3 July 2009 no comments
In a move that suggests its initial rescue plan was insufficient, the Obama administration yesterday announced plans to widen the eligibility parameters of a key housing initiative. The change would allow borrowers with mortgages valued at 125 percent of their home’s worth to refinance into more affordable loans. Previously, only borrowers with so-called loan-to-value ratios […]
2 July 2009 no comments
S & P/Case-Shiller index shows a decline of 18% in April from a year earlier. The January year-to-year drop was 19%. In the L.A. area, prices fell 21% from April to April; the January drop was 25%.
By Peter Y. Hong
July 1, 2009
U.S. home prices continued to fall sharply in April but are no longer doing […]
29 June 2009 no comments
Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed […]
2 May 2009 no comments
Deflation has arrived but inflation could be flaring up in a couple years. The latest March consumer price index showed the first decline over a 12 month period since the Eisenhower administration. With rising unemployment and excess factory capacity there is virtually no pressure for wages or prices to rise. The first order of business […]
24 April 2009 no comments
With all the dubious assistance programs and out-right scams preying on home owners facing foreclosure, it can be difficult to find legitimate help.
Here’s a list of programs that are either operated by the U.S. government or have its seal of approval:
To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at […]
24 April 2009 no comments
With incomes falling and loans remaining hard to get, the best bargains are probably yet to come in some of the nation’s largest housing markets, predicts Forbes magazine.
To figure out which housing markets still haven’t hit bottom, Forbes calculated the spending power, unemployment, credit availability and housing stock over the last 27 years in the […]
7 April 2009 no comments
WASHINGTON (AP) — Federal and state officials are cracking down on mortgage modification scams, accusing “criminal actors” of preying on desperate borrowers caught up in the nation’s housing crisis.
Government officials said Monday that scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for […]
5 April 2009 no comments
To help provide first-time home buyers with peace of mind when purchasing a home, the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) Housing Affordability Fund is offering a new mortgage protection program to first-time home buyers.
Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible […]
28 March 2009 no comments
Mortgage rates fell once again in the week ending March 26, hitting another record low, according to Freddie Mac’s ([1] FRE: 0.80 -4.76%) Primary Mortgage Market Survey released Thursday. 30-year fixed-rate mortgages averaged 4.85 percent with an average 0.7 point, down from last week’s 4.98 percent average, and clearly below the average last year at […]
17 March 2009 no comments
Lender/Servicer Loss Mitigation Phone Numbers & Contact Information
ABM AMRO Mortgage (800) 783-8900
Web: https://www.mortgage.com/C3/application.bus
Accredited Home Lenders(877) 683-4466
AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926
1600 McConnor Parkway
Schaumburg, IL 60173
Web: https://www.myamcloan.com/malwebapp/begin.do
American Home Mortgage Corp.(877) 304-3100*
Ameriquest Mortgage (Debt collection — see AMC Mortgage Services) (800) 211-6926
Aurora Loan Services (Debt collection) (800) 550-0508
By Overnight Mail:
601 […]
8 February 2009 no comments
Bad credit can ruin a deal.
Bad credit translates into financing rejections, prohibitively high loan rates, and failed deals. That’s why real estate professionals need to educate themselves about the credit system and show prospective buyers the value of repairing their credit, if necessary, in order to qualify for a mortgage.
Unfortunately for borrowers, most credit reports […]
8 February 2009 no comments
Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for […]
31 January 2009 no comments
These days one of the biggest impediments to closing a real estate sale can be the buyer’s ability to get a mortgage.
Here are some tips for anyone who hopes to land a loan:
Turn to the government. The biggest source of loans these days is the Federal Housing Administration (FHA) and the Veterans Administration (VA). These […]
31 January 2009 no comments
With the estimated number of foreclosures approaching 8 million, it seems like everybody has a plan for modifying mortgages, but no one can agree on which one could work.
One outspoken critic of most loan modification plans is Norm Miller, a professor at the University of San Diego’s Burnham-Moores Center for Real Estate. He says he […]
Yuba City Real Estate