New Foreclosure Alternative Gives Homeowners a Second Chance
Bank of America recently announced a pilot program that would allow homeowners at risk for foreclosure to give the bank the deed to their house and signing a lease to rent at the market rate. The program, dubbed “Mortgage to Lease,” will be tested on 1,000 at-risk owners in Arizona, Nevada, and New York. This … Read more
The Woes of Freddie Mac
An investigation by NPR and ProPublica finds that Freddie Mac has been betting against Americans’ ability to pay their mortgage. In 2010 and 2011, the company made huge capital gains by betting that Americans would not be able to pay their mortgage or qualify for refinancing. To make matters worse, the company made it harder … Read more
NAR, Federal Reserve Announce Market Remedies
The National Association of Realtors (NAR) and the Federal Reserve have announced their fixes for the down housing market. The two agree that increased lending to qualified buyers and more refinancing, loan modifications, and short sales. This strategy, the two agree, will revitalize the market, allowing for more action to take place for buyers and … Read more
Mortgage Rates Remain (Very) Low
In its release of the Primary Mortgage Market Survey, Freddie Mac shows that both fixed and adjustable mortgage rates are at an all-time low. Both rates are at or below 4% interest, which are record lows for the fourth consecutive week. Both fixed and adjustable rates are down from this time last year.
Signs of Mortgage Fraud
Knowing “the lingo” is always key when doing anything of a financial nature. Be aware that deceptive mortgage advertisments in print media as well as offers that come through the mail will have phrases such as this: “You’re eligible to take part in an exclusive interest rate reduction program” “Very low payment amounts” “Mortgage rates … Read more
