Archive for Mortgage Video
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.
Home Equity Loans & Second Mortgage Rates
Posted by: | CommentsIn this current credit crisis, it become imperative to have high credit scores, at least if you want to qualify for a home equity loan. In addition, most home equity lenders will require that you still have a minimum of 25% home equity left in your home after adding the new second mortgage to calculate the combined loan to value (CLTV). It doesn’t stop there, because the lender will need to verify your income documentation so they feel comfortable that your income and liabilities are not too high of a risk for loan default or foreclosure.
Take advantage of record low home equity rates and consider an equity line of credit that lets you access cash as you need to. If you do not have emnough equity in your home, consider a FHA loan, because they still allow cash out refinancing to 95% LTV.
FHA Loans with Cash Out Refinancing
Posted by: | CommentsNationwide Mortgage Loans offers affordable FHA mortgage loans with opportunities for homeowners to qualify for cash out refinance that enable borrowers to pay for home improvements or to consolidate high rate credit card debt.
Watch Mortgage Loan Video with Bryan Dornan Examining FHA Cash Out Opportunities in 2009
We suggest borrowers take advantage of these once in a lifetime FHA mortgage rates that have reached record levels. Now borrowers can get access to money with 95% FHA refinance loans. Ask your loan officer to lock you into a thirty-year fixed mortgage loan that features interest rates below 5%.
Don’t be surprised if your FHA home loan takes longer in process than previous refinancing did. FHA refinance loans continue to dominate the home refinancing spectrum, because FHA insures these mortgage loans and helps minimize the loss mortgage companies could have if the borrowers foreclosed. Most lending companies are reporting that FHA underwriters are more critical than usual when evaluating your credit and expect the appraisal review process to take a few extra days.
If you were recently turned down from another lendet or mortgage broker qualify, consider Hope for Homeowners or a mortgage loan modification that extends loan relief and rate reductions to borrowers with bad credit and/or no equity.
FHA Mortgage Loans to Stem Credit Crunch with Hope for Homeowners Plan
Posted by: | CommentsHUD can finally implement plans to expand foreclosure prevention programs, like Hope for Homeowners. These new FHA home loans were designed to make loan payment more affordable for struggling homeowners. FHA mortgage lending continues to rework their refinance programs so that more homeowners can benefit from refinancing bad credit mortgages with negative amortization and adjustable rate mortgage loans.
Watch Mortgage Interview with HUD Secretary Steven Preston
With the FHA H4H program, homeowners would have to share any equity gained if a hold is sold or refinance before 5 years. Hope for Homeowners loans are written down to 90% of the today’s market value. In many cases, homeowners are under water with their mortgage exceeding the value of their home because property values have declined so much in the last two years. Distressed homeowners are frustrated because they want to complete a mortgage refinance transaction while interest rates are at record low levels. FHA mortgage rates remain very low at 5% for thirty year fixed rate home loans. For homeowners that don’t qualify for the H4H loan, Nationwide recommends a mortgage loan modification that would be negotiated with the loss mitigation department from your lender.