Archive for March, 2009
Federal Plan Boosting Refinancing and Mortgage Loan Modifications
Posted by: | CommentsUnder the federal plan, homeowners will be eligible to refinance through Fannie Mae or Freddie Mac as long as their mortgage loan does not exceed 105 % of the current value of their property. A recent analysis from DataQuick shows that more than one-quarter of all homes in the San Diego region are worth less than the borrowers owe on their home loans. In most cases, inland communities in San Diego were hit hard by foreclosures over the last few montha. DataQuick also reported that the ZIP code with the most foreclosures in the county in January was south Chula Vista’s 91911 with 66, which is a 32% increase from the previous year.
Obama Outlines Mortgage Foreclosure Rescue Plan
California posted the nation’s second-highest state foreclosure rate in January, with one in every 173 housing units receiving a foreclosure filing during the month. Such filings were reported on 76,761 California properties, the most of any state despite a 14% decrease from the previous month. The state’s foreclosure activity in January rose 34% from the previous year. Governor Arnold Schwarzenegger recently signed into law a bill that requires loan servicing companies who haven’t already set up mortgage loan modification plans in California to hold off on home foreclosures for at least ninety days.
New Mortgage Loan Bill Explained
Posted by: | CommentsObama Administration launched a 75 billion dollar called “Make Your Home Affordable Plan.” Struggling homeowners may have two home loan options:
1. Mortgage refinancing option that promotes a fixed rate home loan
2. Restructuring their mortgage with a federally backed loan modification.
Borrowers need to be at 105% Loan to Value or Less to qualify for the refinance option. Borrowers need to be able to document income. Must be current on your mortgage and have your mortgage backed by Fannie Mae or Freddie Mac.
With the home affordability mortgage loan modification, the housing payment must exceed 31% of your monthly gross income. Mortgage rates are 2% with 30 or 40 year terms. Principal reductions may be available as well. Maggie Rodriguez spoke to Ray Martin about how to find out if you are eligible for help from President Obama’s mortgage plan.
Neil Cavuto Debate Mortgage Refinancing and Modifications
Posted by: | CommentsLoan Modification Expert Moose Scheib on Fox News with Neil Cavuto
Neil Cavuto talks about the impact that principal reductions could have on the housing market. Loan Modification expert and CEO of LoanMod.com, Moose Scheib discusses the current foreclosure crisis and the role loan modifications have in stabilizing the housing market on The Neil Cavuto. Mortgage loan modification programs and FHA home loans continue to dominate the home loan spectrum for 2009.
They talk about the Obama mortgage rescue bill and new bankruptcy law reforms that would enable bankruptcy judges to restructure loans and even reduce principal loan balances for homeowners filing for a chapter 13 bankruptcy filing. The mortgage refinancing experts debate the re-defaults data on borrowers who recently had their mortgage restructured.
