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A Quick Update on the New and Improved Home Affordable Refinance Program

March 7, 2012 By
Home Affordable Refinance Program

The last five to six years have not been good years for home owners in the United States.  With the slump in housing value experienced in 2006, home owners saw the value of their homes drop to a level below or just about equal to the amount they owed on their mortgage.  One of the effects that soon followed closely on the heels of this slump was that the larger lenders such as the banks became fussy about refinancing.   That meant that most home owners could not get a refinancing loan which further aggravated an already nasty situation.  The Obama administration in an effort to save a total collapse of the housing and home ownership industry came up with the Home Affordable Refinance Program (HARP).  There have been a number of changes made on the terms and conditions available to mortgage owners on HARP.   However, here are some of the latest that further enhance the possibility of recovery on your mortgage and subsequent home ownership.  Working within the existing … [Read more...]

Filed Under: Finance, News

Why Mortgage Rates May Remain Low in 2012

March 1, 2012 By
lowrates

Early predictions on mortgage rates by industry watchers indicate that mortgage rates may remain as low in 2012. A recent data release by Freddie Mac indicates that in the week ending January 5 2012, for instance, the thirty year fixed mortgage rate was at an average low of 3.91%. This is most probably what the average rate for the year will be, predicts Freddie Mac. One of the most significant reasons for this dip in mortgage rates is that fewer people are taking up a mortgage in the wake of the just declining recession. Whereas some years back the average American worker would find owning a home the next most logical step in their financial growth, the current situation is that there are more and more families struggling to get by. The financial investment required for a mortgage to fulfill the family dream of owning a home, is right now among the least of their concerns. Of course alongside those that have financial stresses are the very large numbers of people who are scared to … [Read more...]

Filed Under: Buying, Finance, News

What to Beware of with Home Loan Modifications

August 30, 2011 By
9

It’s too bad that when something seems too good to be true it usually is.  Home loan modifications have now become breeding grounds for scam artists out to take advantage of the downtrodden homeowner just looking to modify their current home loan and/or stave off foreclosure of the property.  According to the California Department of Real Estate (DRE), since 2008, there have been over 4,500 cases involving home loan modification complaints.  At the Federal level, with the FTC issuing a 2009 crackdown on fraud and deception in the home loan marketplace, it is just as bad, if not worse.  So how can one protect themselves and their families from home loan and mortgage scams such as the ones currently plaguing our bearish economy..? The Federal Trade Commission (FTC) states that these home loan modification schemes usually operate in similar ways.  First, the scam artist will literally “guarantee” the success of the loan modification to his purported victim.  With their … [Read more...]

Filed Under: News

A Quick Look at the Intricacies of the HAFA Program

August 30, 2011 By
2

The Home Affordable Foreclosures Alternatives Program (HAFA) is an off-shoot of the Home Affordable Modification Program (HAMP) and is a government backed way for servicers (mortgage lenders) to allow deeds-in-lieu or short sales for defaulting homeowners instead of a foreclosure on the property.  A deed-in-lieu is an agreement to give the deed (ownership) back to the original lender in exchange for a release of the debt you owe.  A short sale, as an alternative to foreclosure, is a sale of the property which falls short of the amount due on those properties’ mortgages.  When compared to the act of foreclosure on a person’s home, these are positive secondary options for the homeowner.  Contact The Canseco Group for more details on those options.  www.canseco.com HAFA is for homeowners who applied to HAMP, but were unable to meet their loan criteria program.  HAFA members thus must still meet HAMP’s eligibility criteria – with a principal residence, first lien mortgage, … [Read more...]

Filed Under: News, Selling