Bank Forecloses Home Despite Owners Never Missing Payment
An Altadena, California family will be able to keep its home after a local news report exposed major errors made by the financial company that tried to sell it out from under the borrowers even though they were current on their payments. Nationstar Mortgage bought Louise and Ceith Sinclair’s mortgage from Ocwen Financial Corporation and … Continue reading
One Third of American Homeowners Are Mortgage Free
In a study published by Zillow, which can be found here, some 29.1 percent of homeowners own their home outright, with no debt or mortgage remaining. So who isn’t underwater? The study found that areas with lower overall home values primarily housed those who don’t have mortgage debt. Mortgage debt is accrued when home values … Continue reading
New Short Sale Guidelines Meant to Prevent Foreclosures, Stabalize Markets
Fannie Mae just announced a new, more streamlined process for short sale documents and procedures. These new guidelines will update the documentation process, waive deficiencies for borrowers that complete a short sale, and will set standard payments for mortgage holders. The bank hopes that these new guidelines will make it easier for more buyers to … Continue reading
Things You Must Know About Reverse Mortgages
For many Americans, a reverse mortgage is attractive because they offer a way to keep their home. Seniors especially, who may be overwhelmed by medical bills and property taxes, benefit greatly from such a program. The bad reputation that reverse mortgages has comes from many situations where people didn’t make decisions that were positive for … Continue reading
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 … Continue reading
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 … Continue reading
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 … Continue reading
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 … Continue reading
Buffalo New York Real Estate 