You may be able to refinance your home, even if you are under water
For your convenience, we’ve compiled a summary of recent legislation affecting homeowners in Santa Cruz County and California. We’ve discovered many people aren’t aware that, if their home mortgage was a Fannie Mae or Freddie Mac, they may be able to refinance into today’s ultra low interest rates, even if their home is underwater! HARP – the federal government’s “Home Affordable Refinance Plan” – was criticized for not helping enough people, so they’ve improved it. The guidelines were scheduled to be delivered to mortgage servicers and lenders by November 15th. There are some conditions—for example, you have to be current on your mortgage payments, and the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. ... [Read more]
Housing (second strongest driver of the U.S. economy only behind the consumer)-PragCap
Housing (second strongest driver of the U.S. economy only behind the consumer) By Comstock Partners The predictions about the end of the housing market mess have been greatly exaggerated. Most of the housing market pundits were predicting that the end of the downturn should have been years ago. Actually, the market is continuing to decline and, as time goes by, the problems with shrinking home owner equity, continuing risky and poor loans being granted by Government Sponsored Entities, a weak jobs market, and excess inventory are not encouraging for a recovery near term. During the period from 2005-2007, consumers took an average of $600-$800 bn per year from the equity in their homes, and spent it! This was based on the belief that home values were only going to go up, until they didn’t!... [Read more]
Housing (second strongest driver of the U.S. economy only behind the consumer)-PragCap
Housing (second strongest driver of the U.S. economy only behind the consumer) By Comstock Partners The predictions about the end of the housing market mess have been greatly exaggerated. Most of the housing market pundits were predicting that the end of the downturn should have been years ago. Actually, the market is continuing to decline and, as time goes by, the problems with shrinking home owner equity, continuing risky and poor loans being granted by Government Sponsored Entities, a weak jobs market, and excess inventory are not encouraging for a recovery near term. During the period from 2005-2007, consumers took an average of $600-$800 bn per year from the equity in their homes, and spent it! This was based on the belief that home values were only going to go up, until they didn’t!... [Read more]
0114 2012 Will a new US President make any difference in helping create a housing recovery and revitalize our economy?
Here below is an excerpt of my upcoming FARJHO article to be published in March. Governments who set up policies using those ill-advised primitive methods (e.g. the original HOPE for Homeowners proposal in 2008) have only destroyed people’s confidence in the equity sharing concept to solve the problems and let the mortgage foreclosure problems deteriorate further day by day. The Hope for Homeowners (H4H) Program is a loan program that was a part of the Housing and Economic Recovery Act of 2008. The guidelines for the product were released by FHA on October 1st, 2008. In the original HOPE for Homeowners (H4H) offering, the Federal Reserve together with the HUD Team proposed a non-free market based arbitrary equity sharing scheme for debt principal reduction as (Ref 3) 100% if the property... [Read more]
Mortgage Pre-Payment Privileges
Do you know your Mortgage Pre-Payment Privileges? There are basically 3 ways to pay your mortgage off faster. Increase your payments, increase the frequency of your payments, or pay a lump sum. The advantage of pre-payment privileges is any additional funds you pay above your minimum mortgage payment will go directly towards your mortgage principal. By lowering your principal, you will save on interest and your balance at the end of your term will be lower. We suggest you contact your existing lender or review your original mortgage commitment to find out what pre-payment privileges your current mortgage term will allow without any payout penalties. The norm in the mortgage market today is 15-20% payment increase yearly and up to 15-20% lump sum yearly (which most often can be paid throughout... [Read more]
601 Goforth, Fort Worth, TX 76126-5596
This home is gorgeous! 3br, 2. 2 bath 3450 sq. Ft. Home built for comfort. The large gourmet kitchen is a cook’s delight & opens to the family room w generous space and easy flow for entertaining. Front and back porches span the length of the home. Beautiful detailed finishes throughout. Cultured marble in all baths, spacious walk-in-closets. Family rm with 23 ft ceiling and stone wbfp. Large... [Read more about this property]
405 Pecan, Desoto, TX 75115-4933
Ample square footage in this comfortable older home in established wooded neighborhood. 2 living, 2 dining, plenty of built-ins, bay windows in formal area and breakfast nook. Rear entry garage, large covered patio, great wood deck overlooking creek. Jack and jill bath between 2nd and 3rd br’s. Conveniently located near hampton. Priced below tax value for quick sale. Read More →
806 Wendy, Grand Prairie, TX 75052-6544
A little tlc is all that’s needed to swim this summer for under $90,000, 8 foot gunite pool. 3 br, 2 bath home with 2 dining areas. Wood laminate flooring in living area. Foundation has been repaired with warranty. Huge yard! Island kitchen, brick wb fireplace, cov. Patio. Read More →
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