Half-Million Distressed Mortgage Households Helped In 1st Quarter... But Is It Enough? - 04/28/08 06:54 PM
Half-Million Distressed Mortgage Households Helped In 1st Quarter... But Is It Enough?
A new report indicates that more than a half-million U.S. households got mortgage assistance in the first three months of 2008, though most of the help was temporary.
Statistics released Monday by Hope Now, a Bush administration-organized effort to help at-risk borrowers, show that nearly 503,000 borrowers received some form of loan workout in the first quarter.
Consumer advocates say that permanent loan modifications, in which a lender agrees to reduce the interest rate or make other changes to home loans, are the best way to help borrowers.
Under pressure from lawmakers and … (0 comments)

HOME EQUITY LOAN FREEZES: What To Do If Your Home Equity Line Of Credit Is Frozen - 04/21/08 06:46 PM
HOME EQUITY LOAN FREEZES
What To Do If Your Home Equity Line Of Credit Is Frozen
In recent months, tens of thousands of homeowners have been shut off from their equity as lenders try to stem losses from subprime mortgages and other high-risk loans.
As of September 2007, delinquencies on HELOCs were up 47% year over year, according to Economy.com; the numbers are expected to be worse in 2008. In response, Countrywide has already suspended an estimated 122,000 lines, many in high-foreclosure-rate states, and USAA has frozen or reduced some 15,000 accounts. Bank of America, Chase and Citibank are among others who are following … (2 comments)

FHA EXPANDS MORTGAGE INSURANCE AGAIN, TO HELP TROUBLED BORROWERS - 04/16/08 01:39 PM
FHA EXPANDS MORTGAGE INSURANCE AGAIN,
TO HELP TROUBLED BORROWERS
A federal mortgage insurance program from the Bush administration is expanding to allow as many as 100,000 borrowers at risk of foreclosure to keep their homes.
Borrowers who are as much as three months behind on their mortgages, have damaged credit histories and owe more than their homes are worth will now be potentially eligible to refinance with a federally insured loan, according to U.S. Housing and Urban Development Department Assistant Secretary Brian Montgomery.
This comes as an attempt by the administration to try and curb foreclosures, which jumped as much as 60 percent in … (0 comments)

$15 Billion Housing Fix On The Horizon - 04/07/08 06:13 PM
$15 Billion Housing Fix On The Horizon
Senate begins discussion on package to help those hurt in housing crisis
           The Senate has begun debate on a $15 billion bipartisan housing relief package that will soon go to vote. As election-year pressure to enact a quick response to the foreclosure crisis has increased. This current package has gotten praise from the mortgage industry, but there will much debate in the Senate and House of Representatives, before anything is finalized.
The proposed package includes funding to help borrowers refinance unaffordable loans and help boost activity in neighborhoods with properties in foreclosure. Also included in the bill … (1 comments)

 

Find AZ real estate agents and Tempe real estate on ActiveRain.