Rates tanked this week. On Tuesday we were pricing the no-points no-fees 30-year fixed at 5.375%! Is it time to jump? (See article below). The first decision to make is will you be doing a self-paid refinance or a no closing cost refinance. With a no-closing cost refi you only pay for the appr
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11/29/2008
Loan modification service is actually a misnomer. The proper term is Foreclosure Prevention and Risk Mitigation. The purpose is to seek the most favorable financial outcome and to provide the borrowers with a new beginning. Loan modification is the most likely outcome, but it can also pave the w
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11/21/2008
The "easy" part of loan modification is reducing payments by lowering rates, extending loan terms (to 40, even 50 years), postponing payments, etc. The 800 lbs gorilla in the room is the issue of loan balance reduction. Homeowners with significant negative equity will ultimately accept foreclosur
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11/15/2008
Rate spikes appear to be a thing of the past for now and rates have come down to around 6%. Contrary to news reports, loans are available for all mortgage programs. // The loan modifications landscape is changing daily. Politicians are considering it, Fannie/Freddie are trying to develop LM polic
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11/08/2008