Browsing Posts From: Mortgage and Finance

October 4, 2012 Posted by: TownsRealty

On October 20, 2012 some of Fannie Mae underwriting standards for condo buyers and home owners wanting to refinance will be tighten. The changes have some in the industry concerned. Fannie Mae is aiming to reduce the risk as well as making borrowers to shop around for mortgages with their new guidelines. Some of the Fannie Mae backed loans changes coming October 20, 2012: — Condo buyers who have less than a 20 percent down payment will have to complete a two-page condo questionnaire about the homeowner association’s finance goals as […]

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July 27, 2012 Posted by: TownsRealty

The 30-year fixed-rate mortgage — the most popular choice among real estate customers -is now a full amount factor lower than a season ago. Fixed-rate home mortgages have been on a record-breaking streak the last few several weeks, forcing home cost even higher. Market issues over the durability of the financial restoration introduced long-term Treasury makes to new levels this several weeks time enabling set mortgage rates to arrive at history levels. Here’s a nearer look at rates for the several weeks time finishing in July 2012: •  30-year fixed-rate […]

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June 28, 2012 Posted by: TownsRealty

Since 2007 Florida homeowners who struggled financially have saved a lot of money with the federal tax break called the Mortgage Forgiveness Debt Act Relief. Now the Act is almost at its end. The Mortgage Forgiveness Debt Relief Act is meant to save tens of thousands of dollars for homeowners that are selling their homes through a short sale or who are in foreclosure and have the unpaid balance of their loan forgiven by the bank. If so, that debt would be considered taxable income. The Mortgage Forgiveness Debt Relief […]

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June 21, 2012 Posted by: TownsRealty

Foreclosure proceedings against homeowners were up in May and that sets the stage for homes values to go down even more in coming months. Default mortgages or home auction notices saw an increase of 12% from April of 2012. May of 2012 was the first month since January of 2012 where such an increase was seen from month to month. Foreclosure activity slowed down sharply last year as banks were dealing with allegations that they had been processing home foreclosures without verification of the documents. In February of 2012 a […]

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April 26, 2012 Posted by: TownsRealty

Are you aware that on December 31, 2012 the Mortgage Forgiveness Debt Relief Act is expiring? Many homeowners are unaware of its existence or the fact that it is expiring on December 31, 2012. Mortgage Forgiveness Debt Relief Act applies to debt relief “forgiven” between January 1, 2007 and December 31, 2012 and it doesn’t look that it will be extended. The Act is important for homeowners facing foreclosure and homeowners doing short sales because: When you, as a homeowner, do a short sale for example, your lender “forgives” you […]

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March 5, 2012 Posted by: TownsRealty

The 90-day anti-flipping waiver is extended by Federal Housing Administration through 2014. This extension is great for buyers seeking low down payment financing, rehabbers and investors. This allows buyers to purchase homes that have already been sold in less than 90 days. The waiver’s two-year extension purpose is to increase the availability of affordable homes for first-time and other purchasers. The latest two-year extension to the waiver includes several requirements: The property can’t have a pattern of previous flips during the 12 months before the transaction. If the property being […]

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February 20, 2012 Posted by: TownsRealty

Lenders are allowing more short sales by financially strapped homeowners and a few and between homeowners are even getting cash to complete the short sale. The financial incentives are random and infrequent and lenders won’t say how often they extend such incentives. Typically, short sale incentives are more common for loans in states where foreclosures take more time. In November of 2011, short sales accounted for more than 9 percent of single family home sales and were up 32 percent from the year before. JP Morgan Chase went national with […]

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April 12, 2011 Posted by: TownsRealty

Grabbing the Bull by the Horns If recent reports are to be believed, some lenders have realized the gravity of the situation and already have taken steps in this regard. Bank of America is a case in point. Taking a cognizant view or a leadership role in regards to this dire situation, Bank of America is working on a model wherein around 45,000 homeowners will receive some reprieve in the form of principal debt forgiveness. Bank of America in turn might have to write-off around $3 billion for this. The […]

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Posted by: TownsRealty

Experts are of the opinion that only mortgage lenders can help themselves in the present condition. This can be achieved by reducing principal as well as interests owed by the borrowers. No, the reduction should not be restricted to monthly payments; rather it should include the principal mortgage loan amount. However, lenders are refusing to do so and are in no mood to reduce either principal or loan amounts by a single penny. The government is not playing its part either. Government intervention is vitally important for the revival of […]

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