Gov't launches plan to help "underwater" borrowers
Thursday 9th of September 2010 05:30:40 AM
Posted by admin / Under Mortgage Broker
| WASHINGTON – The Obama administration is trying to jump-start its sputtering attempts to tackle the foreclosure crisis with an effort to assist homeowners who owe more on their properties than their homes are worth. The Federal Housing Administration will allow lenders to give these borrowers refinanced loans if the lender agrees to forgive at least 10 percent of the original mortgage amount. The plan, .. announced in March, .. available starting Tuesday. The FHA said .. between 500,000 and 1.5 million homeowners are projected to be helped. |
Finding Post About New Federal Mortgage Loan Packages
Thursday 9th of September 2010 05:30:40 AM
Posted by admin / Under Mortgage Broker
| Hi FReepers, I was reading on FR about a new loan package which featured downpayments as low as 3%. Can anyone help me locate that post, it's author, or a bank participating? Thanks Sisters & Brothers, we'll get through this together guys! |
Fannie Mae tries to stimulate market for foreclosed homes
Thursday 9th of September 2010 05:30:40 AM
Posted by admin / Under Mortgage Broker
| If you're a buyer with little cash or a small-scale investor looking for a deal on a foreclosed house, a little-publicized national lending program could be just what you need this fall. Here's what it offers: • Minimal down payments — 3% for buyers who plan to live in the house, 10% for investors. Most of your down payment can come from documented gifts from relatives or others with no direct connection to the transaction. • No requirement for an appraisal on the property unless you're applying for additional money to renovate the house. This is crucial because lowball appraisals... |
Flashback: ‘I Won’t Have to Worry About Putting Gas in my Car' (video)
Thursday 9th of September 2010 05:30:40 AM
Posted by admin / Under Mortgage Broker
| As Obamanomics falters, the economy stalls and even the New York Times questions whether the President has any solutions, we remember a simpler time when "Hope and Change" meant some remarkable things to some people. |
Tenn. Family Loses Home With One Day's Notice Blames Loan Modification Company
Thursday 9th of September 2010 05:30:40 AM
Posted by admin / Under Mortgage Broker
| The Vetter family in Lewisburg first learned their house was being auctioned on the courthouse steps when they read it in the newspaper the day before. They’d paid a home loan modification company to help them avoid foreclosure, but later discovered the company had hundreds of complaints against it for doing nothing to help the consumers who had paid them. The gray brick house on a 1-acre lot is well-kept. It’s empty and has a for-sale sign in the front yard. Kathrynne Vetter pointed out where her 4-year-old daughter’s pool and swing set used to be, and where her rose... |
Thousands seeking help with mortgages jam Palm Beach County Convention Center
Thursday 9th of September 2010 05:30:40 AM
Posted by admin / Under Mortgage Broker
| WEST PALM BEACH — The Palm Beach County Convention Center filled again today with tales of mortgage woe. Before dawn, with a plump moon overhead, a line of desperate homeowners trailed around the outside of the building. They slept in beach chairs or on blankets on the ground, refugees from a bad economy, bad loans, or bad decisions. They stayed even as the rain poured down on them. Because for most of the people in the queue, the Neighborhood Assistance Corp. of America is the end of the line. The last chance to save their home. The non-profit group will... |
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