Archive for April, 2007

Where did my house go?

Monday, April 30th, 2007

Many communities are at risk as home foreclosures are up due to many homeowners defaulting on risky subprime loans. As these borrowers reach payment hardships, many fail to reach their loan provider to arrange any kind of relief or arrange a payment method. Foreclosure filings, which include default and auction sale notices and bank repossessions, […]

Making the list for home foreclosures

Friday, April 27th, 2007

Foreclosure rates are rising throughout the country and in some states at a great clip than that of others. The top 10 looks like this: Nevada, Colorado, Georgia, Michigan, California, Florida, Arizona, Ohio, Texas, and New Jersey. If you live in one of these states I am sorry to say but your foreclosure rate is […]

Reverse mortgages poised to pick up slack

Thursday, April 26th, 2007

With the rising number of foreclosures and fewer home purchases the mortgage market seems poised to jump on a new way to profit, in steps the reverse mortgage. More and more older individuals are finding it hard to make ends meet with social security alone so they are finding new ways to add to their […]

“You are being foreclosed upon.” “I thought those were just warnings.”

Wednesday, April 25th, 2007

The blame game for the fall in subprime loans could be longer than pointing a single digit. The list of people to blame could be longer than the number of remind you of a “6 Degrees of Kevin Bacon” game. “Everyone has a share in the blame – lenders, borrowers, regulators, investors. There were a […]

So what would you say you do here?

Tuesday, April 24th, 2007

Over the past decade the mortgage industry has advanced in ways we have never seen before. There is a faster, automated processing system and new innovative products offered to borrowers. While the rest of the mortgage industry was making these strides the FHA Loan program remained the same making them less of a choice to […]

Help me out with this will ya?

Monday, April 23rd, 2007

The mortgage industry was partly created by the federal government in 1934 when they helped to insure long-term housing loans but then they fell of the map with the advent of private lenders which led to the mortgage boom. Well now that the mortgage boom seems to be subsiding the federal government is poised ready […]

NAR chimes in about the FHA

Friday, April 20th, 2007

Testimony continues today in the House Financial Services Subcommittee for Housing and Community Opportunity as the debate over two proposed bills to help alleviate subprime loan holders continues today. National Association of Realtors spokesperson Iona Harrison, a Realtor(R) from Maryland, said, “Now is the time the country needs FHA. As subprime loans reset and real […]

FHA to the rescue

Thursday, April 19th, 2007

Many subprime loan holders are currently holding their breath as Congress debates proposed reform to the FHA program. Many of those subprime loan holders are in the midst of a foreclosure on their home and with the reform may have a way out to keep their home and not be foreclosed upon. Brian Montgomery, chief […]

FHA to modernize

Wednesday, April 18th, 2007

It looks as though there may be an out for borrowers from those risky loans they are signed into if the FHA does some repositioning. Currently the House Financial Services Committee is talking about revamping the FHA to alleviate the stress of the number of foreclosures in the subprime market. Assistant Secretary for Housing, Brian […]