Tag Archives: foreclosure

Many homeowners who found themselves in foreclosure during 2008 – 2010 took a credit score hit that has made recovery of their creditworthiness a long process. An estimated 4 million foreclosures have occurred since 2007, according to the Federal Reserve Bank of San Francisco.

It is reasonable to assume that the broad spectrum of economic conditions, the unemployment rate remaining high, and house depreciation have continued to impact a borrower’s ability to obtain a mortgage, and their desire to return to the housing market.

In the past it was assumed that high pent-up demand for housing would create a market attractive to buyers, but the 4 million families rebounding from foreclosure will return very slowly and the supply of affordable mortgage money will determine the timing. The return for many families will depend on how tight the credit restrictions on mortgages are. Continue reading

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The first thing Americans need to keep in mind when they read anything pertaining to an election is that the author almost always has an agenda. A quick internet search for “Will the presidential election affect mortgage rates?” will turn up a variety of results with just as many different opinions on the potential impact of each candidate on the real estate industry.

The fact of the matter is, nobody knows exactly what will happen. It is impossible to answer a question like, “Will the presidential election affect mortgage rates?” because there is no way to know all of the variables that will come into play. Continue reading

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Five major banks got caught cheating homeowners out of money, now the Federal Government is making them pay back $25 billion. According to the Federal Government, the banks in question charged people excessive fees, and forced many people to go into foreclosure when foreclosure could have been avoided. The money the banks are giving back will be used to improve the housing market by giving funds directly to states and housing relief programs. The state of Texas will receive $134 million from the $25 billion being given by banks.

Home Values and Interest

The Federal Government is now requiring the five banks in question to provide homeowners with mortgage relief when the values of their homes are significantly lower than the value of the mortgages they received. When the housing markets in many states began to crash in 2006, the value of homes significantly dropped. Continue reading

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Presidential Order Opens Door to Mortgage Relief for Hurricane Victims

The past weeks have been treacherous on the campaign trail, and in the New England after Hurricane Sandy struck devastating the area and millions of American citizens. This prompted Obama to stop his campaign efforts, and order real help to victims of the natural disaster that has crippled the North Eastern United States.

The presidential order declared 15 New York and New Jersey counties a disaster area, and there is as well a moratorium on any foreclosure proceedings. This comes as a relief to some home owners that have already been hard hit by the crisis, and now Hurricane Sandy. Continue reading

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As US homebuilders experience a slow but steady comeback, there is guarded hope that it will bring along with it the return of a prosperous economy. On the heels of the fourth straight month in increased housing starts, and with building permits for single-family dwellings attaining its highest level since March 2010, guarded optimism is appropriate. Guarded because, although home construction typically fuel recoveries, this recovery has behaved differently. Additionally, the rest of the economy is tilting downward again making a construction-powered recovery even more difficult.

As the gains in single-family dwellings were broad-based, it looks like the house market is truly on the rise, but for how long is uncertain. The housing bubble burst in 2007 and housing sales reached their lowest point in April 2009; from there, housing has slowly struggled to return. Government tax credits helped increase home sales at the start of 2010 but by mid-year, the sales lagged again. It was not until the latter part of 2011 that they began to rise again. This recent uptick in sales and building permits bodes particularly well for Illinois, Michigan, Arizona and Texas mortgage shoppers that have been waiting for a break on new home sales. Continue reading

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With the state of the world economy many people have had to face situations, caused by financial problems, they might otherwise have never had to endure. Too many families have lost their homes and been forced to rent or lease living accommodations. Imagine the distress if, after moving into their new home, they receive a notice to vacate within some short period. This situation can happen if the owner of the home you are renting, or leasing, is facing mortgage loan foreclosure on the property. What are your rights, if any, in this type of situation?

As we review your rights, you should be able to see the reason it is vital to have signed rental or lease agreements. Even though having a signed agreement is best for all concerned, you still have rights. You might think there is no way around the problem but that would be an incorrect assumption. Continue reading

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In order to make the holidays a little more cheerful and less stressful for borrowers at risk of foreclosure, some mortgage lenders have halted their proceedings until after the holidays to give homeowners a short reprieve. It might be that … Continue reading

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The state of the economy has drastically hit the housing market. With foreclosures at an all-time high, due mostly to jobs being so scarce, the government has stepped in to try to help. It has already caused banks and many … Continue reading

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In the  world-wide financial crisis most people are in a tenuous financial position. Many people are facing foreclosure or bankruptcy. These hard financial times are especially hard for people getting ready to retire. Roughly 60 percent of babyboomers in Texas … Continue reading

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Homeowners associations began in Texas somewhere in the last two decades. They originally started as an asset to the municipality, providing help in maintainingproperty owned by developers. Once the city saw the opportunity it presented for homeowners to assume the cost … Continue reading

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