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June 26th, 2011

Weekly Recap (06/20/11-06/25/11)

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Weekly NewspaperSaturday

We help you answer the age-old question, ‘Should I refinance?’

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…

Friday

Foreclosure assistance: A strategy to increase your chances of success

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”…

Thursday

Elected officials seek weakened lending standards

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…

Wednesday

Mortgage relief for unemployed finally arrives…apply now!”

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

Tuesday

“Is it time to end FHA reverse mortgages?”

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.

Monday

”Mortgage rates moved a little higher last week

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.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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