Over the last few days we’ve had an influx of good comments come into the blog. I enlisted Keith Gumbinger, vice president of HSH.com and 25-year observer of the mortgage and real estate markets, to answer some of the recent questions we received.
1. The first question comes from Rick who commented on the post “Update 1: HARP receives one year extension—what’s the point?” Read the rest of this entry »
How will you finance or refinance your home the next time you’re in the market for a mortgage? For a lot of borrowers the experience is likely to be very different than in the past. Not only that, it may also be different for a lot of lenders.
The government is now in the process of defining what is and what is not a qualified residential mortgage (QRM). This definition is required under the Dodd-Frank Wall Street Reform Act and apparently is quite complex: The government’s proposal runs 376 pages, little of which can be understood without an advanced degree.
You’ve finally gone to contract on your home, and now you’re sorry you have. How can you get out of the contract?
Marcie Geffner has a new article on HSH.com that will help answer that question and more. Below is an excerpt from Marcie’s article, “Seller’s remorse? How to back out of a home sale contract,” but be sure to read it in its entirety:
Last week we shared advice for those of you considering buying a foreclosure. Yesterday we shared some tips for those looking to buy a short sale property. As part of the “distressed real estate package” we created here at HSH.com, it’s about time we talk about real-estate owned (REO) properties as well.
What exactly is an REO property?
If you’re a homebuyer in today’s market, you’re bound to encounter at least some short sale properties in the search for your new home.
Short sales differ from most home purchases in almost every way. At every step, from shopping to negotiating to mortgage financing, short sale properties are just harder to deal with. Here’s what you need to know.
When it comes to strategic defaults, otherwise known as “walk aways”, we’ve covered everything from the moral dilemma surrounding the decision, to the impact it could have on your credit score, to the tax implications.
Now we want to examine just how long it may take a borrower who strategically defaulted to own a home in the future. Like nearly everything surrounding strategic defaults, there’s a certain amount of debate concerning this issue as well.
About a month ago, one of our readers emailed me and asked why the mortgage industry wasn’t making things easier for borrowers who didn’t walk away from their mortgages. Angry over the fact that borrowers were walking away from their responsibilities, furthering the problems that have contributed to the housing downturn — “Walking away only because you are underwater is only going to further the problem” — our reader suggested, “If we can arm the people that will continue to pay with some ammunition, maybe they can help.”
A recent announcement by Fannie Mae is step in that very direction. On applications submitted after July 1, 2010, borrowers who lost their homes via a short sale will only have to wait two years before they can apply for another Fannie-backed mortgage. Previously, borrowers had to wait at least four years.
Sometimes there are so many good topics out there to write about that we just don’t have time to cover them all in depth. In the same vein as our weekly recap, I wanted to touch on several interesting topics that have been both relevant and interesting this week.
J.P. Morgan Earns More than Expected in Fourth Quarter of ‘09: Hey, at least they’ll have money to pay the new “financial crisis responsibility fee.” J.P. Chief Executive Jamie Dimon’s not-so-optimistic comments note some of their struggles that lay ahead: Read the rest of this entry »
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.
