homeowners: “Increased Values Helping Homeowners to Refinance”
- 02/22/13 09:15 PM
“Increased Values Helping Homeowners to Refinance”
Three years ago, I attempted to do a refinance for Brendan and Cheryl. Their mortgage balance was just over $234,000, their interest rate, 7.95%. They originally purchased their home in 2005, at the height of values.
At the time I did their application, their appraisal came in at $196,000. They unfortunately didn’t have the ability to come up with enough money to pay down the debt enough so that we could get the refinance done.
In Dec. we spoke again, what were the chances of getting a refinance done. I told them, that I would … (8 comments)
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homeowners: “All the Necessary Signs for a Continued Housing Recovery”
- 01/14/13 10:07 PM
“All the Necessary Signs for a Continued Housing Recovery”
I did more preapprovals in the first 10 days of this January, compared to all of January 2012. In each of these discussions, it seems that the newer home buyers are aware that values are increasing and want to take advantage of current interest rates.
I am also hearing from folks that know they have credit challenges and want to know what can be done to repair their credit. This is a really smart step, as many want to become homeowners, but are not ready. The sooner they interact with a professional, … (7 comments)
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homeowners: Fast Track Foreclosure for Abandoned Properties
- 12/18/12 09:45 PM
“Fast Track Foreclosure for Abandoned Properties Should be Adopted by ALL States”
I wish I could totally understand what reason(s) a servicer or lender would have for not foreclosing on abandon homes. These homes hurt the value of all surrounding homeowners. What is the benefit of not getting any payments, paying the taxes and insurance and do nothing?
These abandon properties are not about getting folks out of their homes. It’s all about getting the foreclosures done and getting the properties sold.
Every state should fast track foreclosures, so that the neighborhoods can stabilize values and … (2 comments)
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homeowners: Homeowners in Search of Hope, Seem to get Scammed the Most
- 12/12/12 03:33 AM
“Homeowners in Search of Hope, Seem to get Scammed the Most”
I had clients come to my office in Manchester, Ct. by bus from Bridgeport, Ct. When I originally spoke to them, I had no idea they weren’t driving.
They were referred by a family member that I had done a mortgage for a number of years ago. These folks wanted to sit across from me, rather than do a mortgage application by phone. It just seemed like a long way to go for a mortgage to see someone face to face.
When we met, they … (8 comments)
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homeowners: FHA Eases Condo Requirements, to Help Boost Sales!
- 09/18/12 10:42 PM
“FHA Eases Condo Requirements, to Help Boost Sales!”
What welcome news! Over the last few years there have been many restrictions that have prohibited condo sales for so many. It’s about time these decisions were made and many more should be added.
All these restrictions have hurt the value of condominiums in this country. Many of these restrictions have supposedly been put on for the best interest of the consumer. The problem, I have no clue as to what they are trying to protect the consumer from.
Many condo owners have wanted to sell their … (8 comments)
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homeowners: BIGGEST HOME EQUITY JUMP IN 60 YEARS
- 06/21/12 04:02 AM
“Biggest Home Equity Jump in 60 Years”
Home buyers, need to read more information like this. This type of news needs to be shared with them, as there will be a perfect storm in the future. Interest rates will eventually start moving up and real estate values will continue to stabilize and move up. That may mean some folks won’t be able to buy.
We all need to continue to take fear out of the minds of the home buying public. I still see fear as a biggest reason, many folks are sitting on the fence.
Americans Sees Biggest Home … (2 comments)
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homeowners: SOLID REAL ESTATE & MORTGAGE NUMBERS FOR MA, CT AND RI
- 06/18/12 11:13 PM
Massachusetts, Connecticut & Rhode Island All Show Solid Real Estate and Mortgage Numbers”
We do mortgages in all of New England and all 6 states show positive numbers, but especially MA, CT & RI. Many towns and cities throughout New England are showing an upward trend in real estate values.
Appraisals, however are still a challenge. Some sales are under appraising, simply because the past comparables haven’t caught up with the new sales prices. Appraisers don’t feel it is necessary to put time adjustments for the new values.
Let me know what you are experiencing.
Homeowners … (0 comments)
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homeowners: OBAMA ADMINISTRATION GETS AN F
- 06/14/12 02:29 AM
“Obama Administration Gets an F”
I started reading some of the RESMedia article, part of it is below. They indicated that housing sales increased 2.4% over April of 2011. I would not brag about these housing numbers, nor would brag about an 8.2% unemployment.
I know the administration could give a damn what I think. Right now, this President has no chance to get reelected. If you want a shot at getting reelected, start now to repeal Obamacare and Dodd-Frank. If you are not in, you are out.
Obama Administration Releases May Housing Scorecard
By: RISMedia
The U.S. Department … (7 comments)
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homeowners: FAMILIES THAT LOST THEIR HOMES WANT TO BE HOMEOWNERS AGAIN
- 05/23/12 11:36 PM
“Families that Lost their Homes Want to be Homeowners Again”
Not as quickly as they would like, but are coming back into the market place in strong numbers. At least a couple times a week, I speak to someone that has lost a property through a foreclosure, deed-in-lieu of foreclosure or short sale. Some of these folks also had a bankruptcy in their recent history, as a result of these circumstances.
Many loan products have restrictive time period before someone can buy again and also have minimum credit score requirements.
I coach these folks as to the steps necessary to … (4 comments)
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homeowners: MORTGAGE DELINQUENCIES CONTINUE TO DECLINE
- 05/21/12 10:43 PM
“Mortgage Delinquencies Continue to Decline”
Let’s explain the new math. There have been hundreds of thousands of homes foreclosed upon over the last few years. These homeowners were all delinquent and no longer in the latest numbers.
As soon as there is an improvement in the unemployment numbers, you will see continued improvement with the delinquency rates. They are forever linked.
Unfortunately, the current administration has not been able to figure out how to improve the unemployment numbers. All the promises that were made, just a lot of hot air. The answer is more stimulus spending, that will lower the … (1 comments)
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homeowners: WHY AREN'T MORE HARP LOANS CLOSING?
- 05/17/12 03:32 AM
“Why Aren’t More HARP Loans Closing?” The HARP program isn’t asking the lender to take a principal reduction, just an interest rate reduction. The majority of these homeowners have paid their mortgage on time, but their real estate values dropped. These homeowners didn’t cause the values of their homes to drop and they want to continue owning the properties. Why make this refinance process as difficult as it is? If these folks obtain an interest rate that drops, they have more dollars to spend every month, that will help the overall economy. Right now, I am getting 7 out of 10 … (5 comments)
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homeowners: SINGLE FAMILY HOME RENTALS ARE A GROWING OPPORTUNITY
- 05/01/12 03:54 AM
“Single Family Home Rentals are a Growing Opportunity”
Probably not for the reasons that you are thinking. The last time there was the same type of opportunity, was the late 80’s and early 90’s.
In many parts of the country, real estate lost 50% of its value. There were many folks that lost their home, just like now. There are time periods that this happens. Many of these folks will want to become homeowners again. Many will rent homes, until they are able to buy again.
Many of these folks get into lease option agreements or just rent single family … (5 comments)
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homeowners: AVOIDING SCAMMERS, IF YOU ARE POSSIBLY PART OF THE 26 BILLION DOLLAR SETTLEMENT
- 03/21/12 04:04 AM
“Avoiding Scammers, If You are Possibly Part of the 26 Billion Dollar Settlement”
When you are talking about these kinds of dollars, the scammers will come a calling. It is just a matter of time. Only the 5 institutions that are a party to this settlement can make the settlement with the injured parties.
Don’t fall for something that doesn’t sound right. Make sure they tell you exactly who they are, who they represent and what their offer is. There are NO FEES involved with these settlements. Get everything in writing, don’t hesitate to speak to an attorney, if you … (2 comments)
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homeowners: LARGER PAYMENT REDUCTIONS, MEANS LESS DEFAULTS
- 12/26/11 02:03 AM
“Larger Payment Reductions, Means Less Defaults”
Many of the modifications are destine to fail. Many lenders squeeze every last dime out of the transaction with less concern, if the payments will actually be made. I recently meet with clients, that have re-modified their mortgage three times, yes three times. Each time the payments were lowered. Why did the lender not do the last payment, in the beginning. In reviewing the math, they are barely making this payment, so many of the modifications are doomed right from the start.
The article below is basically saying the same thing. If the mortgage is … (3 comments)
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homeowners: DO YOU THINK HOUSING MUST BE A NATIONAL PRIORITY?
- 11/17/11 01:31 AM
“Do You Think Housing Must Be a National Priority?”
Has there ever been a time in recent history that HOUSING wasn’t a National priority? Look, the way housing goes, so goes our country. Every Realtor, mortgage professional and all related business understand how housing is a National priority.
Each of us understand that we need to do our part, with every existing homeowner and those that want to be homeowners.
I got a thank you from a client I did a mortgage for, last month. She thanked me for getting her a mortgage, when two of the local banks said … (2 comments)
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“Increased Values Helping Homeowners to Refinance”
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