Archive for February, 2009

Fannie & Freddie Easing Loan Modification Rules

Thursday, February 26th, 2009

In a recent Bloomberg article, Dawn Kopecki wrote about Fannie Mae and Freddie Mac need to relax rules for a loan-modification program that promised to cut mortgage interest rates and lengthen amortization schedules for troubled borrowers, the chief economist for the companies’ regulator said.  Fannie Mae and Freddie Mac have sent 90,000 letters to borrowers [...]

What the Home Mortgage Relief Plan Means To You

Tuesday, February 24th, 2009

We have all heard about the new mortgage relief program… What does it really mean to you? Dennis Stearns of the Stearns Financial Group joined us on the GMS to help us break it down.   Here are the highlights: Who Benefits and How Do I get In On It? One of the biggest groups [...]

Negative Home Equity Hits 18% Nationwide

Monday, February 9th, 2009

First American Core Logic based its findings on a database of 42 million properties where there’s a first and or second mortgage. Being delinquent on your home loan doesn’t always mean a foreclosure.  Lenders continue to approve mortgage modification plans in great volumes. During the housing boom, Arizona, California and Nevada were among the fastest [...]

Home Loan Modification Tips

Wednesday, February 4th, 2009

Do not let yourself get pressured into signing up for a loan modification plan if you aren’t ready to commit to remaining in your home.  Have your attorney review any documents or loan modification contracts before signing them.   Ask questions until you fully understand anything you find confusing or out of the ordinary.  Ask the [...]

Housing Bill Would Help Renters Deal with Home Foreclosures

Wednesday, February 4th, 2009

The Associated Press reported that the Indiana legislators say they are trying to fix a situation where landlords facing foreclosure on their rental properties sometimes give tenants little or no notice that they need to find a new place to live.   Lawmakers want to give renters a heads up before they are kicked out of [...]

Mortgage Foreclosure Relief Bill Getting Close

Tuesday, February 3rd, 2009

The bill to save homes from foreclosure by letting bankruptcy judges alter mortgage terms moved closer to a House vote on Tuesday. The mortgage lending industry has worked unsuccessfully to stop the bill.  The House Judiciary Committee voted 21-15 to send the measure to the full House. Committee Chairman John Conyers, D-Mich., amended the original [...]

New Loan Modification Guide for Consumers

Tuesday, February 3rd, 2009

Home foreclosure in the U.S. has reached epidemic proportions, and one of the nation’s hardest hit communities, spanning three counties in Southern California, will be the first to hear about a viable solution. Founders of a new Web site, Consumerhopecenter.com, designed specifically for homeowners facing loss, plan to discuss their solution this Saturday from 10:00 [...]