Underwater on Your mortgage? Thoughts to Consider In the fourth quarter of 2009 another 600,000 homeowners found themselves “underwater” or owing more on their mortgages than their homes were worth. In fact, the total number of households in this situation is now over 11 million people or 24 percent of all properties that carry a […]
Struggling Refinance Program Extended
Struggling Refinance Program Extended The Obama administration recently announced that borrowers with little or no equity in their homes will have yet another year to take advantage of a refinancing program that so far has made little progress. The initiative, known as Home Affordable Refinance Program (HARP), was set to expire in June. But, so […]
Were Your Loan Documents Forged?
Were Your Loan Documents Forged? It is estimated that there are more than 9 million people who are in foreclosure today with the numbers of foreclosures increasing by the day. There is a silver lining for some of them. Documents pertaining to some home loans were not correct and in some instances were even forged. […]
Underwater on Your Mortgage?
Underwater on Your Mortgage? The housing market is still very unstable. One month we read that home sales are strong and home prices are rising. The next month we see that sales are down. One piece of discouraging news that came out recently was that in the fourth quarter of 2009 another 600,000 homeowners found […]
Foreclosure Activity Declines in January
Foreclosure Activity Declines in January A total of 315,716 U.S. homes were mired in the foreclosure process in January, a 10% decline from foreclosure activity measured in December. That number is still 15% above the level of foreclosure activity reported in January 2009. The report shows that one in every 409 U.S. housing units last […]
Buying Houses in Foreclosure
Buying Houses in Foreclosure Buying a house in foreclosure can be the deal of a lifetime or a risky proposition. Potential home buyers are attracted by homes advertised as foreclosures available at rock-bottom prices. These ‘would-be-homebuyers’ hope to win the lowest bid and purchase a home, sometimes having never seen or inspected the home. This […]
A Housing Shortage on the Horizon?
A Housing Shortage on the Horizon? The focus of the U.S. real estate market lately has been the number of foreclosures and people trying to buy cheap housing. But Brian Wesbury, chief economist at First Trust Advisors, says that if Americans don’t start focusing on building new houses, the market will have a much bigger […]
Help Arrives for Distressed Homeowners
Help Arrives for Distressed Homeowners Help could soon arrive for homeowners who don’t have the financial resources to make their mortgage loan payments. Mortgage rates and home prices could become a distant memory, while releasing owners from any liability. One of the nation’s largest mortgage servicer providers, CitiMortgage, just launched a new program aimed at […]