The News Review:
- Mortgage Refinancing
- Explaining short sales and foreclosure again
- Mortgage bankers see housing recovery in ’09
- Viewer Stories: Housing Market Victims
- ‘Hope for Homeowners’ gets a slow start
- New mortgage-aid program hopes to save dreams
Mortgage Refinancing
Food Consumer, IL
But before deciding, you need to understandall that refinancing involves. Your home may be your most valuablefinancial asset, so you want to be careful when choosing a lender orbroker and specific mortgage terms. Remember that, along with thepotential benefits to refinancing, there are also costs. When you refinance, you pay off your existing mortgage and create anew one.
Explaining short sales and foreclosure again
Boston Globe, United States
He is in a situation that has become more common since the sub-prime meltdown in the summer of 2007: One of the problems we are facing is, when we tried to sell it, we asked if we could just pay off the difference to our mortgage holder, that was unsuccessful as they tried to push us into a short sale, which I didn’t understand because we’re current on our mortgage. We tried to take out a personal loan, however the amount was too much and exceeded personal loan limits. We’ve tried to refinance to make the mortgage lower – so we would actually want to keep it and maybe break even or make money off of the house (with the rental), but we cant refinance since the value has dropped so much we’d have to finance more than 100%, and banks just dont do that now-a-days. What does a person do!?Tim First a few definitions:Who: Mortgage holder or lender is the entity that is owned the amount of the mortgage. Seller is the owner of the house. A short sale means that the seller does not have enough money to pay off the existing loan on the property at the point of sale. (Example, the seller owes $350,000, but the sale will yield $320,000) This is sometimes called “upside down.
Mortgage bankers see housing recovery in ’09
Providence Business News, RI
2 percent the week before that. The Refinance Index fell 23. 5 percent last week to 1,158. 8 points after rising 12. 9 percent the preceding week and 0. 9 percent the week ended Oct.
Viewer Stories: Housing Market Victims
KQCA, My58.com, CA
I asked if there was a set time before it would go back to full payments. They said no, we could do it for as long as it took. Well to make a long story short, two months ago we looked to refinance again and start making regular payments, only to find that the mortgage company added $12,000. 00 a year on to the principle, so we are now upside down $30,000. My wife isn’t working, and due to injuries from my job, nothing ever got paid off. So to refinance, we would need to pay the $30,000.
‘Hope for Homeowners’ gets a slow start
CNNMoney.com
So far, the program has made little progress so far for three key reasons:First, the program is voluntary for lenders. And it requires them to take a loss. It allows certain borrowers at risk of foreclosure to refinance into a 30- year fixed-rate loan insured by the Federal Housing Administration (FHA) if the current lender agrees to write down the existing loan to 90% of the home’s market value today. In plummeting areas such as California, if a lender holds a $500,000 mortgage and the home’s current appraisal comes in at $400,000, the lender would forgive $140,000 in all. Even before the program launched, lenders expressed concerns about the potentially enormous write downs they would face. So far banks and investors have been reluctant to write down loan balances. From July 2007 through June 2008 only about 1.
New mortgage-aid program hopes to save dreams
KSL-TV, UT
“It’s really risky, and I’ve seen and heard of a lot of people lose their homes over it,” Anderson said. But a new program can help homeowners in that situation. The “DreamSaver” Program will help more than 500 Utah households refinance from an ARM to a fixed-rate mortgage. It’s part of the Housing and Economic Recovery Act of 2008. The bill allows the Utah Housing Corporation to purchase loans from lenders and offer mortgages at lower rates. The program will mostly apply to low- to moderate-income families. Take, for example, a couple living along the Wasatch Front with a gross household income of $70,000 and a $250,000 mortgage.
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