The News Review:
- New home loan changes bring no relief
- Racing to Refinance
- Inflated prices, bad borrowing and foreclosures in Garner spawn fraud…
- Hundreds seek help at free clinic for ailing homeowners
- About Real Estate: Save yourself unneeded costs — bypass ‘rescue&…
New home loan changes bring no relief
San Francisco Chronicle – Apr 13, 2008
Who’s that going to help? Not many people. Or ask the borrowers themselves. An Oakland woman, who asked not to be identified because she wants to keep her financial affairs private, wanted to refinance an adjustable-rate mortgage on her $1. 2 million house purchased four years ago. She and her husband have excellent credit and incomes, have 30 percent equity in the home, and are willing to pay down the current loan enough to increase equity to 40 percent. They sound like the kind of borrowers any bank would welcome with open arms. And, in fact, they can easily qualify for one of the new “jumbo light” loans – but they’re being quoted interest rates at a pricey 7.
Racing to Refinance
Washington Post – Apr 13, 2008
Racing to Refinance. The Mortgage Bankers Association reported in mid-January that refinance applications were up 92 percent since the beginning of.
Inflated prices, bad borrowing and foreclosures in Garner spawn fraud…
News & Observer – Apr 13, 2008
Call police, bank saysAs loans began adjusting upward, buyers attempted to refinance; that’s when they found out that they had overpaid for their homes. Owners began walking away — either letting banks foreclose or selling to others at cut-rate prices to keep their credit rating intact, a process known as “short selling. “One owner called Debbie Nicely, a loan officer for Fairway Mortgage in Raleigh, to refinance. Instead of loaning money, Nicely urged her to call Garner police. “I was suspicious because of the age, the size of the units and the price they were selling for seemed way too high,” Nicely said in a recent interview. Zohouri’s development company, United Housing Sandlin Branch LLC, paid an average of $55,803 for each of the 112 units. Lenders and appraisers familiar with Sandlin Branch now agree that the units were overvalued, and the market bears them out: Townhomes originally priced at $105,500 are now selling regularly in the $40,000s.
Hundreds seek help at free clinic for ailing homeowners
San Diego Union Tribune – Apr 13, 2008
They can't refinance because their homes are worth less than they paid for them. “You can tell how hungry for information people are from someone they feel they can trust,” del Rio said. “Everyone said, 'You'll be able to refinance out of this. ' That is the case only if you have equity. ”
There were 1,316 residential foreclosures countywide in February, a 0… “We didn't really know what we were doing. They never explained about the loan, just: 'You qualified; here's your new home. ' ”
Frantz said his monthly mortgage payments had risen from an initial $1,989 to $2,767, more than he could afford. After meeting yesterday with a counselor at the summit, Frantz said he was hopeful he would be able to find “a mortgage solution that will enable us to keep our home. ”
Also seeking help was James Scarborough of Poway. Scarborough said he fell behind on his mortgage payments after business dropped off at the machine shop he runs out of his garage. “If I lose my home, I lose my business,” Scarborough said.
About Real Estate: Save yourself unneeded costs — bypass ‘rescue&…
Palm Beach Post – Apr 13, 2008
I used my savings to make my mortgage payments until January, but then the money ran out. The bank sent me a default notice in February… The lender might be willing to temporarily reduce or even suspend your monthly mortgage obligations until you regain your financial footing. If your problems have been exacerbated because you have a subprime loan whose rate has recently soared, you might be eligible for the nationwide rate-freeze program recently approved by President George Bush. Or you might qualify for lower payments by refinancing through one of the Federal Housing Administration's revamped loan programs. Also, contact the federally approved Hope Now Alliance, a group consisting of homeowner-counseling agencies, banks and other financial institutions. You can call toll-free at (888) 995-4673 or visit.
[...] Raleigh Public Relations Society Announces Call for Entries in Sir…Carolina Newswire – Carolina Newswire (press release) – Apr 13, 200814, 2008) The Raleigh Public Relations Society (RPRS) is now accepting entries for the 2008 Sir Walter Raleigh Award for Excellence in Communication. Awards will be given in 24 categories across 6 divisions. The Sir Walter Raleigh Award competition is held annually by RPRS as a showcase of exemplary work by statewide public relations and communications professionals. This competition recognizes and honors all practitioners who have achieved excellence in the field, from small, independent organizations to full-service agencies. The competition is open to communication professionals across North Carolina.Related: Inflated prices, bad borrowing and foreclosures in Garner spawn fraud… [...]
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