Weekly Recap (06/20/11-06/25/11)by Tim Manni
Just by going to Google and searching “Should I refinance,” you’ll be presented with nearly 700,000 responses to what may seem like a simple question. In fact, the answer is quite simple.
However, the answer only becomes simple once you are given the proper advice. The problem with the majority of those online answers to “Should I refinance,” is that far too may “experts” are giving out the wrong advice, says Dan Green, loan officer and contributing writer to HSH.com…
The same complaints this blog has been receiving (for years) from frustrated homeowners regarding the federal modification program, HAMP, have reached the Huffington Post.
In light of these common frustrations, a new strategy (one I believe should have been in place since day one) has slowly and spottily been adopted between homeowners and lenders: developing a “single point of contact”…
Are tighter mortgage standards causing a slow-down in real estate sales?
That’s the essential claim made by the National Association of Realtors earlier this week. The NAR says that May’s existing-home sales were down 15.3 percent when compared with a year ago and part of the reason is that lenders are requiring more of borrowers…
Homeowners in 27 states and Puerto Rico who are at risk of foreclosure may finally be getting some much-needed relief.
The Emergency Homeowners’ Loan Program (EHLP), created through the Dodd-Frank Wall Street reform, is designed to provide an interest-free loan to those struggling to make their monthly payments due to unemployment, underemployment, illness or injury.
EHLP will help these homeowners pay a portion of their monthly mortgage payments for up to two years or provide up to $50,000, whichever comes first. HUD, who is administering the program along with NeighborWorks, expects to reach up to 30,000 distressed homeowners with loan amounts which are expected to average $35,000…
Following in the steps of Bank of America and Financial Freedom, another huge lender has announced that it will no longer sell reverse mortgages.
Wells Fargo says it’s leaving the reverse mortgage business. It will no longer sell home equity conversion mortgages (HECMs), reverse mortgages sold to those aged 62 and above and insured by the FHA. The company will continue to service current borrowers.
As we move closer to summer (Tuesday marks the official start of the season), the economic outlook isn’t expected to improve all that much, and neither are mortgage rates. Yet an improvement in mortgage rates can mean different things to different people.
As we’ve mentioned several times before, unchanged or even falling mortgage rates, while largely a byproduct of the flagging national economy, have continued to provide tremendous opportunities to would-be homebuyers or refinancers.