22 at Chuparosa Park in Southern Chandler. The free event includes crafts, refreshments and snacks.
The MOMS Club of Chandler Ocotillo South, which is a local chapter of an international group for moms who choose to stay at home and raise their children, serves the community South of Ocotillo Road, East of Price Road, West … (1 comments)
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news: Fed Plans Spark Drop In 30 Year Rates - 04/03/09 06:40 PM
Freddie Mac has reported that the average interest on a 30-year mortgage fell from 4.98 percent to 4.85 percent in less than a week. This drop in interest rates resulted in a 38-year low. This decrease has made housing incredibly affordable. The average price of a home is $172,000, making the mortgage payment only $878.38 for a principal and interest loan.
This diminishing rate came shortly after the Feredal Reserve announced their plan to make another purchase of $750 billion in mortgage-backed securities. They plan to purchase $300 million in Treasuries as well. President Obama claims that refinancing is now possible for 40 percent of mortgages and encourages home … (0 comments)
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news: Consumer Confidence Predictions - 12/31/08 03:53 PM
CNNMoney is reporting that consumer confidence is at an all-time low. Reports come from the Consumer Confidence Index.
"The further erosion of the Consumer Confidence Index reflects the rapid and steep deterioration of economic conditions that occurred in the fourth quarter of 2008," said Lynn Franco, director of the Conference Board Consumer Research Center.
Are these lows here to stay? The overall economic outlook predicts to be quite low for the first half of 2009, followed by only a modest recovery in the second half.
… (0 comments)
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news: Rates Vary Based on Economic Status, But Show Progress in Housing Market - 09/07/08 02:46 PM
Freddie Mac released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 6.35 percent with an average 0.7 point for the week ending on September 04, 2008, down from last week when it averaged 6.40 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.46 percent.
The 15-year fixed-rate mortgage this week averaged 5.90 percent with an average 0.6 point, down from last week when it averaged 5.93 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 6.15 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.97 percent this week, with an average 0.6 point, down from last … (0 comments)
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news: Identity Theft Prevention Tips - 07/18/08 08:20 PM
The following is guide to help prevent Identity Theft. It provides some critical information to limit the damage in case this happens to you or someone you know:
1. Do not sign the back of your credit cards. Instead, put 'PHOTO ID REQUIRED.' 2. When you are writing checks to pay on your credit card accounts, DO NOT put the complete account number on the 'For' line. Instead, just put the last four numbers. The credit card company knows the rest of the number, and anyone who might be handling your check as it passes through all the check processing channels won't … (0 comments)
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news: Governor announces local toll-free help line - 06/20/08 08:35 PM
STATE OF ARIZONA
EXECUTIVE OFFICE
JANET NAPOLITANO
GOVERNOR
WWW.AZGOVERNOR.GOV
NEWS RELEASE
FOR MORE INFORMATION
CONTACT:
PRESS OFFICE
(602) 542-1342
FOR IMMEDIATE RELEASE
Thursday, May 29, 2008
"MORTGAGE TROUBLE? DON'T DELAY. CALL TODAY."
Governor announces local toll-free help line
PHOENIX - Governor Janet Napolitano announced today the latest effort in a series of state
initiatives to better serve Arizona families facing foreclosure. Homeowners who are either
delinquent on their mortgage or face foreclosure now have a new, dedicated 24/7 toll-free help line
to reach a local Arizona foreclosure counselor: 1-877-448-1211.
"In response to a problem that is increasingly affecting … (0 comments)
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news: Property-flipping rule suspended - 06/20/08 08:31 PM
The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.WASHINGTON (AP) -- The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the … (0 comments)
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news: Where McCain, Obama Stand on Housing - 06/06/08 08:10 PM
As the race for the presidency shapes up as a contest between Sen. John McCain, the presumptive Republican nominee, and Sen. Barack Obama, who will claim the Democratic nomination, here are their initial positions on housing and related economic issues.McCain:1. Proposes to spend up to $10 billion to allow some home owners to trade high-interest, adjustable-rate mortgages for fixed-rate loans.2. Proposes a suspension of the 18.4-cent federal gas tax and 24.4-cent diesel tax during the summer.3. Supports a middle-class tax cut by doubling the personal tax exemption for dependents to $7,000.4. Calls for a simpler tax system with two tax rates … (0 comments)
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news: Bush: More Help on Way for Home Owners - 04/04/08 05:50 PM
The Bush administration released over the weekend a sweeping proposal to revise regulation of financial markets.The proposal, which will be outlined in detail April 1, will merge or eliminate some long-standing institutions like the Securities and Exchange Commission, and streamline others. The Federal Reserve would get a new role as the super cop in charge of financial-system stability. Some proposals are expected to directly address the current mortgage-risk problems. Treasury Secretary Henry Paulson, who authored the plan, says it wouldn't necessarily prevent future financial crises."I don't think any regulatory system is going to change that," Paulson says. "I think we rely … (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
Email Me
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