Tag Archives: Housing

White Residence Scorecard: Housing Recovery Outshines Lurking Shadow Inventory Says Home Location

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Minneapolis, Minnesota (PRWEB) December ten, 2012

November Housing’s Scorecard announced that 1.3 million homeowner assistance actions have taken spot through the Producing House Reasonably priced Program, assisting to absorb shadow inventory.

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House Destination’s owner Jenna Thuening, says, “Housing analysts have the dodging process of predicting the emergence of shadow inventory, the catalog of homes on the edge of foreclosure or in the beginning stages, destined to be purchased by the banks and then re-marketed to property purchasers and investors”. RealtyTrac reports foreclosure sales improved in the third quarter of 2012 and housing nevertheless has over five,300,000 mortgages in the foreclosure pipeline.

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White Property Scorecard gains that lessen foreclosure dangers incorporate:&#13

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More than 1.1 million home owners have received a permanent modification via HAMP, getting lowered very first lien mortgage payments by a median of about $ 542 every single month more than 1-third of their median prior to-modification payment saving a total estimated $ 16.2 billion in monthly mortgage payments.&#13

Practically 100,000 second lien modifications started through the Second Lien Modification Plan, and more than 80,000 home owners exited their properties by means of a brief sale or deed-in-lieu of foreclosure with assistance from HAFA.&#13

Property owners at the moment in HAMP permanent modifications with some form of principal reduction have received approximately $ eight billion in principal reduction.

Permanent modifications assisting property owners avert foreclosure function the following modification steps:

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97.1% function interest price reductions&#13

60.9% provide term extension&#13

32.% incorporate principal forbearance

“The Administration remains focused on continuing to boost requirements for the mortgage sector to aid families keep away from foreclosure,” stated Treasury Assistant Secretary for Monetary Stability Tim Massad. “We continue to push the industry to provide much better service to property owners even though expanding the variety of solutions offered to households facing mortgage concerns.”

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Goldman Sachs offers 3 causes why delinquent residences never always translate into foreclosure liquidation and turn into shadow inventory.

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1) Delinquency History’s Differ For the duration of Foreclosure Timeline

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Lender Processing Solutions (LPS) data show that 40 percent of foreclosure begins filed in current months consist of “recycled or repeat foreclosures” versus “new foreclosures”. More than half of the monthly transitions from being existing to getting 30-day delinquent are from mortgages that have delinquency history during the previous 12 months, causing a variance in month to month reporting.

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2) Lender Service Responses Differ

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Transitions in between different overall performance states are heavily dependent on government policies, exactly where it is left to the state, and lender and servicer responses to government policies. For example, transitions from getting delinquent to being existing will enhance when a lot more loan modifications are implemented. Conversely, transitions from getting present to being delinquent will decline when refinancing qualification aren’t gripped so tightly.

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three) A lot of In Process Foreclosure Are Averted

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Not all foreclosure filings are foreclosure completions. Even prior to the robo-signing scandal surfaced and the foreclosure moratorium took effect, a mortgage was as probably to pull out of foreclosure status due to homeowner’s taking action and managing to acquire a loan modification, or other forms of assist.

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If homeowners’ mortgage tax exemption expires as we face the pending fiscal cliff, it could slow the $ 25 billion National Mortgage Foreclosure Settlement that five national lenders struck with 49 states and the federal government in March. That deal requires banks to use the bulk of the penalties for borrower help, such as at least $ ten billion in principal reduction, required to maintain pre-foreclosures and shadow inventory down.

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“The Minneapolis housing market absorbed shadow inventories by means of modifications helping several home owners stay away from foreclosure. Distressed properties are plagued by extra weights to their default status or their underwater adverse equity status. They additionally add concern due to their frequent state of disrepair. Also often they turn out to be the blight of otherwise exceptional true estate neighborhoods, potentially effecting house values,” commented Thuening.

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According to BusinessWeek, Peter Coy says, “These are the most dangerous assets in the huge shadow inventory portfolio of properties. Most banks have not put these wrecked houses on the market for a variety of factors, or at least not but. There is no query that many genuine estate investors and flippers would adore to obtain these residences, but in performing so they will manage to depress the cost recovery currently underway.”

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The housing marketplace remains fragile to a certain degree. While it is the bright spot in the economy, the housing recovery is extremely dependent on other macroeconomic aspects such as unemployment, builder optimism, and consumer optimism. These variables, which the housing market place depends on to thrive, are subject to volatility. A considerable quantity of properties in the shadow inventory come on the industry at the identical time, deep periods of unemployment or widespread low consumer optimism, could reverse progress in lowering shadow inventory.

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Minneapolis area house purchasers looking for to acquire pre-foreclosure residences, or facing foreclosure may possibly reach Home Location by calling 612-396-7832.

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More Loan Modification Services Press Releases

President Delivers Remarks on Housing Industry

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Chicago, IL (PRWEB) February 17, 2013

For the duration of his State of the Union address on February 12, President Barack Obama supplied remarks concerning the housing market, mortgages and refinancing. The Federal Savings Bank found the President’s comments on the growing industry and its rebirth because the 2007 collapse uplifting. According to the President, house rates are rising at the quickest pace in six years whilst purchases are up almost 50 %. Needless to say the The Federal Savings Bank has been receiving a lot of applications for mortgages.

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Whilst interest prices on mortgages are at historic lows, some homeowners, nevertheless, are finding themselves unable to refinance. The Federal Savings Bank pointed out earlier this week that a bill was recently reintroduced to make refinancing activity less difficult. As a result, a lot of more applications could be capable to take advantage of the low rates since the president urged congress to take action. Stressing the significance of curing this difficulty so the economy could continue to grow, the president advised Congress to send him the bill that would save some Americans $ three,000 a year when they refinance with today’s rates. The Federal Savings Bank points out that veterans has a particular opportunity to save even more money via the an Interest Price Reduction Refinance Loan (IRRRL)

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Existing Refinance Programs&#13

The Residence Affordable Refinance Program was developed to assist Americans with Fannie Mae and Freddie Mac mortgages prior to June 2009. Since its implementation, the system has undergone restructuring and established to be a profitable refinancing plan. The original alternatives had been restricted to these who owed between 80 and 105 % of their home’s current value. The number was later bumped to 125 percent, and then the cap was removed and helped practically 1 million homeowners refinance in 2012. This cap is scheduled to finish this year if Congress does not vote to extend the plan.

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Discussion revolving about a universal refinancing bill are also in the works. Even though a universal law is unlikely, the Treasury Division could establish their own purchase-down

Buyers Give Merit to Use of Housing Counseling Business to Avoid Foreclosure

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Columbia, SC (PRWEB) June 18, 2005

What can a borrower do to avoid foreclosure sale of the property if they have failed at a bankruptcy program or do not have all of the monies requested by the creditor?

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This release offers testimony from 5 courageous property owners who have been able to successfully avoid foreclosure sale of their homes by means of housing counseling services supplied by Save Your Property, Inc.

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Dianna Rumph’s residence was scheduled for sale on June six, 2005 after she fell over a year behind because of extreme wellness issues. “My mortgage organization did not want to accept my down payment and Save Your House had to make contact with the HUD office in Oklahoma to get the lender to assessment my file beneath HUD guidelines”, mentioned Rumph, of Orangeburg, SC. “My loved ones would be out on the street nowadays if it weren’t for Save Your Property and I thank them from the bottom of my heart.”

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Save Your Property is a national foreclosure prevention business that was founded by Herbert Addison, JD, CHC and Michael Taylor, Sr. Mr. Addison is a certified housing counselor and a member of the Virginia Association of Housing Counselors. Specialist housing counseling includes developing spending and savings plans and skillfully negotiating with lenders. They are also co-authors of How to Save Your Home, ISBN# 09753754–7, $ 19.95, SYH University, LLC, 2005, which is on sale at Amazon.com and has received an “Excellent” rating from bookreview.com.

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“We are the only foreclosure prevention business in the nation that has published a do-it-oneself-guide for the homeowner. It is not about the income, it is about the mission,” Taylor mentioned. “Our mission is to provide monetary literacy education to buyers with regards to wealth creation and homeownership retention.”

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1 cause for their passion is since of previous personal financial experiences that parallel their clients’. Mr. Addison agreed to disbarment following 3 years of litigation with the SC Bar. He would be eligible to rejoin the SC bar in 2007. In 2002, Mr. Taylor agreed to a two-year suspension from the SC Real Estate Commission which is now complete.

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“I virtually lost everything in 2002 and share my story of hardship in our book”, said Addison. “We really understand the emotional and psychological distress that the homeowner is experiencing simply because we have also been in foreclosure and have a passion for assisting them to succeed.” said Taylor.

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William Cost-free, III of Orangeburg, SC lost his property to a foreclosure sale in November of 2004. “My lawyer recommended me to Save Your House and they worked with the lender to set aside the foreclosure sale and to take less money than what was owed so that I could get a loved ones member to repurchase the home” said Free.

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When asked about 7 complaints against their business filed with the SC Division of Consumer affairs, Mr. Taylor responded that they had supplied service to 1543 buyers in the Midlands and more than three,000 nationally. “ Seven is much less than a single-half of 1% of the clients served by our company in this location. For those consumers who are prepared to dedicate themselves to a spending and savings program, the achievement rate is about 90%.” “Though our dedication is to excellence, it is imposible to satisfy absolutely everyone” Taylor added.

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Joe Caton of Service Management, a major magazine focusing on default management verifies that Taylor and Addison are best specialists in the field of loss mitigation. “Mike and Tony have been crucial note speakers for ABN-AMRO last year to discuss bankruptcy and default problems,” Caton mentioned.

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Mr. Lewis Whitener of Columbia, SC has also come forward to tell his story. “They got the job completed for me” mentioned Whitener who received a loan modification from Midland Mortgage in June 2005 to quit foreclosure action against his property.

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Walter McCloed of Kingstree, SC agrees. He was over $ ten,000 behind on a loan with Choose Portfolio Solutions and had a sale date scheduled on June six, 2005. “The sale was stopped and all I had to come up with was a $ 1,500 down payment to get a repayment program.” McCloed stated. Mr. Addison and Mr. Taylor had been extremely encouraging, skilled and walked me by means of the whole process.”

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Save Your Home’s housing counseling plan also worked for Awni Abuaita of Columbia, SC. “I employed the service to save my credit with a deed-in-lieu of foreclosure when my payment became also high,” said Abuaita.

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Even though some might believe that foreclosure can’t be stopped with proper housing counseling, 5 customers have come forward to categorically prove otherwise. In addition, mortgage lenders have long recognized that loss mitigation saves houses and recognize Taylor and Addison as “rising stars” inside this location.

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Federal Housing Administration to Make Mortgage Insurance Premium (MIP) Changes Again on June 3

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Gainesville, FL (PRWEB) May 16, 2013

Chris Doering Mortgage advises Florida homeowners on impending FHA changes.

The Federal Housing Administration has made six changes to its mortgage insurance premiums over the last six years. Each modification has increased the short-term cost of using FHA-backed mortgages. The agency’s next change, however, will change its long-term costs.

Beginning on June 3, the FHA will change its long-standing Annual MIP Cancellation Policy. Certain homeowners will lose their right to cancel the annual MIP. Currently, the Federal Housing Administration requires homeowners to pay annual MIP so long as their loan-to-value is greater than 78 percent, where “value” is equal to the last known value of the home. In addition, if the original mortgage term is greater than 15 years, at least 60 payments must have been made on the mortgage before FHA MIP can be automatically cancelled.

Beginning in June, the FHA will move away from an LTV-based system. The new cancellation policy will be as follows: loans beginning at 90 percent LTV or less will pay annual MIP for 11 years and loans beginning at 90 percent LTV or more will pay annual MIP for the complete loan term. This means that home buyers using the Federal Housing Administration’s 3.5 percent down payment program will pay annual mortgage insurance for the loan’s full 30 years, regardless of whether the home appreciates to the point of having 22 percent equity or more.

Chris Doering Mortgage advises any potential Florida FHA borrowers to apply for an FHA loan at least ten days prior to the June 3 deadline, so they may still reap many of the programs benefits by obtaining an FHA case number.

For more information call the mortgage professionals at Chris Doering Mortgage today at 352-244-0840.

About the company:

Established in April 2007, Chris Doering Mortgage opened its doors in the Jacksonville, FL community with the goal of providing exceptional mortgage lender services, and accountability to a mortgage industry that can be both intimidating and overwhelming for potential customers in the market for home loans.

The commitment to skillfully and ethically deliver the highest quality customer service throughout the mortgage process is second to none with the Chris Doering Mortgage team of professionals. They specialize in FHA loans, current mortgage rates and mortgage refinance options.

The staff is constantly educating themselves on the ever-changing home mortgage landscape and adapting to the changing needs of the real estate industry to meet the expectations of clients. For more information visit their website at http://www.mygatormortgage.com.







3 Unexpected Trend Changes in the Foreclosures and Housing Market – Reported by RealEstateLicense.org

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Temple, TX (PRWEB) May 24, 2013

“We’re seeing three surprises in the housing market today. Despite the ‘bad economy’ foreclosures are down, there’s been a shift in the underlying reasons for new foreclosures, and the purchasing power of cash buyers is increasing.” says Jeffry Evans, real estate agent, investor and founder of RealEstateLicense.org.

“Foreclosure filings — including notices of default, scheduled auctions and bank repossessions — during the first quarter fell 23% from a year earlier, the lowest level since the second quarter of 2007” according to CNN.

Short sales and other alternatives (where homeowners sell their homes for less than what they owe with bank approval) have been one of the major reasons foreclosure rates are dropping, but experts say the need for short sales is wavering with programs like the Home Affordable Modification Program and the Home Affordable Refinance Program, which have helped millions of homeowners avoid foreclosure.

According to CNN, last spring the nation’s largest mortgage lenders, in an almost $ 25 billion dollar settlement, agreed to help struggling borrowers by lowering their mortgage rates, reducing their principle and other fixes aimed at helping American’s keep their homes. The result has been astounding. Home prices are starting to rise (up more than 8% since January), foreclosures are down, and many are starting to look hopeful that the worst is indeed behind us.

Not only are foreclosures down, but employment is on an upward bend as well. The U.S Bureau of Labor and Statistics reported that employment in the mortgage banking and brokerage sector rose to 288,900 in March from 287,300 in February. When lenders start hiring, its a sign of confidence in current market trends.

During the crash the primary reason for foreclosures was homes being “upside down” where the market price was lower than the mortgage balance. Now it’s reverted back to the traditional reasons for foreclosure including job loss, job transfer, and other financial, family or personal issues.

Rates are lower than they have been in decades, but borrowers must have their documents in order. Financial records and cash saved for down payments are a must in today’s mortgage climate.

The interest rates are good and if you have good credit, you can get a loan. If you don’t you should work on your credit and put some money in the bank and wait to buy. The mortgage companies are still making loans, they just want a lot of information and they want to be sure that you will be able to re-pay the loan.